Alamo Re Ltd. Series 2023-1

The Board of the Texas Windstorm Insurance Association (TWIA) met today and has confirmed a 1-in-100 year PML for 2024 funding purposes at a new high of $6.5 billion, meaning the insurer of last resort will seek to require just over $4 billion in reinsurance limit for the 2024 wind season.

The Texas Windstorm Insurance Association (TWIA) could need even more reinsurance limit for the 2024 wind season, as its exposure growth drove its Actuarial and Underwriting Committee to recommend the Board sets a 1-in-100 year PML for funding purposes at a new high of $6.5 billion.

The Texas Windstorm Insurance Association (TWIA) may require more reinsurance limit than had been originally thought, as modelled data shows the insurer of last resort could look for as much as $3.7 billion for its 2024 renewal, almost $1.5 billion up on TWIA’s 2023 reinsurance and catastrophe bond purchase.

The Board of the Texas Windstorm Insurance Association (TWIA) approved its staff to begin the process of renewing both catastrophe bonds and reinsurance for 2024 yesterday, with the understanding that around $1 billion more in reinsurance funding may be needed in 2024.

The Texas Windstorm Insurance Association (TWIA) is expected to buy more reinsurance and risk transfer in 2024 as its exposure grows and it has been advised to get into the catastrophe bond market sooner than later to renew a maturing issuance, while also starting its reinsurance renewal planning as soon as possible.

The Texas Windstorm Insurance Association (TWIA) expects to buy more reinsurance and risk transfer in 2024, as the not-for-profit wind and hail insurer of last resort for the state forecasts a significant increase in exposure, alongside a continued hard reinsurance market.

The Texas Windstorm Insurance Association (TWIA) has now secured the reinsurance and risk transfer it wanted for 2023, with its tower placed to the targeted $4.508 billion and $1.2 billion of that provided by catastrophe bonds.

The Board of the Texas Windstorm Insurance Association (TWIA) has heard details of an industry-loss warranty (ILW) option for the top of its reinsurance tower, as the insurer of last resort considered buying more protection than its 1-in-100 requires for 2023.

The Texas Windstorm Insurance Association (TWIA) has now secured double its initial target for reinsurance from its new 144a Alamo Re Ltd. (Series 2023-1) catastrophe bond, with the issuance having its pricing fixed at $500 million in size, with a spread around 7% lower than the mid-point of initial guidance.

The Texas Windstorm Insurance Association (TWIA) has raised its target for reinsurance from its new 144a Alamo Re Ltd. (Series 2023-1) catastrophe bond issuance, with now up to $500 million of cover sought, which would be a doubling of the initially targeted size.