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Tuesday, April 16, 2024

Neptune Flood Insurance says its carrier, reinsurer relationships has been expanded

Neptune Flood Insurance says its carrier, reinsurer relationships has been expanded

Neptune Flood has said it has fully renewed and expanded its carrier programs and reinsurance relationships.

Neptune expanded its network to include 23 insurance carriers and reinsurers, thereby supporting six distinct programs that include AXA XL, MS Transverse, and four Lloyd’s-affiliated programs.

There came with its 2023-24 renewals, and the development will provide additional premium capacity of over $100 million, according to Neptune Flood.

CEO of Neptune Flood, Trevor Burgess, said “As we continue to expand our carrier programs and reinsurance relationships, we’re excited about what this means for our customers”, adding that “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.”

Neptune Flood chief risk officer, Matt Duffy, said “Increasingly, homeowners are becoming aware that coverage available through the NFIP is insufficient to meet their needs in times of disaster”, stressing that “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.”

Part of the enhancements to Neptune’s optional coverages this year was that 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.

Only 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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