Wright National Flood Insurance Co. has announced it will take over United Property & Casualty’s flood insurance book of business, starting in the third quarter of this year.
The move, still subject to review by the Federal Emergency Management Agency, comes six months after United stopped writing new homeowner business in Florida. St. Petersburg-based Wright will take on UPC’s flood policies in Florida, Texas, Louisiana and South Carolina, said Robert Langrell, senior communications officer for Wright.
The terms of the transaction were not disclosed and Langrell said he did not know how many policies are included in the plan. At one time, United was one of the largest homeowners insurance carriers in Florida with more than 180,000 policies in force.
All new policies and renewals will now go through Wright, the company said in a statement.
“For retail agents accessing flood coverage through UPC Insurance, there will be minimal change in the process to continue to provide NFIP coverage for policyholders,” Wright said. “Together, Wright and UPC Insurance representatives will be in contact with their agents.”
Wright, in business for 40 years, noted it is well-versed in the FEMA’s Risk Rating 2.0 system, which has significantly altered the flood risk rating for properties across the country.
Topics Flood Property Casualty
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