FTP, INC. Enhances Flood Insurance Portfolio with Strategic Acquisition
Independent managing general agent (MGA) and wholesale insurer, FTP, INC., has successfully acquired Coastal Flood Underwriters, LLC, a prominent provider of specialized flood insurance solutions. This acquisition is a testament to FTP’s dedication to enhancing and delivering tailored flood insurance products.
The acquisition aligns with FTP’s strategic vision of broadening its specialty insurance offerings through strategic alliances and leveraging underwriting expertise. This move significantly bolsters FTP’s presence in the flood insurance sphere, paving the way for the launch of its new Flood Platform later this month. This innovative platform is designed to integrate FTP-managed flood programs alongside other esteemed flood insurance products in the industry.
Founded in 2017 by Paul E. Papangelou, who serves as the President and CEO, Coastal Flood Underwriters represents over 19 private flood insurance providers, including the National Flood Insurance Program (NFIP). Papangelou is expected to play a pivotal role in FTP’s flood team, bringing his expertise and leadership to drive future success and growth.
Expressing his enthusiasm, Paul E. 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.”
