Texas Windstorm Insurance Association upsized its first catastrophe bond issued from the Alamo Re shelf program, to $400 million from $350 million.

The bonds, which transfer the risk of damange from tropical cyclones over a three-year period and have a preliminary 'B' rating from Fitch Ratings, were sold at a coupon rate of 6.35%, according to GC Securities, which  served as sole structurer and sole bookrunner. TWIA used German reinsurer Hannover Re as the ceding reinsurer in the transaction.

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