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

United Property & Casualty Insurance Company (UPC Insurance) has agreed to sell its portfolio of flood insurance policies 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 policyholders and insurance agents. ‘UPC Insurance.

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

If the transaction closes on schedule, then beginning in the third quarter of 2022, Wright Flood will manage UPC Insurance’s NFIP investments.

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

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Additionally, for retail agents accessing flood cover through UPC Insurance, there will be little change to the process to continue providing NFIP cover to policyholders. Representatives of Wright Flood and UPC Insurance will be in contact with their agents.

Chris Griffith, Chief Information and Chief Operating Officer of UPC Insurance, said: “We are delighted to have reached an agreement with Wright for the sale of UPC Insurance’s portfolio of NFIP businesses. Wright’s excellent flood reputation and expert knowledge of the Write Your Own NFIP program will meet the dynamic needs of UPC Insurance’s NFIP policyholders and agents.

Patricia Templeton-Jones, president of Wright National Flood Insurance Services, added, “United Property and Casualty Company has been around since 1999 for its policyholders and agent partners. We are excited to continue this 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 leading provider of NFIP flood cover and private flood insurance options for homeowners and businesses. It dates back to 1983, when he was one of the first Write Your Own (“WYO”) participants in the National Flood Insurance Program. We have been diligent in keeping up to date with all updates with Risk Rating 2.0 and look forward to providing this information to our new agent partners and policyholders.

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