Reinsurance News
TWIA
TWIA Board adopts lower PML funding requirement for 2026 after legislative changes
25th February 2026
Following legislative reforms enacted in 2025 that lowered the Texas Windstorm Insurance Association’s required catastrophe funding level from a 1-in-100-year to a 1-in-50-year probable maximum loss (PML), TWIA’s board has adopted a $4.3 billion 1-in-50 PML for the 2026 storm season. A 1-in-50 PML represents a loss level with a ... Read the full article
TWIA’s 2026 reinsurance requirement could decline significantly as Texas eases funding rules
3rd October 2025
The Texas Windstorm Insurance Association (TWIA) has announced that its required reinsurance for the 2026 wind season could fall significantly to $2.3 billion, after recent legislative changes in Texas halved the state-mandated loss funding requirement. As we previously reported, Texas House Bill 3689 lowered the coverage standard from a 1-in-100-year ... Read the full article
TWIA could scale back reinsurance following loss funding mandate decrease
15th July 2025
A new law in Texas has significantly lowered the loss funding requirements for the Texas Windstorm Insurance Association (TWIA), shifting the standard from coverage for a 1-in-100-year storm event to just a 1-in-50-year event, meaning it may scale back its purchases of reinsurance and other forms of risk transfer. The Texas ... Read the full article
TWIA says rates on line ‘potentially down’ as June 1 reinsurance renewal nearly placed
6th May 2025
Jim Murphy, Chief Actuary of the Texas Windstorm Insurance Association (TWIA), said during a Board meeting today that rates on line that the association is seeing in the market right now are flat, if not potentially down when compared with last year. At TWIA's Board meeting held today, reinsurance funding was ... Read the full article
TWIA needs $4.227bn of reinsurance & cat bonds for 2025 as PML set at $6.227bn
25th February 2025
At a Board meeting held today, staff at the Texas Windstorm Insurance Association (TWIA) opted to set its 1-in-100 year probable maximum loss (PML) at $6.227 billion for the 2025 storm season, meaning that the association will need $4.227 billion in reinsurance and catastrophe bond coverage for the year. We reported ... Read the full article
TWIA Board approves 22% increase in reinsurance budget for 2025
10th December 2024
At today's Board meeting, staff at the Texas Windstorm Insurance Association (TWIA) approved the 2025 budget, which includes $485 million of ceded premiums, up on 2024's $397 million, amid continued exposure growth and a subsequent lift in its projected 1-in-100 year probable maximum loss (PML). As we wrote previously, TWIA ... Read the full article
TWIA may need ~$5.8bn in reinsurance for 2025 as PML rises 20%
15th November 2024
The Texas Windstorm Insurance Association (TWIA) has projected that it might need almost $5.8 billion in reinsurance limit for 2025 as 20% exposure growth lifts its projected 1-in-100 year probable maximum loss (PML) to $7.8 billion, while total losses from hurricane Beryl are expected to almost deplete the Catastrophe Reserve ... Read the full article
TWIA pays out $120m on Beryl claims, files for 10% rate increase
7th August 2024
As of August 5th, 2024, residual market insurer the Texas Windstorm Insurance Association (TWIA) had received over 27,000 claims for Hurricane Beryl and has made payment on more than 10,000 claims at a cost of roughly $120 million. Hurricane Beryl, the earliest Category 5 storm ever recorded which made three separate ... Read the full article
TWIA aims to reduce future reinsurance purchases following record 2024
22nd May 2024
The staff of the Texas Windstorm Insurance Association (TWIA) plan to recommend that lawmakers consider new ways to reduce the insurer of last resort's future reinsurance purchases following its largest reinsurance purchase on record in 2024, driven by significant exposure growth. Of TWIA's record $6.5 billion funding tower for 2024, ... Read the full article
TWIA has enough support to finalise reinsurance renewal in next few days
7th May 2024
The Texas Windstorm Insurance Association (TWIA) has secured enough support to complete its reinsurance renewal in the coming days, and its broker Gallagher Re will work with staff to get lines signed, it was revealed today during a TWIA Board meeting. Earlier this year, TWIA’s Board approved the insurers 1-in-100 ... Read the full article
TWIA reinsurance renewal proceeds at pace. $750m placed, plus $1.4bn cat bond
3rd May 2024
With the Texas Windstorm Insurance Association (TWIA) requiring its largest reinsurance purchase on-record given its significant exposure growth, the residual market insurer is making rapid progress, with $750 million of its traditional reinsurance needs already secured in April. That is on top of a $1.4 billion Alamo Re 2024-1 catastrophe ... Read the full article
TWIA board approves 1-in-100 year PML of $6.5bn for 2024 storm season
20th February 2024
The Board of the Texas Windstorm Insurance Association (TWIA) recently voted in favour of the Actuarial and Underwriting Committee's recommendation to set the 1-in-100 year PML for the 2024 storm season at $6.5 billion. We wrote last week that the Committee voted to recommend the Board uses a 75% / ... Read the full article
TWIA could need as much as $4bn in fresh reinsurance and risk transfer limit for 2024
14th February 2024
The Actuarial and Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) has recommended that the Board sets the 2024 1-in-100 year PML at $6.5 billion, meaning TWIA could need to purchase even more reinsurance limit for the upcoming storm season. At yesterday's meeting, the Actuarial and Underwriting Committee voted unanimously ... Read the full article
Exposure growth could see TWIA look to increase reinsurance limit by 66% for 2024
12th February 2024
Policies in-force at the Texas Windstorm Insurance Association (TWIA) continue to rise, and combined with inflationary effects pushing up exposed values, the insurer of last resort might look to secure a 65.7% increase in reinsurance limit for 2024. In December, we reported that TWIA had been advised to commence the ... Read the full article
TWIA to start reinsurance renewal process amid need for additional $1bn in limit for 2024
13th December 2023
Staff at the Texas Windstorm Insurance Association (TWIA) explained that the wind and hail insurer of last resort for the state of Texas requires approximately $1 billion more in reinsurance funding for 2024 when compared with 2023, as exposure growth persists. TWIA's Board noted previously that the insurer would need ... Read the full article
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