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 in its recommendation, also suggested Aon be chosen to provide catastrophe modelling services.
These recommendations will be reported by the committee’s chair at TWIA’s next quarterly meeting on December 7, with the board needing to approve all changes.
TWIA recently detailed its full catastrophe reinsurance program for the 2021 hurricane season, consisting of a $1.93 billion program tower represented by $830 million in traditional reinsurance and $1.1 billion from catastrophe bonds.
Combined with $2.1 billion in statutory funding, this took TWIA’s aggregate funding sources for the 2021 season to $4.03 billion.
The association also doubled the size of its Alamo Re 2021-1 cat bond from $250 million to $500 million and, when added to its $600 million Alamo Re II Pte. Ltd. (Series 2020-1) and Alamo Re Ltd. (Series 2019-1) bonds, means 57% of TWIA’s tower is made up of cat bonds.