TWIA

The Texas Windstorm Insurance Association (TWIA), the largely coastal residual market property insurer in the state, is to return to the catastrophe bond and reinsurance market to secure a new program for 2018, which could result in more capacity being purchased after some of its financial protection has been eroded by hurricane Harvey.

The Texas Windstorm Insurance Association (TWIA) has secured $4.9 billion in total aggregate funding for the 2017 hurricane season, which includes $1.1 billion of catastrophe bonds and around $800 million in the Catastrophe Reserve Trust Fund (CRTF).

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.

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.

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.

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.

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.”

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.

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).

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.