The Woodlands Insurance Co. (TWICO) has completed a renewal rights agreement with Florida’s Gulfstream Property & Casualty Insurance Co. (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.
Demotech Inc., which rates independent, regional and specialty insurers, in late March affirmed the Financial Stability Rating (FSR) of A, Exceptional, assigned to Gulfstream Property & Casualty Insurance Co. (Gulfstream).
In a prepared statement, TWICO President Gordy Bunch:”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.”
Gulfstream President Ron “Nate” Natherson added that his company is “committed to working in partnership with TWICO and our clients over the next year to expediently transfer these accounts to TWICO.”
The Woodlands Insurance Co. (TWICO), located in The Woodlands, Texas, is an “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. 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.
Founded in 2004, Gulfstream, a Sarasota, Fla.-based insurance company, provides homeowners’ insurance and related services to customers in Alabama, Florida, Louisiana, South Carolina and Texas.
Source: TWICO
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