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Woodlands, TX --based TWFG said it represents more than 200 insurance companies.
"What that meant to us was our 11,000 policies at Texas Select were going to need to be rewritten," says Gordy Bunch, president and CEO of TWFG. When a state puts a company into receivership and liquidation, they seize all the assets of the carrier and associated contracts, he explained.
The biggest issue for TWFG was getting the new policies processed in the timeline required.
With the vendor selection process so limited, TWFG went about the difficult job of getting the installation completed as quickly as possible.
TWFG then had to get the policies printed, mailed, and out the door along with billing to the mortgagees and with agent copies.
TWFG had no choice but to meet the deadline, which was imposed by state regulators, if the company wanted to retain its homeowners' clients.
The independent agency is near the 300-mark for total TWFG branches now operating in 21 states, according to Richard "Gordy" Bunch, president and CEO.
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