The Woodlands, Texas-based TWFG General Agency has entered into an agreement with Universal North America Insurance Company to offer renewal policies to Lincoln General Insurance Company’s Texas policyholders.
According to TWFG’s announcement, current in force policies will continue to be renewed through Aug. 31, 2009, into LGIC. Policies will begin renewing into Universal North America beginning with Sept.1, 2009 renewals.
Universal has agreed to renew approximately 15,000 Lincoln General policies by taking all Tier 1 x-wind, Tier 3 and the majority of Tier 2 policies, which includes Harris and Fort Bend counties. Compensation will remain the same as LGIC’s with 14 percent new business and 14 percent renewal commissions. Agents will be provided with a list of their clients’ policies being renewed with Universal will be provided.
The rollover transition will be seamless for agents and clients alike, the announcement said. Universal and TWFG have completed numerous rollovers and each have developed extremely efficient systems for handling rollover programs.
The rollover process will not require any effort on behalf of the agents. TWFG is supplying Universal with all policy information. Universal will offer a renewal policy and billing options at renewal while mortgage companies will continue to be billed as normal. The general agency will provide agents with a list of all current policies with LGIC and the estimated Universal premium as it becomes available.
Universal currently offers comparable prices and coverages to the LGIC homeowners policies including an HO-A, HO-A+, and HO-B policy forms. LGIC clients will move from HOA to HOA, HOA+ to HOA+ and HOB to HOB.
Policyholders will also receive the benefit of numerous cross selling opportunities through Universal for auto, umbrella, and flood insurance with multi policy discounts available for each. In addition to comprehensive standard coverage, Universal offers a wide range of coverage options such as Home Equipment Breakdown Protection to help meet your customer’s specific individual needs.
Agents will also have the convenience of online bill pay and policy management through My Universal online portal site.
To address the Tier 2 policies not being renewed by Universal, TWFG has entered into an agreement with Lexington Insurance Company to provide product options for these policyholders.
Source: TWFG General Agency, www.twfg.net
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