Final answer:
Private insurance companies and Lloyd's associations can participate in the WYO flood insurance program, issuing policies backed by the federal government and contributing diversity and expertise to the flood insurance market.
Step-by-step explanation:
Participants in a Write Your Own (WYO) flood insurance program would typically include private insurance companies that have entered into a special arrangement with the National Flood Insurance Program (NFIP). These private insurers issue flood insurance policies on their own paper, essentially using their own branding and policy forms, but the coverage is backed by the federal government. The WYO program is designed to increase the presence and availability of flood insurance in the United States.
Lloyd's associations, which are groups of individual insurers or syndicates that come together to underwrite insurance, including flood insurance, may also participate in the WYO program. These associations operate through a unique market structure, underwriting a diverse range of risks with a strong reputation for innovation and specialty insurance. As participants in the WYO program, Lloyd's associations contribute to the diversity of flood insurance options and bring their expertise in underwriting and risk management to the table.