The Texas Windstorm Insurance Association’s (TWIA) new catastrophe bond issuance has successfully been doubled in size thanks to strong demand from investors and will now provide the residual market property insurer $400 million of reinsurance protection.TWIA returned to the catastrophe bond market last month, with a new issuance for 2020 that is the insurer’s .The Alamo Re II cat bond transaction was launched targeting $200 million of reinsurance protection for TWIA, but .Now, we understand from our sources, that TWIA has successfully secured the top-end of the revised target, with the Alamo Re II 2020 cat bond issuance doubling in size to reach $400 million.So, now the Alamo Re II 2020-1 cat bond will provide TWIA with a $400 million three-year source of reinsurance protection against losses from Texas named storms and severe thunderstorms, on an indemnity trigger and annual aggregate basis.It will sit alongside other coverages, including previous cat bond issues ($400 million of cat bonds and $200 million of Alamo Re Ltd.(Series 2019-1) cat bonds) and traditional reinsurance, attaching at $2.1 billion of losses and running up to an exhaustion of the layer at $4.2 billion, ., to sit alongside $600 million of remaining cat bonds from previous years and above $2.1 billion of funding from the Catastrophe Reserve Trust Fund, member assessments and pre or post-event debt funding sources.With the new catastrophe bond doubled in size to $400 million, it means TWIA will only need to secure $1.1 billion of traditional reinsurance, to reach its $4.2 billion funding goal for the 2020 hurricane season.The pricing of the new catastrophe bond was fixed at the top-end of initial guidance, at 5.75%, offering a raised coupon and multiple of expected loss to investors, following the trend of every other recently issued cat bond transaction.We understand that TWIA’s new catastrophe bond issuance will settle in just over one week’s time.You can read details on every catastrophe bond issued to-date in our extensive .———————————————————————.All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.