Twia
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September. -
The board of directors has voted for a 10% rate hike.
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Twia’s analysis showed existing rates were inadequate.
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The proposals include increasing either statutory or CRTF funds.
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Twia needed to purchase $3.35bn of reinsurance to satisfy its $6.5bn 1-in-100 PML.
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The mega bond has upsized to more than twice its initial target.
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This is up from the recent increase to $1.2bn.
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The carrier’s mega bond is seeking coverage for Texas named storm.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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Twia’s actuarial and underwriting committee made the recommendation last week.
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The expected spend is around 33% higher than Twia had budgeted.
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The suggested update to the PML is $2bn higher than last year.
