TWIA committee votes to change reinsurance broker to Willis Re

TWIA committee votes to change reinsurance broker to Willis Re

The Texas Windstorm Insurance Association (TWIAs) Actuarial & & Underwriting Committee met yesterday to evaluate proposals for reinsurance broking services and has actually voted to suggest the TWIA Board authorize a change to Willis Re, which also has implications for the issuance of its disaster bonds.Guy Carpenter has been the reinsurance broker of choice at TWIA for some years now and its capital markets system GC Securities has been accountable for bookrunning and structuring TWIAs effective Alamo Re catastrophe bond program issuances.
That could all be about to alter, as the Committee yesterday made the choice to suggest to the Board that TWIA contract with Willis Re for reinsurance brokerage.
Man Carpenter had likewise sent an action to TWIAs reinsurance broking RFP and both its and Willis Res submissions consisted of details on their respective capital markets and catastrophe bond services.
TWIA has actually remained in the catastrophe bond market every year considering that 2014 with an Alamo Re issuance, all of which have been brought to market with the assistance of GC Securities and the reinsurance brokers at Guy Carpenter.
The overall TWIA reinsurance program is $1.93 billion in size this year, having been restored in June and now consists of 57% disaster bonds, demonstrating the significance of the insurance-linked securities (ILS) market to the recurring market insurer.
It appears change is in the air at TWIA, as the Committee also evaluated propositions for disaster modelling services and in this case has actually picked Aon to put forwards to its Board.
The Board will meet in December to consider the change, but it promises the reinsurance broking will now switch to Willis Re, with the Committee having actually suggested that move.
If Willis Re does win the account, it will be a favorable and timely relocation for the business with its upcoming acquisition by AJG and the failed procedure undergone with Aons attempted acquisition of parent Willis Towers Watson (WTW) having actually seen it lose some company and crucial broking personnel over the last number of years.

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