TWFG General Agency Named Lloyd’s of London Coverholder
LONDON, July 9, 2013 – Lloyd’s, the “World’s Specialist Insurance Market,” founded in London 325 years ago, has appointed Texas-based The Woodlands Financial Group as an approved coverholder, which authorizes its TWFG General Agency to enter into contracts of insurance and to issue insurance documentation under a Lloyd’s registered binding authority. Richard “Gordy” Bunch, president and CEO of TWFG, received official documentation today at Lloyd’s London headquarters.
Bunch committed his national U.S. company to the Lloyd’s Code of Practice for Delegated Underwriting. The Woodlands Financial Group’s Insurance Services Division is currently ranked high in the “Top 100” by insurance trade magazines and is headquartered in The Woodlands, Texas with more than 300 branches and 3,000 agents in 38 states. TWFG will now have Lloyd’s comprehensive Marketing Intelligence Toolkit available which compares countries, provides high-level statistics for the economy, insurance market, and Lloyd’s business, to give TWFG managers strategic overviews of their business. Lloyd’s also provides coverholders with other country profiles, market presentations, and “Class Reviews” of competitive data by specialty class of business.
TWFG was founded by 40-year-old entrepreneur Richard “Gordy” Bunch little more than a decade ago in 2001 with $10,000 capital. Today, TWFG consists of retail and wholesale insurance services, a premium financing company, financial advisors, and software providing consultative products to operate a branch insurance agency. TWFG reported a 28% increase in premium sales in 2012 to $267,202,399. The company also won a national FEMA agency-of-the-year award for its flood insurance sales and marketing results. Bunch was nominated as Entrepreneur-of-the-Year in the Gulf Coast area and was recently elected to the board of directors of The Woodlands Township, TWFG’s hometown community government. The Woodlands, located just north of Houston, has a population of more than 100,000 people and more than 1,755 employers and almost 50,000 jobs.
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