Texas Windstorm Insurance Association

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TWIA might save using more cat bonds, may sponsor again in 2017

The Texas Windstorm Insurance Association (TWIA) could potentially save as much as $28 million by shifting its traditional reinsurance cover to the capital markets, although there is yet to be any formal analysis as to the impact of such a transition.During a recent TWIA Board of Directors meeting, held Tuesday read the full article →

TWIA to top up with $1.1bn traditional & collateralized reinsurance

The Texas Windstorm Insurance Association (TWIA) is set to purchase an additional $1.1 billion of reinsurance coverage for the 2016 hurricane year, from both traditional and fully-collateralized sources, taking its total reinsurance coverage for the year to $2.2 billion.TWIA’s Board of Directors has unanimously approved the recommendations of its Actuarial read the full article →

TWIA to tweak reinsurance for 2016, may add second-event protection

The Actuarial Committee of the Texas Windstorm Insurance Association (TWIA), the residual market or last-resort property insurer for Texas, is set to seek approval to purchase slightly less first-event reinsurance protection in 2016, but may add a second-event cover.When we say slightly less reinsurance, it is only $100m of limit read the full article →

TWIA to reset Alamo Re cat bonds to fit with 2016 reinsurance program

The Texas Windstorm Insurance Association (TWIA), the residual market or last-resort property insurer for Texas, is planning to reset its Alamo Re catastrophe bonds to fit within its 2016 program, as it plans an increase in its reinsurance retention.TWIA has two in-force catastrophe bond transactions currently, the $400m Alamo Re read the full article →

TWIA’s Alamo Re cat bonds designed to “interact seamlessly”: GC Securities

GC Securities said it designed the Alamo Re catastrophe bond shelf program, for sponsor the Texas Windstorm Insurance Association (TWIA), to allow the three tranches of notes, including the two from the recent $700m Alamo Re Ltd. (Series 2015-1), to "interact seamlessly."TWIA's $700m Alamo Re Ltd. (Series 2015-1) catastrophe bond read the full article →

TWIA’s Alamo Re 2014 cat bond upgraded after variable reset

The Texas Windstorm Insurance Association's (TWIA) $400m Alamo Re Ltd. (Series 2014-1) catastrophe bond has had its rating upgraded by Fitch, after the insurer elected to use the variable reset feature to lower the attachment probability on the notes.As Artemis wrote here in April, TWIA wanted to adjust the 2014-1 read the full article →

TWIA hits 100-year funding level thanks to Alamo Re cat bonds: Polak

The Texas Windstorm Insurance Association (TWIA) is delighted with the response to its latest catastrophe bond from ILS investors and capital markets, helping it to secure an additional $700m of reinsurance capacity from Alamo Re Ltd. (Series 2015-1).TWIA has grown its reinsurance capacity significantly in 2015, thanks to more attractive read the full article →

TWIA’s Alamo Re 2015-1 cat bond grows to $700m

The Texas Windstorm Insurance Association's (TWIA) latest catastrophe bond issuance is set to become its biggest by a long way, as the Alamo Re Ltd. (Series 2015-1) issuance has grown in size to $700m, while the pricing has been set near the upper end of guidance.In yet another sign of read the full article →

TWIA to lower Alamo Re 2014 cat bond attachment probability at reset

The Texas Windstorm Insurance Association (TWIA) is set to lower the attachment probability of its $400m Alamo Re Ltd. (Series 2014-1) catastrophe bond at the annual reset, in order to slot the cover it provides between the two tranches of its new Alamo Re Ltd. (Series 2015-1) offering.At the upcoming read the full article →

TWIA returns with $450m Alamo Re 2015-1 Texas wind cat bond

The Texas Windstorm Insurance Association (TWIA) is returning to the catastrophe bond market, as expected, with its largest transaction to date, a proposed $450m two tranche Alamo Re Ltd. (Series 2015-1) offering.TWIA had always been planning to include a catastrophe bond within its 2015 reinsurance renewal, as long as the pricing read the full article →