Apr 2024
Conyers advised Alamo Re Ltd., a special purpose insurer sponsored by Texas Windstorm Insurance Association (TWIA), the residual market property insurer for the State of Texas. The transaction involved collaboration with Hannover Rück SE as the ceding reinsurer.
The transaction included the issuance of US$1.4 billion Series 2024-1 Principal At-Risk Variable Notes to investors to cover named storms and severe thunderstorm risk in Texas. This was TWIA’s largest series of notes issued pursuant to its existing program established in 2015.
Director Alexandra Macdonald, and Associate Nicole Yearwood advised on this matter.