TWIA to Maintain $4.6B Total Funding for 2023 Storm Season
The Texas Windstorm Insurance Association (TIWA) Board of Directors on Tuesday elected to forego additional reinsurance beyond the $2.24 billion it selected in January, bringing the insurer of last resort’s total funding for the 2023 storm season to $4.5 billion.
The TWIA Board in January directed reinsurance broker Gallagher Re to pursue an additional $700 million in reinsurance above the Association’s required 1:100 probable maximum loss (PML) of $4.5 billion.
On Tuesday Gallagher Re presented to the Board reinsurance products, particularly industry-loss warranties and parametric coverage, to satisfy another $700 million in reinsurance.
The $700 million in reinsurance above the PML would have been paid by member insurance companies through an assessment.
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