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.
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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