Twia
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The series one notes will provide protection to the benefit of Twia. -
Gallagher Re said rates had softened in 2025 versus the prior two years.
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Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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The board of directors has voted for a 10% rate hike.
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Twia’s analysis showed existing rates were inadequate.
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The proposals include increasing either statutory or CRTF funds.
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Twia needed to purchase $3.35bn of reinsurance to satisfy its $6.5bn 1-in-100 PML.
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The mega bond has upsized to more than twice its initial target.
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This is up from the recent increase to $1.2bn.
