Essential Information:
- Approximately 21,000 wind and hail policies had been issued by Weston Property & Casualty insurance Company in TWIA’s designated catastrophe area.
- Through September 9, TWIA has issued at least 5,688 policies to property owners affected by Weston’s insolvency.
- TWIA’s Weston Policy Support Team remains available to assist coastal property owners who have lost Weston coverage.
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Greetings:
As we shared with you last week, policies issued by Weston Property & Casualty Insurance Company were canceled effective September 7. The company was declared insolvent by Florida regulators in early August. Approximately 20,000 residential and 1,000 commercial wind and hail only policies Weston insured were in TWIA’s designated catastrophe area.
Through September 9, TWIA has issued at least 5,437 residential policies and 231 commercial policies to property owners affected by Weston’s insolvency. These policies reflect approximately $2 billion in insured value and $14 million in written premium. More detailed data, including breakdowns by county and payment plan, are available here.
It’s likely that these early figures, based on information submitted in applications for TWIA coverage, represent an undercount of actual TWIA policies issued to former Weston policyholders. We expect to be able to provide improved data on this in the future.
TWIA’s Weston Policy Support Team remains available to assist coastal property owners who were insured by Weston. Your constituents and their insurance agents with questions about seeking TWIA coverage can contact us at (800) 231-5360 or agentservices@twia.org. Our normal business hours are Monday-Friday, 8:00 a.m. to 5:00 p.m.
Should you have any questions, please contact me at DDurden@twia.org or (512) 505-2255.
Sincerely,
David Durden
Vice President, Legal, Compliance & Legislative Affairs
Texas Windstorm Insurance Association
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