Neptune, Transverse to Expand Flood Offering with $30M Premium Capacity Program
Neptune Flood, an AI-driven flood insurance provider, has expanded its capacity through a new 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.
Neptune will use the $30 million premium capacity program to meet demand for its 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.
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.
Neptune Flood a digital flood insurance company offering coverage across the United States.
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.
Acrisure Re is a reinsurance broking and corporate risk advisory firm that provides risk management services for complex and technical books of business. It was formerly known as Beach & Associates and rebranded to Acrisure Re in 2020 following its 2018 acquisition Acrisure. Headquartered in London, Acrisure Re has operations in Amsterdam, Bermuda, Toronto, Zurich, Atlanta, Burlington NC, Minneapolis, New York, and Seattle.