Reinsurance News
TWIA
Gallagher Re set to win TWIA account
7th December 2021
The Actuarial & Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) has voted to recommend that the Association's Board of Directors select Willis Re (now Gallagher Re) for reinsurance broker services. We wrote in November that TWIA was considering changing its reinsurance broker from Guy Carpenter, with the committee ... Read the full article
TWIA may drop broker GC in favour of Willis Re, with Aon preferred for modelling services
3rd November 2021
The Texas Windstorm Insurance Association (TWIA) looks set to pivot towards Willis Re for its reinsurance broking needs following a meeting of its actuarial & underwriting committee. This switch would see TWIA terminate its current broking relationship with broking rival Guy Carpenter. The committee, which is reported to have considered Guy Carpenter ... Read the full article
TWIA secures $1.93b reinsurance tower for 2021, doubles cat bond size
3rd June 2021
The Texas Windstorm Insurance Association (TWIA) has released the details of its full catastrophe reinsurance program for the 2021 hurricane season, which consists of a $1.93 billion program tower, including $830 million of traditional reinsurance and $1.1 billion of coverage from catastrophe bonds. Combined with its $2.1 billion in statutory funding, ... Read the full article
TWIA forgoes extra $1bn of reinsurance, looks to expand cat bond
19th May 2021
The Texas Windstorm Insurance Association (TWIA) has decided not to pursue an additional $1 billion of reinsurance that would have brought its total aggregate coverage for the 2021 season to $5 billion. Its Board will continue to seek the planned $1.9 billion of reinsurance protection at renewal this year, which, ... Read the full article
TWIA eyes total aggregate reinsurance of up to $5bn for 2021 season
24th March 2021
The Texas Windstorm Insurance Association (TWIA) is looking to secure up to $5 billion of reinsurance protection ahead of the 2021 Atlantic hurricane season, through a combination of traditional reinsurance, catastrophe bonds, and statutory funding. TWIA's Board received a presentation from staff and reinsurance broker Guy Carpenter, and subsequently voted to ... Read the full article
TWIA secures $2.1bn of reinsurance & cat bonds after raising 2020 target
4th June 2020
The Texas Windstorm Insurance Association (TWIA) has completed the renewal of its 2020 reinsurance program, securing $4.2 billion in total aggregate funding, effective June 1st, 2020 to May 31st, 2021. The $4.2 billion in total aggregate funding includes $1.1 billion of traditional reinsurance coverage for a one-year term, and $1 billion ... Read the full article
TWIA raises 2020 reinsurance target to $2.1 billion
19th February 2020
The Texas Windstorm Insurance Association (TWIA) has increased its target amount of reinsurance protection for the 2020 catastrophe year to $2.1 billion, with the Board directing TWIA staff to place a mix of traditional reinsurance and catastrophe bond protection. In December of last year, TWIA said that it expects to ... Read the full article
TWIA insurers to pay $90m for Harvey, wider loss estimate raised to $1.7bn
11th December 2019
The Texas Windstorm Insurance Association’s board of directors have voted for its member insurance companies to pay $90 million between them based on losses from hurricane Harvey while raising its ultimate loss estimate from $1.61 billion to $1.7 billion. This $90 million figure is in addition to the $282 million already ... Read the full article
TWIA projects higher reinsurance costs for 2020 renewal
11th December 2019
The Texas Windstorm Insurance Association (TWIA) has said that it expects its reinsurance costs to amount to $93.1 million in 2020, while the aggregate amount of cover purchased is expected to decline by more than 10%. Reinsurance costs of $93.1 million in 2020 for TWIA's catastrophe reinsurance programme is based on ... Read the full article
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