Greetings:
The Texas Windstorm Insurance Association Board of Directors met on December 13 for its final quarterly meeting of 2022.
The Board received a presentation on the reinsurance market from the Association's broker, Gallagher Re, and voted to begin the process of securing funding for the 2023 storm season. TWIA’s Actuarial & Underwriting Committee and the Board will hold meetings in January to determine the Association’s statutorily required 1:100 probable maximum loss for the 2023 season, which will establish the minimum amount of reinsurance needed to meet its funding obligations.
The Board also directed staff to work with Gallagher Re to seek to replace expiring catastrophe bonds early using a replacement transaction recommended by Gallagher.
Additionally, the Board approved the 2023 operating budget and elected Board member Karen Guard to the vacant position of Board Secretary-Treasurer.
Finally, I announced that Jessica Crass has been appointed Vice President of Legal & Compliance. She previously served as the Association’s Vice President of Underwriting.
The meeting materials and archived recording for the Board meeting are available on our Archived Meetings page.
Should you have any questions, please contact me at DDurden@twia.org or (512) 505-2255.
Sincerely,
David Durden
General Manager
Texas Windstorm Insurance Association
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