K2 Insurance Services (K2) has agreed to make an equity investment in US-based managing general agent (MGA) Titan Flood.

The quantum of the investment has not been made public.

Titan, a new company, specialises in the private residential flood insurance industry market.

As per the terms of the investment, K2 will join Titan’s board of directors.

Through the investment, Titan will also gain access to K2’s MGA platform capabilities such as technology, analytics, regulatory and compliance, and partnerships with re/insurance carriers.

Stephanie Lee, who co-founded Neptune Flood and served as its COO, is launching Titan.

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By GlobalData

Titan has developed a rating engine powered by AI to evaluate and price residential flood insurance.

According to K2, homeowners can get information about their flood risk in a matter of minutes, choose tailored coverage, and make a purchase online or through an agent.

Titan’s solutions will be sold both directly to customers and through independent agencies, as well as by using embedded channels via an application programming interface.

Initially, Titan plans to offer its product as a surplus lines offering in 15 states, which represent an estimated 80% of the market for residential flood insurance.

K2 CEO and co-founder Bob Kimmel 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.”

Lee said: “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 US.

“We look forward to delivering best-in-class experiences to our customers and partners early next year.”

In June this year, K2 reached an agreement with Risk Management Solutions to gain access to a risk model of perils such as hurricanes, floods, severe convective storms, earthquakes and windstorms across the globe.