The Woodlands Financial Group to receive up to $62 million in transfers from the Texas Windstorm Insurance Association

THE WOODLANDS, Texas -- The Woodlands Financial Group has been selected to accept transfer of up to $62,000,000 in windstorm policies from 14 Texas coastal counties according to Gordy Bunch, president and CEO of TWFG.

The depopulation of Texas Windstorm Insurance Association services is designed to provide coastal policyholders with alternative private options for wind and hail insurance, as approved by the Texas Legislature in 2015 as Senate Bill (SB) 900.

Most homeowner’s insurance carriers exclude wind and hail damage in the 14 coastal counties of Texas.

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 Texas Windstorm Insurance Association. TWIA was formed by the Texas Legislature in 1970 following Hurricane Celia.

Bunch said recent storms and hurricanes have intensified the need to broaden insurance availability to the 14 coastal counties.

TWFG’s TWICO insurance carrier is one of 4 private carriers authorized to assume responsibility for coverage 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.

TWIA policyholders may go to www.twia.org/voluntary-market/ to learn more about the Voluntary Market Depopulation Program.