TWIA Sponsors $450m Alamo Re 2026-1 Catastrophe Bond; Hamilton Deploys $300m Casualty Sidecar with Sixth Street
By The Reinsurance Daily Editorial ·
TWIA Sponsors $450m Alamo Re 2026-1 Catastrophe Bond; Hamilton Deploys $300m Casualty Sidecar with Sixth Street
Texas Windstorm Insurance Association Finalises $450m Alamo Re 2026-1 Catastrophe Bond Placement
The Texas Windstorm Insurance Association (TWIA) has returned to the capital markets, sponsoring the $450 million Alamo Re 2026-1 catastrophe bond as part of its risk transfer strategy for the 2026 hurricane season. The bond provides multi-year per occurrence protection on an indemnity trigger, attaching at a modelled $1.4 billion loss threshold with coverage extending up to $1.9 billion. The pricing range came in between 2.79% and 3.08%, reflecting heightened risk appetite and ongoing investor demand for Texas wind exposure. This issuance follows TWIA’s 2025 program, which transferred a similar quantum of risk and helped the entity reach a total secured reinsurance and ILS-backed capacity above $1 billion.
TWIA confirmed: “We have locked in $450 million through Alamo Re 2026-1, maintaining our multi-layered protection and keeping pricing near 2025 levels despite broader market volatility.”
Hamilton Launches $300m Casualty Reinsurance Sidecar with Sixth Street
Hamilton has initiated a reinsurance sidecar, securing up to $300 million in capital through its partnership with Sixth Street for casualty business. The sidecar structure directly supports Hamilton’s ability to write incremental U.S. and international casualty treaty lines through quota share participation. The transaction represents a significant capital partnership, bolstering Hamilton’s balance sheet and extending its capacity to meet cedant demand following a period of tightening retro terms for casualty. Sixth Street’s commitment of $300 million reflects strong institutional willingness to back long-tail risk via alternative capital vehicles.
Convex Places $200m Fourth Hypatia Retrocession Catastrophe Bond
Convex Group has entered the market for its fourth Hypatia cat bond, seeking up to $200 million in retrocessional protection against North Atlantic hurricane and U.S. earthquake events for 2026. The new Hypatia tranche builds on Convex’s previous program, which provided as much as $300 million of protection in 2025. This issuance covers a per occurrence trigger with an expected loss banding between 2.26% and 2.87%, and attachment points detailed below those of many traditional retro purchases. Convex continues to access capital markets solutions for diversified retro needs as traditional retro market capacity remains constrained, and secondary price indicators currently exceed 4.75% for comparable layers.
Verisk Reports 2025 Insurance Claims Volume at 5-Year Low
Verisk analytics data confirms that U.S. insurance claims volumes for the 2025 calendar year fell to their lowest point in five years. The drop follows a period of annual claims frequency exceeding long-term norms, as both catastrophe and attritional claims moderated notably in 2025. These figures highlight a relative easing of pressure on U.S. property and casualty loss ratios as reinsurers reset risk appetites and adjust portfolio footprints in response to shifting claims experience. Verisk’s insights serve as a benchmark for market-wide recalibration.
Marsh Appoints McGivney as COO; Griffith and Costonis Take Leadership Roles
Marsh has appointed CFO Pat McGivney to the additional role of Chief Operating Officer, underscoring enhanced C-suite integration for the world’s largest broker. Additionally, Marsh named Griffith to lead its global logistics practice within Marsh Risk, and Costonis has been named President of Insurance Solutions at Resource Pro. The firm currently manages over $45 billion in annual premium flow and coordinates placement on more than 350,000 accounts worldwide, leveraging an expanded leadership structure to support client-facing solutions and operational efficiency.
Canadian Insurers Push for Property Fortification, Urge Carney to Prioritize Climate Risks
Canada’s insurance sector has issued a collective call for property owners to strengthen residential resilience, advocating increased uptake of fortification measures to mitigate severe climate risk. Meanwhile, insurers are urging Mark Carney to expedite prioritization of climate risk at the federal level. National lobbying follows a documented year-on-year increase in climate-related insured losses exceeding CA$2 billion in both 2024 and 2025, alongside an approximate 1.5% uptick in average policyholder premium for coastal properties in major provinces.
European Insurance and Occupational Pensions Authority Outlines Supervisory Priorities
The European Insurance and Occupational Pensions Authority (EIOPA) has set new priorities in its 2026 action framework, emphasizing supervisory convergence and systemic risk monitoring across the EU’s €12 trillion insurance and pensions market. EIOPA’s latest update affirms its intention to expand region-wide stress tests in 2026 and raise minimum solvency capital requirements by up to 2.5% for certain cross-border business lines. These measures are directly relevant for groups writing both European reinsurance and occupational pension books.
Key Takeaways
- TWIA’s $450 million Alamo Re 2026-1 placement validates current market pricing (2.79%–3.08%) for Texas wind layers, providing a reference point for structuring June/July renewals with similar attachment points above $1.4 billion.
- The simultaneous deployment of $300 million in new casualty sidecar capital by Hamilton and Convex’s $200 million Hypatia retro bond underscores persistent demand for alternative capital solutions amid traditional retro constraints and falling U.S. claims volumes.
- EIOPA’s plan to raise minimum solvency capital by up to 2.5% interacts with higher ILS issuance in major property and casualty lines, signaling mutual reinforcement of capital stack quality and market discipline across both European and U.S. segments.
- Canadian carriers’ lobbying for policyholder fortification and their reporting of >CA$2 billion in annual insured climate losses provide a negotiation tool to recalibrate retentions on Canadian cat treaties.
- Reduced 2025 claims frequency per Verisk may introduce under-reserving risk if market participants normalize exposure baselines ahead of imminent regulatory tightening or systematic risk events.
Sources
Texas Windstorm (TWIA) sponsoring $450m Alamo Re 2026-1 catastrophe bond — artemis.bm
Hamilton launches casualty reinsurance sidecar with Sixth Street capital and asset strategy — artemis.bm
Convex targets $200m of retrocession with its fourth Hypatia catastrophe bond — artemis.bm
Verisk: Insurance Claims Volume Fell to 5-Year Low in 2025 — insurancejournal.com
People Moves: Marsh Gives CFO McGivney Added Role of COO, Names Griffith Global Logistics Practice Leader, Marsh Risk; Costonis Is Resource Pro President of Insurance Solutions — insurancejournal.com
Canadian Insurers Push Owners to Fortify Homes, Urge Carney to Prioritize Climate Risks — insurancejournal.com
European Insurance and Occupational Pensions Authority — eiopa.europa.eu