Managing general agent FTP Inc. has acquired Coastal Flood Underwriters LLC, a move that will expand its ability to offer flood insurance throughout the United States. The deal reflects FTP’s strategic focus on expanding its specialty insurance offerings, particularly in response to increasing climate risks.
Coastal Flood Underwriters, established in 2017, currently represents more than 19 private flood insurance providers as well as the National Flood Insurance Program. The firm has a presence in 28 states. FTP plans to roll out its flood platform in March.
“Coastal Flood Underwriters has demonstrated a remarkable ability to deliver flood insurance solutions nationwide,” said Frank Powell, president of FTP. “This partnership allows us to enhance our capabilities and better serve our clients.”
Paul Papangelou, president and chief executive officer of Coastal Flood Underwriters, will take on a key role in FTP’s flood operations, according to the statement.
FTP noted that the acquisition supports its strategic focus on this critical market, given increasing demand for flood insurance. The rise in demand is being driven by changing climate risks and the need for comprehensive coverage.
Last year, FTP of California LLC rebranded as Hinterland Insurance and relocated to Colorado as part of its expansion within the U.S. The company continues to develop operations in San Diego and Chicago.
FTP was co-founded in 2019 through a partnership between FTP, based in New Jersey, and Lee Glaser. Hinterland stated that its growth and geographic expansion led to the decision to create a distinct identity for its future.
Rising Demand for Flood Insurance
According to Guy Carpenter’s 2025 State of Flood report, the demand for flood insurance is increasing throughout the U.S. This rise is attributed to a surge in flooding events, including those occurring in areas previously considered low risk. The report pointed out that extreme rainfall remains a principal cause of global flooding, with rising temperatures contributing to heightened flood risk. Factors such as higher evaporation rates, intensified tropical storms, and weather systems that carry greater moisture, all contribute to the incidence of catastrophic flood events.
