FTP, a New Jersey-based managing general agency (MGA), has acquired Coastal Flood Underwriters for an undisclosed sum.
FTP expects the acquisition to enhance its flood insurance solutions across the US.
Set up in 2017, Coastal Flood Underwriters was founded by Paul Papangelou, who has expertise in underwriting, risk management and nationwide agency training.
The company offers flood insurance solutions, representing more than 19 private flood insurers and the National Flood Insurance Program (NFIP) and serving clients in 28 US states.
Coastal Flood Underwriters president and CEO Paul Papangelou said: “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.”
FTP president Frank Powell stated: “At FTP, we are always looking for opportunities to invest in organisations 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.”
Later this month, FTP plans to introduce its Flood Platform, a comparative platform that will integrate FTP’s own managed flood programme with other industry flood products.
FTP, which is headquartered in Old Bridge, New Jersey, has been a provider of specialty insurance solutions since 1957.
With access to more than 100 carrier partners nationwide, FTP offers personal and commercial insurance products on both an admitted and non-admitted basis.
