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 2012 at the Texas Department of Insurance. Durden began his tenure there in 1985 and served in various capacities.
During the 81st Texas Legislative Session, Durden served as Senior Insurance Policy Advisor to Speaker Joe Straus, advising Speaker Straus on all bills related to the business of insurance, including worker’s compensation, and assisting other Texas House of Representatives members with issues regarding insurance legislation.
TWIA Board chair Chandra Franklin Womack said, “It is with great pride that I announce the Board’s decision to promote David Durden to TWIA General Manager.”
“David has distinguished himself over his ten years of service to TWIA and demonstrated throughout the search process that he is the clear choice to lead TWIA. All Board members are excited about this decision, and we look forward to working with David in the years ahead.”
TWIA is a residual insurer of last resort and is required by statute to function in a manner as to not be a direct competitor in the private market. Its primary purpose is to provide an adequate market for windstorm and hail insurance in certain designated portions of the seacoast territory of Texas.
The Association operates as an insurance company by issuing policies, collecting premiums, and paying losses, and is required by law to transfer its net gain from operations each year into the Catastrophe Reserve Trust Fund (CRTF), an account maintained by the Texas Comptroller dedicated to the payment of future TWIA catastrophe losses and other limited uses as provided by Texas Insurance Code.
At the June renewals, TWIA 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.