U.S. Markets open in 5 hrs 23 mins

Wright National Flood Insurance Company announces agreement with UPC Insurance

·3 min read

Wright Flood will service, administer and issue NFIP coverage for UPC policyholders, agents

ST. PETERSBURG, Fla., June 14, 2022 /PRNewswire/ -- Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from United Property & Casualty Insurance Company ("UPC Insurance"). The transaction is expected to close on June 30, 2022, subject to approval by the Federal Emergency Management Agency ("FEMA").

(PRNewsfoto/Wright National Flood Insurance)
(PRNewsfoto/Wright National Flood Insurance)

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

Beginning in the third quarter of 2022, Wright Flood will manage UPC Insurance's NFIP flood placements. All new policies and renewals will be issued by Wright National Flood Insurance Company, which is A.M. Best-rated for financial strength as A- (Excellent). 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. Together, Wright and UPC Insurance representatives will be in contact with their agents.

Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its experience, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation, and providing a high level of service.

Wright National Flood Insurance Services President Patricia Templeton-Jones said she is excited about the new partnership with UPC Insurance agents.

"United Property and Casualty Company has been around since 1999 for its policyholders and agent partners," Templeton-Jones said. "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," she added. "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."

"We are pleased to have reached an agreement with Wright for the sale of UPC Insurance's NFIP flood book of business," said UPC Insurance's Chief Information and Chief Operating Officer Chris Griffith. "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."

About Wright National Flood Insurance Company

Wright National Flood Insurance Company, the largest flood insurance provider in the nation and a wholly owned subsidiary of Brown & Brown, Inc., offers federal, excess and private flood insurance with leading industry expertise, rated A- (Excellent) by A.M. Best. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing service clients deserve. Wright Flood enjoys a strong reputation for excellence with FEMA and participates on industry councils and advisory boards in Washington, D.C. to strengthen the flood program that serves 5.6 million flood policyholders. Agents and consumers may visit us at www.wrightflood.com and wrightfloodadvice.org. To find an agent, call (866) 373-5663.

About United Insurance Holdings Corp.

United Insurance Holdings Corp. (UIHC) serves as the holding company for United Property & Casualty Insurance Company and its affiliated companies. Collectively, including United Insurance Holdings Corp., we refer to these entities as "UPC Insurance," which is the preferred brand identification we are establishing for our company. UPC Insurance is primarily engaged in the homeowners property and casualty insurance business in the United States. UPC Insurance has operated in Florida since 1999, and has successfully managed its business through various hurricane and tropical storm events. Learn more about UPC Insurance at www.upcinsurance.com.

This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts, but instead represent only Brown & Brown's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown's control. It is possible that Brown & Brown's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown's financial results and condition, as well as its other achievements, is contained in Brown & Brown's filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown's consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

Contact:
Rob Langrell
Senior Communications Manager, Wright Flood
rob.langrell@weareflood.com
(727) 422-8854

Cision
Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/wright-national-flood-insurance-company-announces-agreement-with-upc-insurance-301568065.html

SOURCE Wright National Flood Insurance Company