The Texas Windstorm Insurance Association (TWIA) Board of Directors met in Austin on May 7 for its second quarterly meeting of the year, where it completed financial preparations for the 2024 storm season.
TWIA’s board voted secure a $500 million line of credit to allow for an immediately available source of funds to pay claims in the event of a catastrophic storm impacting the Texas coast this year. The line of credit, if needed, would be repaid from the proceeds of Class 1 public securities issued after the storm as provided by TWIA’s governing statute.
TWIA Board Chairman Chandra Franklin Womack also announced that Mary Keller, a former Associate Commissioner at the Texas Department of Insurance, has been appointed to serve on the Board as a Non-Seacoast Territory Representative for a term to expire in 2027.
Board member Esther Grossman and the Office of Public Insurance Counsel were appointed to the Board’s Actuarial & Underwriting Committee.
TWIA’s board previously directed staff to pursue the purchase of $3.35 billion in reinsurance funding for the 2024 storm season at its February 20 meeting.
Weather forecasters are projecting an extremely active 2024 hurricane season due to warm sea temperatures. Forecasters at Colorado State University and Accuweather predict between 4-7 major hurricanes.
Related:
TWIA Committee Recommends $6.5B as PML for 2024 Storm Season
TWIA Board Votes to Maintain Agent Commissions at 16% After Hearing Testimony on Impact
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