K2 INSURANCE SERVICES ANNOUNCES STRATEGIC INVESTMENT IN TITAN FLOOD

Equity capital investment positions new Managing General Agent for scale and underwriting differentiation in the rapidly growing private residential flood market

TAMPA, Fla., Sept. 27, 2023 /PRNewswire/ -- K2 Insurance Services (K2) today announced a strategic investment in Titan Flood Inc., a new Managing General Agent (MGA) specializing in the Private Residential Flood market. K2 has agreed to make an equity investment in Titan Flood and will oversee its long-term strategy through participation on its board of directors.

Titan Flood is being launched by flood industry veteran, Stephanie Lee. Stephanie was co-founder and COO of Neptune Flood, a leading provider of private flood insurance programs in the U.S. Stephanie chose Solstice Innovations, Inc. as its technology partner, to deliver an unparalleled user experience. Solstice CEO, Travis Pine was CTO at National Flood Services (NFS) prior to starting TorrentFlood, which quickly grew to be the 2nd largest service and technology provider in its space prior to being sold to Marsh USA in 2014.

The creation of a profitable flood portfolio requires intelligent data analysis of single risk modeling for eligibility and pricing. This is Titan's focal point. Titan has built an AI-based rating engine to evaluate and to dynamically price residential flood insurance - in seconds. Homeowners can learn about their flood risk, select custom coverage, and buy online or with an agent in just a few minutes. Titan Flood is working to build the #1 private flood MGA in America, with a customer centered approach that offers a faster, simpler, more informed customer experience.

Titan's 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.

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, commented: "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.

Bob Kimmel, CEO and Co-Founder, K2, said: "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.

ABOUT TITAN FLOOD

Titan Flood MGA is an AI based, NextGen cloud native platform, delivering best in class experiences across the value chain to provide residential flood insurance. Leveraging hyperautomation, Titan helps homeowners understand their true flood exposure, saving them time and money, while offering a fast, simple way to buy insurance protection online. If you'd like to learn more about partnering with Titan, please write our CEO, [email protected]

ABOUT K2 INSURANCE SERVICES

K2 Insurance Services is an insurance services holding company, which owns and controls a diverse set of specialty program administrators. Through its MGAs, K2 markets, underwrites, and services over $1.5 billion annually in niche commercial and personal insurance premiums. From workers' compensation for high hazard exposures such as commercial transportation to personal lines coverage for manufactured homes, K2 helps insure clients across a diverse array of risks and industries. K2 is headquartered in San Diego, California and is a privately held company with investment backing from private equity firm Warburg Pincus. For more information, please visit www.k2ins.com.

CONTACT

Chris Wojciechowski
K2 Insurance Services
(404) 985-9936

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SOURCE K2 Insurance Services