Neptune’s re-insurer growth provides $100m additional premium capacity

Neptune Flood has announced significant growth in insurance carrier and reinsurer relationships, which is set to provide over $100 million in additional premium capacity.

2023-24 renewals have expanded Neptune’s network to 23 insurance carriers and reinsurers, backing six unique programs: AXA XL, MS Transverse, and four Lloyds affiliated programs.

This development further bolsters Neptune’s commitment to serving its existing 160,000 customers and provides over $100 million in additional premium capacity.

Trevor Burgess, Neptune’s CEO said: “As we continue to expand our carrier programs and reinsurance relationships, we’re excited about what this means for our customers.

“Not only does this renewal and expansion indicate the health and vitality of our partnerships, but it also underscores our commitment to offering our customers the best possible flood insurance solutions.”

This development means that Neptune is poised to deliver exceptional service and coverage to an ever-increasing number of clients, providing an effective alternative to the traditional National Flood Insurance Program through its instantaneous quote and bind solution.

The growth of these partnerships demonstrates Neptune’s ongoing dedication to innovation and growth in the face of increasingly uncertain climate scenarios.

By leveraging the strength of these relationships and its AI driven underwriting solutions, the Florida-based organisation is prepared to meet the rising demand for private flood insurance and provide superior coverage that customers can depend on.

Neptune’s Chief Risk Officer, Matt Duffy, said: “Increasingly, homeowners are becoming aware that coverage available through the NFIP is insufficient to meet their needs in times of disaster.

“The Neptune platform continues to provide the most efficient and effective way to bring the strength and stability of A-rated global insurers and reinsurers to our rapidly growing customer base.”

This year, the firm has made several enhancements to its optional coverages to further differentiate its offering from the NFIP.

Clients will now have access to higher limits for temporary living expense, pool coverage, unattached structures coverage, and for commercial clients, an option for replacement cost coverage on the building.

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.