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By: Maria Williams
Flood Risk Solutions (FRS) responds to the needs of the flood insurance market in the United States by offering agents and brokers comprehensive insurance products. With this, the wholesale insurance provider and managing general agent (MGA) also provides solutions for its clients’ residential and commercial clients. The Florida-based company leverages proprietary cutting-edge technology to deliver first-class coverage options to stakeholders nationwide.
Brendan Moeller, CPCU, and Eugene Podokshik, CPCU, established the company. During their early careers, Podokshik, an insurance broker, met Moeller, who was then an underwriter at a premier insurance company. After discovering they share the same vision, they complemented each other’s expertise in brokerage, technology development, and underwriting to solidify the FRS’ foundation.
Moeller and Podokshik identified a gap in the flood insurance market—the domination of the National Flood Insurance Program (NFIP). They observed the NFIP’s rising rates and limited options and saw an opportunity for private insurers to offer alternatives that would better serve consumers. The result of these observations is the official launch of Flood Risk Solutions in 2017.
The company believes in advancing the flood insurance market’s development by determining profitable businesses within the NFIP and offering more competitive pricing and flexible terms in a new private marketplace. This philosophy reflects FRS’ mission: to deliver tailored flood insurance solutions to clients and guarantee access to top-notch protection regardless of circumstances.
FRS provides Primary Flood insurance products from domestic excess and surplus markets. It also sources from syndicates within Lloyd’s of London and other domestic and international insurers. If consumers require additional coverage, they can obtain FRS’ Excess Flood products with in-house authority of up to $7.5 million and structured limits of up to $25 million per location. They stand out for sitting above NFIP limits and other private market flood placements.
Photo Courtesy: Flood Risk Solutions, Inc.