AI-powered Neptune Flood Insurance doubles Lloyd's capacity in expansion move
Neptune Flood, an artificial intelligence (AI) driven flood insurance company, has entered into strategic underwriting partnerships, doubling its capacity at Lloyd's.
The additional capacity will facilitate the expansion of its private residential and commercial flood insurance offering.
Neptune, a Lloyd's Coverholder since 2017, currently works with three Lloyd's syndicates to provide capacity to the US private flood insurance marketplace.
"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," said Neptune president and CEO Trevor Burgess. "By doubling our capacity at Lloyd's we will be able to serve more customers in more states as we enter hurricane season."
Beach, part of the Acrisure Group, served as the Lloyd's brokers to Neptune.
David Sowrey, partner at Beach, said: "We are delighted to have added value to the Neptune Flood platform with the successful growth of their Lloyd's capacity via two new partners."
Jason Howard, CEO of Beach, added: "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 U.S. will have the advantage of an enhanced flood product available in all flood zones that will continue to strengthen the private flood market."
