Reinsurance News

UPC Insurance to sell NFIP flood book of business to Wright Flood

15th June 2022 - Author: Jack Willard

United Property & Casualty Insurance Company (UPC Insurance) has agreed to sell to its flood insurance policy book to Wright National Flood Insurance Company – a leading provider of federal flood insurance.

Under the agreement, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program (NFIP) for UPC Insurance policyholders and agents.

The transaction is expected to close on June 20, 2022, subject to approval by the Federal Emergency Management Agency (FEMA).

If the transaction is closed on the expected date, then beginning in the third quarter of 2022, Wright Flood will manage UPC Insurance’s NFIP flood placements.

In addition, all new policies and renewals will be issued by Wright National Flood Insurance Company, which is AM Best-rated for financial strength as A- (Excellent).

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Moreover, for retail agents that are accessing flood coverage through UPC Insurance, there will be minimal change in the process to continue to provide NFIP coverage for policyholders. Both Wright Flood and UPC Insurance representatives will be in contact with their agents.

UPC Insurance’s Chief Information and Chief Operating Officer Chris Griffith, commented: “We are pleased to have reached an agreement with Wright for the sale of UPC Insurance’s NFIP flood book of business. Wright’s excellent reputation in the flood space and specialized knowledge of the NFIP Write Your Own program will serve the dynamic needs of UPC Insurance’s NFIP policyholders and agents.”

Wright National Flood Insurance Services President Patricia Templeton-Jones, added: “United Property and Casualty Company has been around since 1999 for its policyholders and agent partners. We are excited to carry on that long history and provide our experience in the flood insurance industry to create a smooth transition during this process.

“Wright Flood has long been a premier provider of NFIP flood coverage and private flood insurance options for both homeowners and businesses. That dates back to 1983 when it was one of the first Write Your Own (“WYO”) participants in the National Flood Insurance Program. We have been diligent in staying current on all of the updates with Risk Rating 2.0 and look forward to providing those insights with our new agent partners and policyholders.”

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