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The Board of the Texas Windstorm Insurance Association (TWIA) has voted to adopt a multi-model view of risk for 2022, with its newly derived 1-in-100 year probable maximum loss driving a decision to secure a roughly $2.04 billion tower of reinsurance and catastrophe bonds for 2022.

Gallagher Re looks set to win a major new reinsurance broking client thanks to its acquisition of Willis Re, as the Texas Windstorm Insurance Association (TWIA’s) Actuarial & Underwriting Committee continues to make the recommendation for a change.

The Texas Windstorm Insurance Association (TWIA’s) Actuarial & Underwriting Committee met yesterday to review proposals for reinsurance broking services and has voted to recommend the TWIA Board approve a change to Willis Re, which also has ramifications for the issuance of its catastrophe bonds.

The Texas Windstorm Insurance Association (TWIA) has further demonstrated its commitment to the catastrophe bond market at its 2021 reinsurance renewal, with multi-year coverage from the capital markets now making up 57% of its $1.93 billion program tower.

The Texas Windstorm Insurance Association (TWIA) remains focused on securing the planned just over $1.9 billion of reinsurance protection at its renewal this year, as its Board has turned down the option of adding an extra nearly $1 billion of protection.

The Texas Windstorm Insurance Association (TWIA) will aim to secure $1.9 billion of protection before the hurricane season from a mix of catastrophe bonds and traditional reinsurance, but its Board also directed its broker to secure pricing for an extra potential $1 billion placement.

In renewing its $2.1 billion reinsurance and catastrophe bond program for 2020, the Texas Windstorm Insurance Association (TWIA) paid some 19% more in terms of overall rate-on-line (ROL) compared to the prior year.

The Texas Windstorm Insurance Association (TWIA) has successfully secured the $2.1 billion of reinsurance protection it was targeting for the 2020 storm season, with its new catastrophe bond and its doubling in size a key piece of the renewal for the residual market insurer.

The Texas Windstorm Insurance Association (TWIA) has raised its target for reinsurance and catastrophe bond coverage for this year to $2.1 billion, while at the same time the expectations for average rate-on-line have fallen slightly since December.

The Texas Windstorm Insurance Association (TWIA) is budgeting that it will require $1.88 billion of reinsurance limit in 2020, which will be split across its traditional property catastrophe reinsurance and catastrophe bond, but at higher rates as the insurer anticipates paying more for its 2020 renewal.