Neptune Flood has launched a new $30m premium capacity programme to expand the availability of flood insurance across the US.
The programme is sponsored by Transverse Insurance and backed by a panel of global reinsurers, which was placed through Acrisure Re.
Neptune noted that the capacity expansion will enable it to meet the growing demand for its NFIP alternative flood insurance product.
It is being estimated that the programme will protect approximately $10bn in home and business value from the catastrophic risk of flooding.
The policies placed with the programme will carry the Transverse AM Best A- rating.
Neptune CEO Trevor Burgess said: “Neptune is proud to partner with Transverse and its experienced team of underwriters and program administrators. Transverse will help Neptune to 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.”
The hurricane season, which may begin on 15 May, is expected to be another above average season. Last year, the country witnessed a record number of storms.
Neptune said it has increased its capacity at Lloyds by over 50% in the 2021 renewal season. The company also reported a material increase in its programme with AXA XL.
Commenting on the initiative, Transverse co-founder and CEO Erik Matson said: “Neptune has approached a significant peril with great ingenuity and innovativeness.
“We are excited to be supporting an excellent portrayal of the intersection of technology and insurance requirements. We strive to combine the talent and experience of our team with the flexibility of our hybrid fronting structure to underwrite great MGA’s and their programmes.”
Launched in 2017, Neptune allows users to quote and purchase flood insurance without requiring submitting the standard elevation certificate.
In December last year, Neptune expanded its residential products to the remaining five additional states.
In 2019, the firm teamed up with Hippo Insurance to create an online home and flood insurance solution.