Capacity expansion positions Neptune to meet surging demand for its NFIP alternative flood insurance product
ST. PETERSBURG, Fla., April 28, 2021 — Neptune Flood, the first AI-driven flood insurance company to provide fast, easy and better flood insurance, announced the launch of its latest capacity program sponsored by Transverse Insurance Group and backed by a panel of global reinsurers, which was placed through Acrisure Re (formerly Beach & Associates). Neptune policies placed with the program will carry the Transverse AM Best A- (Excellent) rating.
The $30 million premium capacity program will enable Neptune to meet the surging demand for Neptune’s flood insurance alternative to the government backed NFIP program. The program will look to protect approximately $10 billion in home and business value from the catastrophic risk of flooding. Hurricane season begins on May 15 and on the back of last year’s record number of storms, is expected to be another above average season.
“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,” said Neptune CEO Trevor Burgess. “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.”
“Our relationship with Neptune is an exciting one for us. 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 programs” said Erik Matson, Chief Executive Officer and Co-Founder at Transverse.
In the 2021 renewal season Neptune has also increased its capacity at Lloyds by over 50% and secured a material increase in its program with AXA XL.
ABOUT NEPTUNE FLOOD:
Neptune Flood is the largest entirely digital flood insurance company in the United States. We were founded to change the way the consumers and businesses think about and buy flood insurance. Neptune is the NFIP alternative and uses AI driven technology to make it fast and easy to buy flood insurance most often at a price that saves money. www.neptuneflood.com
ABOUT TRANSVERSE:
Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA and reinsurance markets with offices in New York, New Jersey and Texas. Transverse is backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President and CIO, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. For more information, please visit www.transverseinsurance.com
ABOUT ACRISURE RE:
Acrisure Re is a reinsurance broking and corporate risk advisory firm that provides risk management solutions for complex and technical books of business. Formerly known as Beach & Associates, the company rebranded to Acrisure Re in 2020 following its 2018 acquisition by the industry’s fastest-growing broker, Acrisure. Headquartered in London, Acrisure Re has operations in Amsterdam, Bermuda, Toronto, Zurich, Atlanta, Burlington NC, Minneapolis, New York, and Seattle.
Acrisure Re and Acrisure London Wholesale have a combined global team of more than 260 experienced and talented employees dedicated to providing advisory, portfolio, and reinsurance solutions. Learn more at http://www.Acrisure.com/Reinsurance
