Neptune Flood Secures Over $300 Million of Premium Capacity for 2024 Hurricane Season

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Jun 03, 2024, 08:00 ET

With forecasts predicting an intense hurricane season, Neptune stands ready to protect up to 100,000 additional homes and businesses

ST. PETERSBURG, Fla., June 3, 2024 /PRNewswire/ -- Neptune Flood, the largest private flood insurance company in the US, has secured over $300 million of premium capacity for the 2024 hurricane season. This significant milestone reinforces Neptune's commitment to providing a robust and reliable alternative to the government's National Flood Insurance Program.

With this increased capacity, Neptune Flood is now positioned to write over $100 billion in insurance, ensuring comprehensive coverage for its growing customer base. Neptune's risk-taking panel has expanded to include 25 insurance and reinsurance partners, all of whom subscribe to Neptune's proprietary AI underwriting system, Triton, for precise and efficient risk assessment.

Many homeowners are unaware that their homeowner's insurance does not cover damage caused by flooding, necessitating a separate flood insurance policy. Currently, less than 3% of homes in the US have flood insurance. However, Neptune's available capacity allows for tens of thousands more homes to be protected ahead of what is predicted to be a record-breaking hurricane season.

"Securing this level of premium capacity is a strong endorsement of our innovative approach to flood insurance," said Trevor Burgess, CEO of Neptune Flood. "With Triton, we have set a new benchmark for underwriting efficiency and accuracy, and our 25 partners are integral to our ability to deliver exceptional service and coverage to our customers at a fair and accurate price. We thank our 2024-2025 panel of capacity providers for their unwavering support."

Neptune Flood's innovative approach and cutting-edge technology have driven its rapid growth. Today, Neptune serves over 185,000 customers and is utilized by more than 20,000 agents nationwide.

"Our mission is to redefine flood insurance through the advanced use of Artificial Intelligence and Machine Learning," added Managing Director and CRO Matt Duffy. "This additional capacity allows us to better serve our customers and support our agency partners as we head into the 2024 hurricane season and beyond."

For more information about Neptune Flood and its services, please visit www.neptuneflood.com.

SOURCE Neptune Flood