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.
Established in 2017, Coastal Flood Underwriters was founded by Paul Papangelou, who brings expertise in underwriting, risk management, and nationwide agency training.
The company provides flood insurance solutions, representing over 19 private flood insurers and the National Flood Insurance Program (NFIP), serving clients in 28 US states.
Paul Papangelou, President and CEO of Coastal Flood Underwriters, 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.”
Frank Powell, President of FTP, stated: “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.”
Later this month, FTP plans to launch its Flood Platform, a comparative platform that will integrate FTP’s own managed flood program with other industry flood products.
Headquartered in Old Bridge, New Jersey, FTP has been a provider of specialty insurance solutions since 1957.
With access to over 100 carrier partners nationwide, FTP offers personal and commercial insurance products on both admitted and non-admitted bases.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Stay updated with the latest news and stories by visiting our trusted sources. For more comprehensive coverage and breaking updates, explore ZTC News and Z News Today. Don’t miss out on the most recent developments—check them out now!