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Business Observer Thursday, Jun. 23, 2022 1 week ago

Flood policies change hands as local insurers strike deal

UPC Insurance has agreed to sell its book of flood insurance business to Wright National Flood Insurance Co.

Wright National Flood Insurance Co., a leading provider of federal flood insurance, has agreed to acquire UPC Insurance’s flood insurance policy book.

Both insurers are based in St. Petersburg, and the deal, according to a news release, is expected to close on June 30, subject to final approval by the Federal Emergency Management Agency. The acquisition cost was not disclosed in the release.

According to other terms of the agreement, Wright Flood, as of the third quarter of 2022, will service, administer and issue flood coverage under the National Flood Insurance Program for UPC Insurance policyholders and agents. All new policies and renewals will be issued by Wright Flood.

“United Property and Casualty Company has been around since 1999 for its policyholders and agent partners,” Wright Flood President Patricia Templeton-Jones states in the release. “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.”

Retail agents, the release states, should see minimal changes in the process of providing NFIP coverage to policyholders.

“We are pleased to have reached an agreement with Wright for the sale of UPC Insurance’s NFIP flood book of business,” UPC Insurance Chief Information Officer and Chief Operating Officer Chris Griffith states in the release. “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.”

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