Tampa insurance startup receives $2M investment

Tampa insurance startup Titan Flood has secured a $2 million investment from a California firm. 

With the new equity funding, K2 Insurance Services board will join its board of Titan Flood, which specializes in the private residential market. K2 will oversee its long-term strategy, according to a recent announcement. 

The startup was founded by CEO Stephanie Lee, a former co-founder and COO of St. Petersburg-based Neptune Flood Insurance. She exited Neptune Flood in 2020. 

Titan has built an artificial intelligence-based rating engine to evaluate and price residential flood insurance within seconds. Homeowners can learn about their flood risk, select custom coverage and buy insurance online. 

“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,” Lee said in a prepared statement. 

Titan Flood will be distributed through independent agencies and a direct-to-consumer model.

The insurance service will be available as a surplus line product for residential risks in 15 states. The states represent an estimated 80% of the addressable market for residential flood insurance.

“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 [Managing General Agent], we jumped on it,” K2 CEO and co-founder Bob Kimmel said in a statement.  

“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.”

Holding company K2 Insurance Services 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. 

Titan Flood simultaneously announced it was entering a partnerhsip with software company Solstice Innovations Inc., which was founded by the former chief technology officer of National Flood Services, Travis Pine.

Pine now serves as a director on Titan’s board, and Solstice CFO James Stremme serves in an executive role at Titan.