The Board received an update on reinsurance funding for the 2024 storm season and routine operational highlights. The Board directed staff to pursue the purchase of $3.35 billion in reinsurance funding for this year’s storm season at its February 20 meeting.
The Board also voted to 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. If needed to pay claims, the line of credit would be repaid from the proceeds of Class 1 public securities issued after the storm as provided by TWIA’s governing statute.
Board Chairman Chandra Franklin Womack 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. The Board’s Legislative & External Affairs Committee will meet on May 21 to begin planning the Association’s Biennial Report to the Texas Legislature. A list of committee members is available on TWIA’s website.
