Neptune Flood Announces Significant Growth in Insurance Carrier & Reinsurer Relationships

News provided by

Aug 23, 2023, 07:00 ET

Leading Private Flood Insurance Company Renews and Grows Programs with AXA XL, MS Transverse, and Lloyds

ST. PETERSBURG, Fla., Aug. 23, 2023 /PRNewswire/ -- Neptune Flood, the leading private flood insurance company, is pleased to announce the successful renewal and growth of its carrier programs and reinsurance relationships.

2023-24 renewals expand 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.

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.

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

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, Neptune is prepared to meet the rising demand for private flood insurance and provide superior coverage that customers can depend on.

"Increasingly, homeowners are becoming aware that coverage available through the NFIP is insufficient to meet their needs in times of disaster," said Chief Risk Officer, Matt Duffy. "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, Neptune 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. None of these optional coverages are available with the NFIP.

About Neptune Flood
Neptune Flood is an innovative insurance company specializing in providing flood insurance solutions for residential and commercial properties. By leveraging advanced technology, data analytics, and user-friendly online tools, Neptune Flood offers consumers and businesses a fast and efficient way to obtain flood insurance policies tailored to their needs. The company aims to simplify the insurance-buying process while offering competitive rates and comprehensive coverage options. Neptune Flood is backed by top-rated insurance carriers, ensuring that their customers receive reliable financial protection in the event of a flood. Their dedication to superior customer service, along with their cutting-edge approach to flood insurance, makes Neptune Flood a trusted and pioneering force in the industry. For more information, visit the Neptune website: www.neptuneflood.com.

SOURCE Neptune Flood