Insurance services holding company, K2 Insurance Services, has announced a strategic equity investment in Titan Flood Inc., and will oversee its long-term strategy through participation on its board of directors.
Titan Flood is a new Managing General Agent specializing in the Private Residential Flood market launched by flood industry veteran, Stephanie Lee.
Lee was co-founder and COO of Neptune Flood, a provider of private flood insurance programs in the U.S..
She selected Solstice Innovations, Inc. as its technology partner to deliver an “unparalleled user experience.”
Solstice CEO, Travis Pine, was CTO at National Flood Services prior to starting TorrentFlood, which grew to be the second largest service and technology provider in its space prior to being sold to broker Marsh USA in 2014.
Bob Kimmel, CEO and Co-Founder, K2, commented, “We have been following the development of the Private Flood market for some time now. When the opportunity came along to partner with Stephanie to develop a new, best-of-breed MGA, we jumped on it. Our management team has extensive industry experience and a demonstrated track record of growing insurance businesses.
“We are very excited to partner with Stephanie and to see how Titan Flood can provide industry-leading underwriting results in the rapidly growing Private Flood market.”
Wachtell, Lipton, Rosen & Katz served as legal counsel to K2. Cooley LLP served as legal counsel to Titan Flood.
Titan will initially be available as a surplus lines product for residential risks in 15 states, representing an estimated 80% of the addressable market for residential flood insurance.
Stephanie Lee, CEO and Founder, added, “We are thrilled to be partnering with K2. With our NextGen solution, we are extremely well-positioned to build Titan Flood into the leading provider of Private Flood insurance solutions for the U.S. We look forward to delivering best-in-class experiences to our customers and partners early next year.”
Titan Flood will leverage K2’s industry-leading MGA platform capabilities including technology, analytics, regulatory and compliance, and re/insurance carrier relationships. Its product will be distributed through independent agencies, direct-to-consumer and also using embedded channels via API.
The seamless integration of Titan’s platform into any app or website enables homeowners to learn more about their flood exposure and to buy flood protection while shopping for a new home, applying for a mortgage or buying homeowners insurance.
