THE WOODLANDS, Texas, April 9, 2020 /PRNewswire/ -- The Woodlands Insurance Company (TWICO) is pleased to announce that it has completed a renewal rights agreement with Gulfstream Property & Casualty Insurance Company (Gulfstream) to acquire Gulfstream's book of homeowner business in Texas.
The transaction will result in the transfer of approximately $4 million of in-force gross written premium to TWICO. TWICO will begin offering renewal terms for policies falling due for renewal on or after June 1, 2020.
Gordy Bunch, President of TWICO commented, "This renewal rights agreement further strengthens TWICO's market-leading position in homeowners' business in Texas. The book we are acquiring from Gulfstream complements our own portfolio and provides a unique opportunity to deepen and broaden our distribution network. We are looking forward to providing Gulfstream agents and producers with a seamless transition to TWICO, and to offer Texas insureds our comprehensive all-in-one homeowner coverage."
Ron "Nate" Natherson, President of Gulfstream, added, "We are very pleased that we can enter into this arrangement with TWICO as it provides our insureds and agency partners the ability to renew their business with a highly respected insurer who will deliver quality service to them. To maximize the benefits of this transaction to all parties, we are committed to working in partnership with TWICO and our clients over the next year to expediently transfer these accounts to TWICO."
About The Woodlands Insurance Company
The Woodlands Insurance Co. (TWICO), located in The Woodlands, Texas, is a preeminent "A" rated carrier that offers qualifying households an "all-in-one" homeowners policy, which includes flood insurance, home systems protection, service line protection, identity theft, and home cyber protection endorsements. Founded in 2014 by Richard F. "Gordy" Bunch III, TWICO is a wholly owned subsidiary of TWFG Holding Company, LLC, which includes TWFG Insurance Services LLC, TWFG General Agency LLC and TWFG Premium Finance LLC. For more information, visit www.twico.com.
About Gulfstream Insurance Company
Founded in 2004, Gulfstream, a Sarasota, Florida based insurance company, provides homeowners' insurance and related services to customers in Alabama, Florida, Louisiana, South Carolina and Texas. The company has consistently earned a Financial Stability Rating® (FSR) of "A Exceptional" by independent rating agency Demotech. For more information, please visit www.gspcic.com.
SOURCE The Woodlands Financial Group