TWIA Board to Maintain $4.5 Billion Catastrophe Funding Level for 2023Published on: April 18, 2023
The TWIA Board of Directors held an interim meeting on April 18 to review options for reinsurance beyond its statutory funding requirement and will not pursue additional reinsurance beyond the $2.24 billion that it decided to secure at its January meeting.
The Board received a presentation from Gallagher Re, the Association’s reinsurance broker, on reinsurance pricing and purchase options. The update included requested pricing on an additional approximately $700 million in reinsurance above the Association’s required 1:100 probable maximum loss (PML) of $4.5 billion.
The Board will obtain approximately $2.24 billion in reinsurance coverage to bring TWIA’s total funding for the 2023 storm season to $4.5 billion.
Members of the media with 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.