United House & Casualty Coverage Organization (UPC Insurance policies) has agreed to market to its flood coverage policy reserve to Wright Countrywide Flood Insurance coverage Firm – a primary company of federal flood coverage.
Beneath the agreement, Wright Flood will services, administer, and situation flood coverage less than the Nationwide Flood Insurance policies Program (NFIP) for UPC Insurance policies policyholders and brokers.
The transaction is expected to near on June 20, 2022, subject matter to acceptance by the Federal Emergency Management Company (FEMA).
If the transaction is closed on the envisioned date, then beginning in the third quarter of 2022, Wright Flood will take care of UPC Insurance’s NFIP flood placements.
In addition, all new insurance policies and renewals will be issued by Wright Nationwide Flood Insurance coverage Firm, which is AM Greatest-rated for economic strength as A- (Excellent).
What’s more, for retail brokers that are accessing flood coverage via UPC Insurance, there will be small adjust in the course of action to go on to offer NFIP coverage for policyholders. Both equally Wright Flood and UPC Insurance plan representatives will be in get hold of with their brokers.
UPC Insurance’s Chief Info and Chief Operating Officer Chris Griffith, commented: “We are delighted to have reached an settlement with Wright for the sale of UPC Insurance’s NFIP flood guide of organization. Wright’s fantastic standing in the flood space and specialized information of the NFIP Create Your Personal software will provide the dynamic desires of UPC Insurance’s NFIP policyholders and agents.”
Wright Countrywide Flood Insurance policy Companies President Patricia Templeton-Jones, added: “United Property and Casualty Organization has been all around because 1999 for its policyholders and agent companions. We are thrilled to have on that extensive heritage and deliver our expertise in the flood insurance plan market to create a sleek transition during this method.
“Wright Flood has extensive been a leading service provider of NFIP flood protection and private flood coverage options for each homeowners and enterprises. That dates back again to 1983 when it was 1 of the first Compose Your Individual (“WYO”) members in the National Flood Insurance coverage System. We have been diligent in keeping present-day on all of the updates with Possibility Rating 2. and appear ahead to supplying all those insights with our new agent associates and policyholders.”