Best also said it would maintain the under review with negative implications status on the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of WRM America Indemnity Co. WNFIC is expected to continue its NFIP program, according to A.M. These factors are expected to significantly contribute to WNFIC’s overall profitability. WNFIC derives significant revenue and fee-based income from its book of non-risk-bearing National Flood Insurance Program (NFIP) business, as well as from its excess flood coverage. Offsetting these positive rating factors are the potential concentration of risk derived from excess flood policies, albeit small in nature, and changes in the macroeconomic environment, A.M. Best said its ratings of WNFIC reflect its adequate risk-adjusted capitalization and relatively favorable operating results, as well as governmental support. The outlook assigned to both ratings is stable.Ī.M. Best affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Wright National Flood Insurance Co. The transaction was a cash acquisition and not subject to financing conditions.įollowing the announcement of the deal closing, ratings agency A.M. (WNFIC) and $7.5 million for WNFIC statutory surplus, according to Brown & Brown. This amount is comprised of cash payments of $587.5 million for the program business, $7.5 million for Wright National Flood Insurance Co. The total net consideration paid for the ownership interests of Wright was $602.5 million. Wright’s public entity/program services/specialty operations in New York will report to Tony Grippa, regional vice president, and Wright’s flood program operations will report to Chris Walker, regional executive vice president. The firms said in January that Wright’s current leadership team will remain in place and will continue to operate from offices in Uniondale and Albany, New York, and St.

Wright’s operations will become part of Brown & Brown’s National Programs Division. TWIG subsidiaries acquired include: Wright Risk Management Co., LLC Wright Specialty Insurance Agency, LLC Wright Risk Consulting, LLC, Wright Program Management, LLC, Wright National Flood Insurance Services, LLC, and Wright National Flood Insurance Co. of Uniondale, N.Y., which serves the education market. It is the largest provider involved in the federal flood insurance program.ī&B has acquired 100 percent of the membership interests of TWIG and its subsidiaries, with the exception of WRM America Indemnity Co. TWIG, with $114 million in revenues, is a fee-based specialty insurance services company that underwrites and administers property/casualty risks through three distinct segments: Wright Flood, program services servicing reciprocals and self-insured groups, and managing general agent services.

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