USAA Seeking More Natural Disaster Cover After Sandy

U.S. insurer USAA plans to raise $250 million of protection against natural disasters with the sale of a new catastrophe bond, despite the threat of a payout on previous such deals following Hurricane Sandy.

By Sarah Mortimer, Reuters | Updated on November 09, 2012

LONDON (Reuters) – U.S. insurer USAA plans to raise $250 million of protection against natural disasters with the sale of a new catastrophe bond, despite the threat of a payout on previous such deals following Hurricane Sandy.

Standard & Poor’s said late on Thursday it had rated two tranches of cat bonds totalling $125 million being offered by United Services Automobile Association to cover itself against claims arising from hurricanes, earthquakes, thunderstorms, winter storm and wildfires in the United States.

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