Neptune secures Transverse capacity for alt flood programme

Neptune Flood, the AI-driven flood insurance provider, has unveiled its latest capacity programme, sponsored by Transverse Insurance Group and backed by a panel of global reinsurers.

The $30 million premium capacity programme allows Neptune to meet growing demand for its flood insurance alternative to the government backed NFIP programme. It was placed through Acrisure Re, the carrier formerly Beach & Associates. Neptune policies placed with the programme will carry Transverse’s A- rating from AM Best.

The programme will look to protect approximately $10 billion in home and business value from the catastrophic risk of flooding. Hurricane season begins on May 15, with the record number of storms recorded in 2020 putting the market on high alert.

Trevor Burgess, chief executive officer (CEO) at Neptune, said the programme will help Neptune 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," he said.

Erik Matson, CEO and co-founder at Transverse, said: "Neptune has approached a significant peril with great ingenuity and innovativeness.”

In the 2021 renewal season Neptune has also increased its capacity at Lloyds by over 50 percent and secured a material increase in its programme with AXA XL.

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