Monthly Archives: January 2023

The UPC Saga: What We Know

Big I New York members have been calling to ask what we know about the situation with Florida-based insurer UPC. Based on publicly available information, this is what we know for certain right now.UPC is the brand name for the companies in the group United Insurance Holdings Corp. The group includes Interboro Insurance Company​, which is domiciled in New York. United Property & Casualty Insurance Company, domiciled in Florida, is licensed to write personal and commercial property insurance in seven states, including Florida and New York. The other five are on either the Atlantic or Gulf coasts.UPC has incurred losses exceeding $35 million in each year going…

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​ Albany Update: Governor Hochul Delivers State of the State Address

On January 10th, in the Assembly Chamber, Governor Kathy Hochul delivered her second State of the State Address. In her address, the Governor declared, “the state of our state is strong." Throughout her speech, the Governor outlined her various priorities for the upcoming Legislative Session, which she is calling the “Achieving the New York Dream," Agenda. Some of the priorities she mentioned in her speech include increasing housing in the State, raising the minimum wage, expanding access to mental health services and child care services, continuing to work on meeting the State's climate goals, and potential changes to New York's bail laws. The Governor also…

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FEMA Buys Half Billion Dollars of Flood Reinsurance

​ Photo by Tom Good. Used under a Creative Commons Attribution 2.0 License. The Federal Emergency Management Agency (FEMA) announced last week that it has purchased $502.5 million in reinsurance from 18 carriers on potential flood insurance losses during 2023. The coverage will apply to portions of insured losses that exceed $7 billion from a single flood event. This is the seventh consecutive year that FEMA has purchased reinsurance on the National Flood Insurance Program (NFIP.) FEMA paid $90.2 million in premium for the coverage. Read more on the FEMA websiteSource

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