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TWIA Board wary of cat bond costs in 2023. Targets $2.92bn reinsurance

Members of the Board of the Texas Windstorm Insurance Association (TWIA) expressed concerns over the potential cost of catastrophe bond coverage in 2023, having an expiring $400 million cat bond it wants to renew as part of a target to buy up to $2.92 billion of reinsurance for the coming storm season.

TWIA’s Board met yesterday to discuss the proposal its Actuarial & Underwriting Committee had made last week.

As we reported at the time, the TWIA Actuarial & Underwriting Committee developed a recommendation to take to the Board, that would drive its minimum statutory funding (and risk transfer needs) for the year ahead.


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