FTP has acquired Coastal Flood Underwriters LLC to expand its flood insurance offerings across the U.S.
FTP stated the acquisition aligns with its strategy to expand specialty insurance through partnerships and underwriting expertise.
It plans to launch its flood platform later in March.
Founded in 2017, Coastal Flood Underwriters represents 19+ private flood insurance providers and the National Flood Insurance Program. The company operates in 28 states.
“We seek opportunities to invest in firms that offer strong knowledge and service in the insurance market,” said Frank Powell, FTP president.
Coastal Flood Underwriters has built a strong track record in delivering flood insurance nationwide. This partnership strengthens our ability to serve clients in a changing risk landscape.
Paul Papangelou, Coastal Flood Underwriters’ president and CEO, will play a key role in FTP’s flood operations. FTP noted rising demand for flood insurance due to climate risks and said the acquisition reinforces its commitment to the sector.
Last year, FTP of California LLC rebranded as Hinterland Insurance and relocated to Colorado to reflect its expanding U.S. business.
