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TWIA's $200M cat bond priced

Texas Windstorm Insurance Association's $200 million Alamo Re Ltd. (Series 2019-1) catastrophe bond priced at the midpoint of the initial guidance, Artemis reported.

Pricing on the single-tranche bond settled at 4.5%, the midpoint of the 4.25% to 4.75% range. The issuance will provide TWIA a three-year source of reinsurance against certain qualifying losses from Texas named storms and severe thunderstorms.