The firm currently partners with three syndicates to offer capacity to the US private flood insurance marketplace. It has been a Lloyd’s Coverholder since 2017.
The additional capacity is expected to support thousands of additional flood insurance policies.
Neptune president and CEO Trevor Burgess said: “Neptune makes it easy to buy flood insurance by using artificial intelligence technology to transform the normally complex flood insurance market into a two-minute exercise.
“By doubling our capacity at Lloyd’s we will be able to serve more customers in more states as we enter hurricane season.”
Beach, a unit of the Acrisure Group, served as the Lloyd’s brokers to Neptune.
Beach CEO Jason Howard said: “Beach continues to be a pioneer in the Insurtech arena, and we’re excited to be able to increase Lloyd’s presence in the space as well as the private flood market through this partnership with Neptune.
“In addition, both residential and small commercial insureds across the US will have the advantage of an enhanced flood product available in all flood zones that will continue to strengthen the private flood market.”
Last year, Neptune Flood partnered with Hippo Insurance to create online home and flood insurance solution.