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Report: Texas Windstorm Insurance seeking to upsize latest cat bond

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Report: Texas Windstorm Insurance seeking to upsize latest cat bond

Texas Windstorm Insurance Association is looking to upsize Alamo Re Ltd. series 2018-1, a multiperil catastrophe bond, to $400 million as it hopes to capitalize on investor appetite, Artemis reported.

The insurer will get reinsurance protection against losses from named-storm risks and severe thunderstorm risks on indemnity and annual aggregate bases. The bond will provide coverage for losses of $50 million or greater.

Hannover Re will act as ceding reinsurer through its Hannover Rück SE entity.

The coupon price guidance has dropped to a range of 3.25% to 3.5%, from 3.5% to 4.0%. According to the report, the final pricing of the notes and the sizing of the bond deal could come May 23.