TWIA board decides against additional $970mn layer, but cat bond could be upsized

The Texas Windstorm Insurance Association (TWIA) has put out firm order terms (FOTs) for traditional reinsurance and is in the market with a new cat bond that may upsize as part of its 1 June incepting $1.93bn xs $2.1bn programme but will not proceed with an additional $970mn layer at the top of the tower.