THE WOODLANDS, Texas, Oct. 20, 2016 /PRNewswire/ -- The Woodlands Insurance Company has been selected to accept transfer of windstorm policies from 14 Texas coastal counties according to Gordy Bunch, president and CEO of The Woodlands Financial Group. TWFG's "twico" insurance carrier has been authorized to accept transfers up to $62M in the Texas windstorm depopulation program. The transfers from the Texas Windstorm Insurance Association are designed to provide coastal policyholders with alternative private options for wind and hail insurance as approved in 2015 by the Texas Legislature Senate Bill (SB) 900.
Twico is one of four private insurance carriers authorized by David D. Mattax, Commissioner of Insurance for the State of Texas. The designated catastrophe area is that portion of the seacoast territory where the Commissioner of Insurance has found that windstorm and hail insurance is not reasonably available. Most Homeowner's Insurance carriers exclude wind and hail damage in the 14 Texas coastal counties. The new program is available to current TWIA policyholders who may voluntarily opt to transfer responsibility for their wind and hail coverage to private insurers outside of the quasi-governmental Texas Windstorm Insurance Association. TWIA was formed by the Texas Legislature in 1970 following Hurricane Celia. Recent storms and hurricanes have intensified the need to broaden insurance availability to the 14 coastal counties, Bunch said. TWIA policyholders may go to https://www.twia.org/voluntary-market/ to learn more about the Voluntary Market Depopulation Program.
The Woodlands Insurance Company is a full service insurer carrier that operates under the brand name "twico" as a division of TWFG which is headquartered in The Woodlands, Texas. TWFG is one of the largest insurance agents in the nation ranked in the top 30 of 38,000 independent agencies. It is ranked number one in Texas for personal lines (homeowner and auto), with more than a quarter of a million policyholders.
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SOURCE The Woodlands Financial Group