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Learn moreUFG enters into renewal rights agreement for our personal lines business
Released on: May 4, 2020, 10:30 AM
United Fire & Casualty Company (UFG) has entered into a renewal rights agreement for our personal lines business, providing our independent insurance agents with the opportunity to transfer their personal lines policies to Nationwide Mutual Insurance Company beginning in the third quarter of 2020, subject to the receipt of applicable regulatory approvals.
As part of this agreement, Nationwide will offer contracts to all of our personal lines agents across the country, with the exception of agents in Florida and Louisiana. A decision related to our personal lines business in Florida and Louisiana will be made at a later date.
To ensure no lapse in coverage to policyholders, Nationwide will provide replacement policies to our personal lines policyholders at the time of renewal. These policies will reflect nearly identical or improved coverage and pricing.
UFG’s entry into a renewal rights agreement with Nationwide was completed as part of our long-term strategic planning, allowing us to focus on the success of our core commercial lines business, which currently represents 94% of our business mix. It was not initiated as a result of market conditions from the COVID-19 pandemic.
Though this agreement signifies our exit from the personal lines market, it will have no immediate impact on the 12 employees who currently work in our personal lines division. Staff members will continue to serve the needs of our personal lines agents and policyholders during the transfer period and all will be encouraged to apply for other positions within UFG.
“UFG’s decision to exit the personal lines market was purely a strategic one as we concentrate our efforts on the growth and profitability of our core commercial lines business, including commercial insurance, excess and surplus lines insurance and surety bonds,” explained UFG President and CEO Randy Ramlo. “We are pleased to be able to partner with Nationwide in this decision—a leading insurer in the personal lines market that shares our commitment to serving independent insurance agents and their customers. We look forward to working with Nationwide in the months ahead to ensure a seamless transfer process and a successful outcome for all those involved.”
