The Actuarial & Underwriting Committee for the Texas Windstorm Insurance Association met on November 2 to review proposals from potential vendors for reinsurance broker services and catastrophe modeling services. The Committee voted to recommend to TWIA’s Board of Directors that the Association contract with Willis Re for reinsurance broker services and with Aon for catastrophe modeling services.
The Association issued Requests for Proposals (RFPs) for these services in September. The RFPs are available on TWIA’s website for public review. TWIA is seeking the following services:
- Reinsurance Broker Services: TWIA uses a reinsurance broker to facilitate its annual purchase of reinsurance as part of its required catastrophe funding for each hurricane season. Two companies submitted proposals to provide these services.
- Catastrophe Modeling Services: TWIA also plans to retain a separate consultant or firm to assist with the catastrophe modeling related to the Board’s statutorily required determination of the Association’s 1-in-100-year probable maximum loss for each hurricane season and the Association’s annual Rate Adequacy Analysis. One company submitted a proposal to provide these services.
The Chair of the Committee will report these recommendations to the Board at its next quarterly meeting on December 7.
If you are a member of the media and have questions about the Committee meeting, please email MediaRelations@TWIA.org.
The meeting materials and archived recording of the Committee meeting are available on our Archived Meetings page.