Reinsurance News
TWIA
TWIA advised to commence 2024 reinsurance placement as soon as possible
5th December 2023
The Texas Windstorm Insurance Association (TWIA) has been advised by its reinsurance broker to begin the planning and purchase of its reinsurance as soon as possible, with the state's insurer of last resort potentially needing to buy more than $3 billion in limit for 2024 as exposure growth continues and ... Read the full article
TWIA to increase reinsurance limit in 2024 to support exposure growth
1st November 2023
Despite its reinsurance attaching higher due to growth in the Catastrophe Reserve Trust Fund (CRTF), the Texas Windstorm Insurance Association (TWIA) expects to need additional reinsurance limit for 2024 as exposure growth persists. TWIA, the Texas wind and hail insurer of last resort, is expecting annual exposure growth of 28.2% in ... Read the full article
TWIA finalises reinsurance and risk transfer placement for 2023 wind season
23rd May 2023
The Texas Windstorm Insurance Association (TWIA) has now finalised its reinsurance and risk transfer for the 2023 wind season, with its tower placed to the targeted $4.508 billion after the insurer secured an additional $1.043 billion of traditional reinsurance. As we wrote previously, TWIA was in the market for an ... Read the full article
TWIA needs $1.043bn of fresh reinsurance for 2023 as Board rejects ILW option
19th April 2023
The Texas Windstorm Insurance Association (TWIA) needs to procure $1.043 billion of new traditional reinsurance limit at the mid-year renewals to take its 2023 tower to the 1-in-100 level of $4.508 billion, with the Board recently declining an industry-loss warranty (ILW) option for the top of its tower. Previously, TWIA's Board ... Read the full article
TWIA confirms discussions are underway with reinsurers for 2023 renewal
15th February 2023
The Texas Windstorm Insurance Association (TWIA) has commenced discussions with its reinsurance partners as it looks to secure up to $2.92 billion in coverage for the upcoming storm season, across traditional reinsurance and catastrophe bonds. During a board meeting held yesterday, Jim Murphy, Chief Actuary, said that TWIA's "begun setting up ... Read the full article
TWIA targets $2.9bn in reinsurance for 2023 storm season, taking total funding to $5.2bn
20th January 2023
The Board of the Texas Windstorm Insurance Association (TWIA) has voted to purchase $2.9 billion in reinsurance for 2023, which combined with $2.28 billion in statutory funding, would take the association's total funding for the upcoming storm season to $5.2 billion. During yesterday's meeting, the Board voted to establish TWIA's 1:100 ... Read the full article
TWIA may need $2.964bn of reinsurance for 2023, based on newly set 1:100 PML
12th January 2023
The Texas Windstorm Insurance Association's (TWIA) Actuarial & Underwriting Committee met yesterday to recommend the Board set $5.244 billion as the entity's 1-in-100 probable maximum loss (PML) for the upcoming storm season, which suggests that TWIA could end up buying some 46% more in reinsurance limit for 2023. Following a presentation ... Read the full article
Gallagher Re suggests TWIA commences reinsurance renewal as soon as possible
13th December 2022
In light of the hardening reinsurance market environment, insurance and reinsurance broker Gallagher has called on the Texas Windstorm Insurance Association (TWIA) to begin its reinsurance planning and buying as soon as possible. TWIA's Board meeting is scheduled for today, during which management will discuss the company's 2023 reinsurance programme amid ... Read the full article
Early indications suggest TWIA could need ~$3bn of reinsurance for 2023 wind season
4th November 2022
Earlier this week, Stuart Harbour, Chief Financial Officer (CFO) of the Texas Windstorm Insurance Association (TWIA), presented preliminary reinsurance projections to the Board, which show that the entity could purchase significantly more reinsurance protection for 2023. According to the data, which is not an official budget but based on the output ... Read the full article
TWIA Board selects David Durden as General Manager
22nd September 2022
After an extensive months-long search, the Texas Windstorm Insurance Association (TWIA) has selected its chief legal and legislative officer, David Durden, as the association’s next General Manager, effective October 1st. Durden began working at TWIA in June 2012 having previously served as the Deputy Commissioner of Public Affairs from 2007 to ... Read the full article
TWIA increases traditional reinsurance coverage to $936m at renewal
6th June 2022
The Texas Windstorm Insurance Association (TWIA) has released the details of its full catastrophe reinsurance program for the 2022 hurricane season, which consists of a $2.036 billion program tower, including $936 million of traditional reinsurance and $1.1 billion of coverage from catastrophe bonds. While the level of protection from its catastrophe ... Read the full article
Firm order terms for TWIA’s 2022 reinsurance renewal suggests ROL of 6.75%
18th May 2022
The Texas Windstorm Insurance Association (TWIA) looks set to pay more for its larger 2022 traditional reinsurance program, with firm-order-terms (FOT) for the renewal pointing to a rate-on-line (ROL) of 6.75%, according to its broker Gallagher Re. Yesterday, the board of the Texas insurer of last resort heard from representatives of ... Read the full article
TWIA General Manager John Polak to retire at the end of 2022
27th April 2022
The Texas Windstorm Insurance Association (TWIA) has announced that its General Manager, John Polak will retire at the end of 2022 after 11 years of leading the wind and hail insurer of last resort for the Texas coast. TWIA’s Board of Directors will immediately begin a candidate search to find a ... Read the full article
TWIA eyes larger $2.04bn reinsurance program at renewal
23rd March 2022
The Texas Windstorm Insurance Association (TWIA) has revealed that it will seek a $2.04 billion reinsurance program for the 2022 hurricane season at upcoming renewals. During a meeting yesterday, TWIA’s board voted to adopt a multi-model view of risk for the coming year, which includes a larger program of reinsurance coverage ... Read the full article
TWIA committee selects Aon for catastrophe risk modelling
20th January 2022
The Actuarial & Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) has recommended the organisation contract with broker Aon for its catastrophe modelling services. A request for proposals in October 2021 from the TWIA saw propositions put forwards by Aon for $600,000 and $1.6m, respectively. The Committee recommended at this ... Read the full article
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