June 9 Update: Removed “9.13 Professional Insurance” section from RFP and corrected both the table of contents and appendix to reflect the change. 

May 26 Update: RFP for TWIA Reinsurance Brokerage is open for inquiries. 

Purpose 

The purpose of this RFP is to obtain proposals from qualified Respondents to provide professional services related to actuarial services, rate review, and reinsurance brokerage services as described in Section 2 of this RFP.  

TWIA is required to purchase reinsurance or use alternative risk financing mechanisms, in concert with other statutorily available sources of funding, to maintain total loss funding in an amount not less than the probable maximum loss for a catastrophe year with a probability of one in 50. The attachment point for reinsurance purchased may not be less than the aggregate amount of all other funding available.  

TWIA’s current reinsurance structure includes a combination of traditional reinsurance and catastrophe bonds. The program renews June 1, 2027, and the Selected Respondent will be expected to provide structure options and facilitate traditional reinsurance placement and other risk financing mechanisms, including catastrophe bonds. 

• Request for Proposal – TWIA Reinsurance Brokerage

Review Process 

TWIA will conduct a fair, comprehensive, and impartial evaluation of all timely received Proposals. The evaluation will be performed by an evaluation committee comprised of TWIA employees, advisors, and/or other qualified third parties (the “Evaluation Committee”). Information regarding the members of the Evaluation Committee will be made available upon request after completion of the selection and award process.  

Any third party participating in the evaluation process will be prohibited from submitting a Proposal in response to this RFP. Each member of the Evaluation Committee will independently review and score each Proposal using a pre-determined scoring rubric based on the criteria described in Section 7.  

Proposals will be evaluated on their individual merits and in comparison, to other submitted Proposals. Individual scores will be compiled and averaged to determine a final score for each Respondent. Based on the final scores, the Evaluation Committee will determine which, if any, Respondent should be awarded a contract. The Evaluation Committee may request written clarification regarding any Proposal before completing the evaluation process. All clarification requests and responses will become part of the official evaluation record. 

To be considered for award, Respondents must demonstrate that they possess the qualified personnel, expertise, resources, systems, and organizational capacity necessary to provide the services described in this RFP and any resulting contract. Proposals must also demonstrate experience providing reinsurance brokerage services like those described in this RFP.  

Rights and Obligations 

TWIA assumes no responsibility for any costs incurred in responding to this RFP and reserves the right to accept or reject any or all submissions. TWIA is under no obligation to award a contract based on this RFP. Additionally, TWIA reserves the right to modify this RFP or issue alternate or additional RFPs at its discretion. 

Coordination of Multiple RFPs 

The Respondent must state whether they are also submitting a response to the TWIA Request for Proposal for Catastrophe Modeling Services scheduled for publication after August 4, 2026. The same vendor will be ineligible for contracts under both this RFP and the Catastrophe Modeling Services RFP. If the Respondent intends on submitting a response to both RFPs, the Respondent should indicate which response should take precedence if both are being considered for contract award. 

Important deadlines pertaining to the RFP

For more information on the requirements for information to be submitted by interested Respondents, please contact the Vendor and Contract Manager at vendormanagement@twia.org.