K2 Insurance invests in Titan Flood
K2 Insurance Services announced a strategic investment in Titan Flood, a new MGA specializing in the private residential flood market. K2 will oversee Titan’s long-term strategy through participation on its board of directors.
Titan Flood is being launched by flood industry veteran, Stephanie Lee, who was co-founder and COO of Neptune Flood, a provider of private flood insurance programs in the US.
Titan has built an “AI-based rating engine” to evaluate and dynamically price residential flood insurance – in seconds. The product will be distributed through independent agencies, direct-to-consumer and also using embedded channels via API.
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.
“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.” – Stephanie Lee.
“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.” – Bob Kimmel, CEO and co-founder, K2.