The Texas Windstorm Insurance Association (TWIA) announced that a carrier participating in its depopulation program has signaled an interest in taking over around 60,000 TWIA policies.
TWIA is the property insurer of last resort for wind and hail along the Texas coast. Last fall it launched its Voluntary Coastal Windstorm Insurance Portal (VCWIP or the Depopulation Portal) in an effort to move properties into the private sector.
United Property & Casualty Insurance Co. (UPC) announced it mailed offers of coverage to agents of record on nearly 60,000 TWIA policies, as well as information about UPC and the steps it takes to transfer the policies to UPC.
In launching the Portal, TWIA stipulated that the current agent on a policy may remain the agent of record either through a direct appointment or through a limited agreement with the new carrier.
According to information on its website, UPC currently writes policies in Florida, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas, and plans to expand. Founded in 1999, UPC has a focus on providing homeowners coverage in catastrophe exposed areas.
The company has been writing actively in Texas since December 2013, according to UPC Insurance President and CEO John Forney.
UPC said it plans to offer the same or better coverage as TWIA, including automated renewals, convenient payment plans, improved policyholder rights consistent with the voluntary market, and the financial strength of a reinsurance program that goes up to the 1-185 year level combined with the transparency of a publicly traded company.
TWIA said it is not involved in the offer process.
Six private carriers currently participate in the Portal: Cypress Texas Lloyds; First Community Insurance Co.; Homeowners of America Insurance Co.; Ranchers & Farmers Insurance Co.; United Property & Casualty Insurance Co. and The Woodlands Insurance Co.
Carriers seeking access to the Portal must sign both nondisclosure and terms of use agreements before being allowed access.
Topics Catastrophe Carriers Natural Disasters Texas Windstorm
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