Independent MGA and wholesale insurer FTP, INC. has acquired Coastal Flood Underwriters, LLC, a provider of flood insurance solutions.
This acquisition aligns with FTP’s commitment to strengthen and deliver comprehensive and tailored flood insurance solutions.
The move will also allow FTP to execute its long-term strategy of expanding its specialty insurance offerings through strategic partnerships and underwriting expertise.
Additionally, it strengthens FTP’s position in the flood insurance market, on the back of which the firm is launching its Flood Platform later this month, a comparative platform that integrates FTP-managed flood program alongside other industry-renowned flood products.
Founded in 2017 by Paul E. Papangelou, who currently serves as the President & Chief Executive Officer, Coastal Flood Underwriters represents over 19 private flood insurance providers, including the National Flood Insurance Program (NFIP).
Papangelou will reportedly play a pivotal role in the FTP flood team moving forward, bringing his expertise and leadership to drive future success and growth.
Papangelou, commented, “Joining forces with FTP, INC. marks an exciting new chapter. Our shared commitment to innovation and customer-focused flood insurance solutions makes this partnership a natural fit.
“With FTP’s resources and expertise, we will continue providing agents and clients with the best possible flood coverage options, ensuring that communities and businesses remain protected against increasing flood risks.”
Frank Powell, President of FTP, INC. added, “At FTP, we are always looking for opportunities to invest in organizations that bring exceptional knowledge and service to the insurance marketplace.
“Coastal Flood Underwriters has demonstrated a remarkable ability to deliver flood insurance solutions nationwide. This partnership allows us to enhance our capabilities and better serve our clients in an evolving risk environment.”
The post FTP acquires Coastal Flood Underwriters appeared first on ReinsuranceNe.ws.