Bermudian reinsurance firm RenaissanceRe has made an investment in Texas headquartered property & casualty insurance brokerage The Woodlands Financial Group.
Founded in 2001, The Woodlands Financial Group (TWFG) operates across 22 states in the U.S., broking primary property and casualty products, largely personal lines but also selling small business and commercial policies as well.
RenaissanceRe has taken a minority stake in TWFG’s shares through its RenaissanceRe Ventures arm, which makes strategic investments in other areas of the re/insurance market, especially outside of catastrophe risks.
The investment is expected to finance growth for TWFG, which is an expansive retailer with an ambition to grow into new states in the U.S.
As part of the transaction, on which further details were not disclosed, President of RenaissanceRe Ventures Michael Doak has taken a seat on the TWFG Board.
TWFG is also known for its offering of flood insurance with higher limits and more options available than the NFIP policies, which are underwritten by syndicates at Lloyd’s of London.
