1/12/2022 - Important Message: Cypress Insurance Company and PGI will be parting ways
PGI Cypress Agents,
As 2021 came to a close, Cypress Property & Casualty Insurance Company sent their distribution channel a new contract to sign in order to continue to write new business with them. Our in-house counsel and I tried to work with Cypress to get to a place where both parties could find the contract language agreeable, but we could not get to that place.
The sister company of Cypress, Access Home Insurance, has gone into receivership with the TX and LA Departments of Insurance and we feel that Cypress has made some moves to seriously reduce their distribution channel. There are a few indicators from our perspective that their long-term viability might be in question. At PGI we look for partnerships that have the earmarks of lasting, responsible profit, growth and financial strength. In short, we have expressed needs and concerns that cannot be resolved or met with Cypress’ current corporate strategy/ direction and contract.
We have been informed that we will still be able to service the policies we have in force, but going forward we will no longer have binding authority to write New Business with Cypress. Cypress assures us they will have more information for us soon. Once we have that we will share it with you. Again, the new contract verbiage and the indications of their current corporate direction has forced PGI to make this decision to proactively part ways with Cypress at this time.
If you have any questions, please feel free to reach out to Shawn Walker.