Neptune Flood, a private flood insurance company, has announced successful growth in insurance carrier and reinsurer relationships, having reviewed and expanded programs with AXA XL, MS Transverse, and Lloyds.
The 2023-24 renewals have expanded Neptune’s network to 23 insurance carriers and reinsurers, backing six unique programs with AXA XL, MS Transverse, and four Lloyds affiliated programs.
This development, the insurer stated, 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.”
According to Neptune, the growth of these partnerships demonstrates its ongoing dedication to innovation and growth in the face of increasingly uncertain climate scenarios.
It is ready to meet the rising demand for private flood insurance and provide superior coverage to its customers by leveraging the strength of these relationships and its AI driven underwriting solutions.
“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.”
To further differentiate its offering from the NFIP, this year, Neptune has made several enhancements to its optional coverages. This will allow clients to access higher limits for temporary living expenses, 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, Neptune noted.
