USAA

USAA is among the top 10 carriers with exposure to the loss and has already eroded aggregate deductibles for the current year of cover after this year’s hurricane season.

The military insurer has returned to the cat bond market with its second issuance of the year, in a deal offering double-digit premiums.

Floir data shows that First Protective has the largest market share, at 9.4 percent, followed by USAA, with 7.6 percent.

A $55mn Texas storm event has added to existing losses, sources said.

The new Residential Re cat bond for military insurer USAA has expanded by more than 70 percent over the course of marketing, settling at $300mn from an initial target of $175mn, Trading Risk understands.

USAA has expanded the target size of its new Residential Re cat bond by $50mn-$150mn in one of the first renewals of a loss-affected cat bond.

Several low-lying aggregate tranches of Residential Re cat bonds are expected to pay out to USAA after the insurer's winter storm losses took its annual covered losses to $1.03bn, Trading Risk understands.