Coastal insurance group expects profits

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Associated Press

Posted on June 18, 2013 at 9:06 AM

Updated Tuesday, Jun 18 at 7:04 PM

AUSTIN, Texas (AP) — The non-profit, state-supervised insurance agency for coastal counties is expected to shore up its finances by the end of the year, the group told a Texas House panel Monday.

Pete Gise, who handles The Texas Windstorm Insurance Association's finances, says that after being in debt since 2012, the agency projects it will see its first profits by the end of the year.

The association also told the House Insurance Committee that it will have money to pay out pending claims from Hurricane Ike in 2008.

The agency recently settled $135 million worth of lawsuits which claimed TWIA didn't pay policyholders for legitimate damages caused by Hurricane Ike.

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