Neptune Flood has announced that it has successfully renewed and expanded its carrier programs and reinsurance relationships, marking a significant milestone for the company.
With the 2023-24 renewals, Neptune has expanded its network to include 23 insurance carriers and reinsurers, supporting six distinct programs, namely AXA XL, MS Transverse, and four Lloyd’s-affiliated programs. This development will provide additional premium capacity of over $100 million, Neptune Flood said.
“As we continue to expand our carrier programs and reinsurance relationships, we're excited about what this means for our customers,” said Trevor Burgess, CEO of Neptune Flood. “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.”
“Increasingly, homeowners are becoming aware that coverage available through the NFIP is insufficient to meet their needs in times of disaster,” said Matt Duffy, Neptune Flood chief risk officer. “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.”
Neptune has made several enhancements to its optional coverages this year, further setting itself apart from the NFIP. Clients now have access to higher limits for temporary living expenses, pool coverage, unattached structures coverage, and, for commercial clients, the option for replacement cost coverage on buildings. These optional coverages are not available through the NFIP, providing customers with greater flexibility and protection.
Last year, Neptune Flood announced a partnership with the Strategic Insurance Agency Alliance, giving alliance members access to the insurer’s instant flood product.
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