TWIA Board Approves Early Redemption of Outstanding Bonds

The TWIA Board of Directors held their first quarterly meeting of the year on February 22, approving steps to complete the early redemption of bonds that were used to pay Hurricane Harvey claims. The early redemption will reduce the total financing cost of the bonds, resulting in savings of about $17 million through 2024.

The Board received an update on 2022 catastrophe funding, including progress on catastrophe modeling by Aon. The Board will hold an interim meeting on March 22 to determine the Association’s 1-in-100 probable maximum loss for the upcoming hurricane season and direct staff to purchase reinsurance to meet TWIA’s statutorily required catastrophe funding level.

The Board reelected the following officers for the year: Chandra Franklin Womack, Chair; Georgia Neblett, Vice Chair; Corise Morrison, Secretary-Treasurer.

Board member Ron Walenta was appointed to the Legislative & External Affairs Committee. The Committee will develop recommendations to TWIA’s Board of Directors regarding content of a report to the Texas Legislature that is required by statute. The report must include: any proposed changes in the laws relating to regulation of TWIA and a statement of the reasons for the changes; and any information regarding TWIA operations or procedures that is requested by the Texas Department of Insurance to be addressed in the report. The full membership of the committee is as follows:

• Mike Gerik – Insurance Industry Representative
• Georgia Neblett – First Tier Coastal Representative
• Tony Schrader – Non Seacoast Territory Representative
• Ron Walenta – Non Seacoast Territory Representative

Mr. Walenta was also appointed to TWIA’s Actuarial & Underwriting Committee. This committee has historically developed recommendations to the TWIA Board concerning Association rate filings, including the Association’s statutorily required annual rate filing, other rate filings permitted by law, and rate adequacy issues and strategies. The full membership of the committee is as follows:

• Debbie King – Public Member
• Stephen Alexander – Public Member
• David Futterleib – Public Member
• Corise Morrison – Insurance Industry Representative
• Georgia Neblett – First Tier Coastal Representative
• Tony Schrader – Non Seacoast Territory Representative
• Ron Walenta – Non Seacoast Territory Representative

The Board also received an update on the status of TWIA’s systems upgrade project and policyholder installment payment options.

If you are a member of the media and have questions about the Board meeting, please email MediaRelations@TWIA.org.

The meeting materials and archived recording for the Board meeting are available on our Archived Meetings page.