May 22, 2024 – XPT Specialty, a leading wholesale broker for commercial and personal insurance, has made a strategic acquisition with the purchase of Flood Risk Solutions, Inc. (FRS), marking a significant leap forward in the evolution of flood insurance provision for both the personal lines and commercial sectors.
Established in 2017 by Brendan Moeller and Eugene Podokshik, Flood Risk Solutions emerged as a beacon of innovation, addressing the critical need for expanded private flood insurance capacity. In response to the dearth of flood insurance options and the urgency for industry innovation, FRS swiftly became synonymous with comprehensive flood coverage, offering a myriad of solutions under one accessible platform.
Eugene Podokshik, FRS Co-Founder, shared his excitement about the acquisition: “Joining forces with XPT Specialty represents a remarkable milestone for Flood Risk Solutions. This partnership enables us to amplify our impact and fulfill our mission of democratizing access to flood insurance.
“Together, we are poised to revolutionize the flood insurance industry and better serve the needs of our clients. Our aligned commitment to excellence and customer-centric approach will set a new standard in the industry, ensuring that our clients receive unparalleled support and protection in the face of increasing flood risks.”,” continued FRS Co-Founder, Brendan Moeller.
FRS’s Co-Founders identified a crucial market gap and successfully addressed it, serving individuals and businesses with comprehensive coverage. Recognizing the need for comparative raters to empower clients, they aimed to make flood insurance more available. Now, under XPT Specialty, FRS remains dedicated to delivering tailored solutions. With innovative offerings like flood insurance multi-rater and parametric insurance, FRS sets new standards for industry flexibility and customization.
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Mark Smith, XPT Specialty President, highlighted the cultural and strategic alignment between the two entities. “XPT invests in underwriting teams and businesses with a collaborative entrepreneurial ethos, mirroring Flood Risk Solutions’ unwavering commitment to excellence. Their cutting-edge systems streamline the entire process, empowering individuals and businesses to secure the protection they need at the most competitive pricing available.”
The acquisition of Flood Risk Solutions underscores XPT’s dedication to redefining the insurance landscape, offering accessible, innovative solutions for all.
Brendan Moeller bm@floodsol.com can be reached at and Eugene Podokshik can be reached at ep@floodsol.com.
About XPT Specialty
XPT is your eXpert Partner Team for wholesale insurance. A team of specialist experts collaborating to efficiently bring the greatest value. Listening to client partners enables the service culture that anticipates needs and leads to true partnership. The unique win-win approach multiplies the value XPT brings to its clients and market partners.
XPT brings together wholesale brokerage and binding firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com
Contact: Kyle Stevens kyle.stevens@xptspecialty.com
Press Contact: Claudia Costello, claudia.costello@104west.com