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The insurer of last resort’s exposure was $696bn as of last September. -
The bond will provide protection against US wind with a PCS trigger.
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The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle.
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The cedant’s current deal is due to mature at the end of January 2026.
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The capital will provide retro cover for life-focused reinsurer Fortitude Re.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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Mory Katz joined the broker earlier this year.
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The funds will combine credit and ILS holdings.
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Ryan Saul will work at Ledger’s broker-dealer subsidiary Ledger Capital Markets.
