Neptune Flood hits premium milestone

Neptune Flood, the nation’s largest private flood insurer, has announced that it has exceeded $200 million of premium in force. The insurer has also added seven members to its newly formed advisory board.

Crossing the $200 million threshold brings Neptune to more than 5% of the size of the National Flood Insurance Program, making Neptune the primary alternative to the NFIP, the company said.

Neptune Flood CEO Trevor Burgess said the company’s growth also spurred the formation of the advisory board.

“Growing in scale highlighted the need for sage advice from a group of leading experts in the insurance industry,” Burgess said. “My executive team is incredibly thankful that this group of seven leaders has agreed to help us in our journey to be the best possible flood insurance company for consumers, agents, and our risk-taking partners.”

The members of the advisory board are:

• Jim Albert, co-founder of Neptune. Albert served as Neptune’s CEO through 2019 and as chairman from 2020 to early 2023
• Brad Emmons, former CEO of Orchid. Emmons is an active investor and advisor to MGAs, MGUs, claims and insurtech businesses
• Bill Martin, who heads up Plymouth Rock’s home insurance business. A 37-year industry veteran, Martin is a co-founder of Neptune and a former board member of insurance industry safety organizations
• David Paulsen, president of MS Transverse, a division of Mitsui Sumitomo Insurance and one of the world’s largest insurance companies
• Jessica Snyder, president of US insurance for Argo Group. Snyder previously served as president and CEO of GuideOne Insurance. Prior to that, she headed up the commercial and specialty businesses at State Auto Insurance. She has also served as chief operating officer and chief financial officer at Rockhill Insurance Group and CFO at Citizens Property Insurance Company
• Keith Wolfe, former president of US P&C for Swiss Re. Wolfe also serves as an advisor or board director for several other insurance-related companies
• Roy Wright, president and CEO of the Insurance Institute for Business & Home Safety (IBHS), of which Neptune Flood is a member. Prior to joining IBHS, Wright served as chief executive of the NFIP

Read next: Private flood insurers seize market growth amid NFIP pricing challenges

Neptune Flood recently expanded its carrier programs and reinsurer relationships to include 23 insurance carriers and reinsurers. Last year, the company announced a partnership with the Strategic Insurance Agency Alliance.

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