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USAA

Robert Herres was concerned about USAA’s vulnerability to covering catastrophic losses such as hurricanes or earthquakes, and he wanted to pursue a non-traditional method of reinsurance. Steven Goldberg, Chief Actuary and Senior VP, took on the task of creating a work group to draft “the first large size act-of-God bond.” The purpose was to minimize vulnerability of the originating insurer, USAA, to a single event by basically covering a percentage of their potential payouts above a certain amount with a progressive form of an insurance policy. Instead of purchasing reinsurance to protect their losses from another insurance provider, a reinsurer, USAA wanted to set up something different. They considered the traditional route (buyin

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