TWIA Committee Votes to Move Forward with Recommendation on Vendor for Reinsurance Broker

The Actuarial & Underwriting Committee for the Texas Windstorm Insurance Association met on December 6 to review best and final offers from respondents to the Association’s recent Request for Proposals for 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.

The Committee voted to recommend to TWIA’s Board of Directors that the Association contract with Willis Re for reinsurance broker services. (Willis Re was recently acquired by Arthur J. Gallagher & Co. and is now known as Gallagher Re.)

The Committee previously voted to recommend that the Association separately contract with Aon 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.

The Chair of the Committee will report these recommendations to the Board at its next quarterly meeting on December 7.

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The meeting materials and archived recording of the Committee meeting are available on our Archived Meetings page.