Twia cuts back core cat cover

The Texas Windstorm Insurance Association (Twia) has
significantly pared back its core cat reinsurance ahead of the 2017
hurricane season, The Insurance Insider
can reveal.
According to sources, the residual insurer has put out firm
order terms to the market through broker Guy Carpenter to buy a
single $1.4bn layer attaching at $2.8bn, with coverage priced at a
4.5 percent rate-on-line (RoL).
That means it has cut $600mn of coverage limit from last
year's $2.0bn xs $2.7bn first layer, and...