The Texas Windstorm Insurance Association Board of Directors met in Galveston on February 14 for its first quarterly meeting of 2023. At the meeting, TWIA staff provided the Board with an overview of the Association’s financial statements and department operational reports.

The Board clarified the direction made at its January 19 meeting and asked staff to determine the cost of the reinsurance coverage from the probable maximum loss (PML) of $4.5 billion to $5.2 billion and inform the Board of the cost at a future meeting.

The Board also voted to appoint Jim Murphy, the Association’s Chief Actuary and Vice President of Enterprise Analytics, as the Association’s Appointed Actuary.

TWIA Board Chair Chandra Franklin Womack announced that the Commissioner of Insurance has appointed Esther Grossman of Homeowners of America Insurance Company to fill an industry representative vacancy on the TWIA Board. Grossman will begin her duties after completing the statutorily required training for TWIA Board members.

The meeting materials and archived recording for the Board meeting are available on our Archived Meetings page.

As a reminder, this message and all TWIA Legislative Updates for this session will be archived at www.TWIA.org/legislative.

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