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Texas Windstorm (TWIA) targets $600m Alamo Re catastrophe bond

The Texas Windstorm Insurance Association (TWIA), the residual market property insurer for the State of Texas, has returned to the catastrophe bond market seeking to place a large $600 million Alamo Re Ltd. (Series 2024-1) issuance as it looks to build-out its reinsurance for the years ahead with the help of the capital markets, Artemis can report.

Remember that, for 2024, TWIA needs a significantly larger reinsurance purchase than in prior years, having set a target to have just over $4 billion in reinsurance limit in-force for the 2024 wind season.

Which means in addition to its still in-force catastrophe bonds, that provide multi-year reinsurance, an additional $3.35 billion or so is required. Which means a big increase from $2.24 billion of reinsurance limit in 2023, to just over $4 billion this year.


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