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TWIA targets $185m+ Alamo Re 2022-1 for cat bond renewal

The Texas Windstorm Insurance Association (TWIA) is back in the catastrophe bond market as it puts together its reinsurance tower, seeking a $185 million or greater Alamo Re Ltd. (Series 2022-1) cat bond that will act as a renewal of a maturing issuance from 2019.

As we previously reported, for 2022 the Board of the Texas Windstorm Insurance Association (TWIA) voted to adopt a multi-model view of risk, with its newly derived 1-in-100 year probable maximum loss driving a decision to secure a roughly $2.04 billion tower of reinsurance and catastrophe bonds for 2022.

TWIA’s 2019 catastrophe bond issuance, the $200 million of Alamo Re Ltd. (Series 2019-1) cat bonds, will mature in the coming weeks, so a renewal was always on the cards.


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