Neptune Flood, an insurtech firm focused on the flood market, has launched its latest capacity program sponsored by Transverse Insurance Group and backed by a panel of global reinsurers, which was placed through Acrisure Re.
Neptune policies placed with the program will carry the Transverse AM Best A- (Excellent) rating.
The $30 million premium capacity program will enable Neptune to meet the surging demand for Neptune’s flood insurance alternative to the government backed NFIP program.
The program will look to protect approximately $10 billion in home and business value from the catastrophic risk of flooding. Hurricane season begins in May and on the back of last year’s record number of storms, is expected to be another above average season.
Neptune CEO Trevor Burgess said: “Neptune is proud to partner with Transverse and its experienced team of underwriters and program administrators. Transverse will help Neptune to serve tens of thousands of additional homeowners and businesses.
“Neptune is the fast and easy alternative to the NFIP and most of the time we can save the home or business owner money while providing superior coverage.”
Erik Matson, Chief Executive Officer and Co-Founder at Transverse added: “Our relationship with Neptune is an exciting one for us. Neptune has approached a significant peril with great ingenuity and innovativeness.
“We are excited to be supporting an excellent portrayal of the intersection of technology and insurance requirements. We strive to combine the talent and experience of our team with the flexibility of our hybrid fronting structure to underwrite great MGA’s and their programs.”