The Woodlands Insurance Company (TWICO) has completed a renewal rights agreement with Gulfstream Property & Casualty Insurance Company to acquire the company’s book of homeowner business in Texas.
Under the transaction, approximately $4 million of in-force gross written premium will be transferred to TWICO, which will start offering renewal terms for policies up for renewal on or after June 1st, 2020.
Gordy Bunch, President of TWICO, commented: “This renewal rights agreement further strengthens TWICO’s market-leading position in homeowners’ business in Texas. The book we are acquiring from Gulfstream complements our own portfolio and provides a unique opportunity to deepen and broaden our distribution network.
“We are looking forward to providing Gulfstream agents and producers with a seamless transition to TWICO, and to offer Texas insureds our comprehensive all-in-one homeowner coverage.”
Ron Natherson, President of Gulfstream, added: “We are very pleased that we can enter into this arrangement with TWICO as it provides our insureds and agency partners the ability to renew their business with a highly respected insurer who will deliver quality service to them.
“To maximize the benefits of this transaction to all parties, we are committed to working in partnership with TWICO and our clients over the next year to expediently transfer these accounts to TWICO.”
TWICO is based in The Woodlands, Texas, U.S., and operates as a preeminent “A” rated carrier, offering qualifying households an “all-in-one” homeowners insurance solution.
Insurer Gulfstream, which is based Sarasota, Florida, U.S., provides homeowners’ insurance and related services to customers across Alabama, Florida, Louisiana, South Carolina, and Texas.
