FTP, INC. Acquires Coastal Flood Underwriters, LLC
Independent MGA and wholesale insurer, FTP, INC., has announced its acquisition of Coastal Flood Underwriters, LLC, a notable provider of flood insurance solutions. This strategic acquisition is a testament to FTP’s dedication to enhancing and delivering comprehensive, tailored flood insurance offerings.
This move is part of FTP’s broader strategy to expand its specialty insurance portfolio through strategic alliances and expert underwriting. It notably strengthens FTP’s footprint in the flood insurance sector, coinciding with the upcoming launch of its new Flood Platform later this month. This innovative platform will integrate FTP-managed flood programs with other leading flood products in the market.
Founded in 2017 by Paul E. Papangelou, who remains the President & CEO, Coastal Flood Underwriters represents over 19 private flood insurance providers, including the National Flood Insurance Program (NFIP). Moving forward, Papangelou will play an integral role within the FTP flood team, leveraging his expertise and leadership to drive future growth and success.
Commenting on the acquisition, Papangelou stated, “Joining forces with FTP, INC. represents an exciting new chapter. Our shared commitment to innovative, customer-focused flood insurance solutions makes this partnership a natural fit. With FTP’s resources and expertise, we are poised to continue providing agents and clients with premier flood coverage options, ensuring that communities and businesses are well-protected against the growing risks of flooding.”
Frank Powell, President of FTP, INC., added, “At FTP, we are constantly seeking opportunities to invest in organizations that deliver exceptional knowledge and service within the insurance marketplace. Coastal Flood Underwriters has consistently demonstrated a remarkable ability to provide flood insurance solutions nationwide. This partnership empowers us to enhance our capabilities and better serve our clients in today’s evolving risk environment.”
