The Texas Windstorm Insurance Association (TWIA) has returned to the catastrophe bond market with a $250 million or larger Alamo Re Ltd. (Series 2021-1) transaction, which will go at least some of the way to renewing a soon to mature $400 million cat bond from 2018.
For 2021, the Texas Windstorm Insurance Association (TWIA) has returned to Bermuda as the home for this catastrophe bond issuance, having ventured to Singapore for its only cat bond of 2020.
The residual market property insurer for the State of Texas has now sponsored six catastrophe bonds, with this 2021 Alamo Re issuance set to be the firms seventh.
In total, the six previously sponsored cat bonds have provided TWIA with $2.5 billion of fully-collateralized reinsurance from the capital markets.
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