ST. PETERSBURG, Fla., April 30, 2020 /PRNewswire/ -- Neptune Flood, the first AI driven flood insurance company, has entered into strategic underwriting partnerships, doubling its capacity at Lloyd's.
Neptune, a Lloyd's Coverholder since 2017, now works with three Lloyd's syndicates to provide capacity to the US Private Flood Insurance marketplace. The additional capacity will facilitate thousands of additional Neptune flood insurance policies.
"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. By doubling our capacity at Lloyd's we will be able to serve more customers in more states as we enter hurricane season," said Neptune President & CEO Trevor Burgess.
Beach, part of the Acrisure Group, served as the Lloyd's brokers to Neptune.
"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," said David Sowrey, Partner at Beach.
Jason Howard, CEO of Beach noted, "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."
ABOUT NEPTUNE FLOOD:
Neptune Flood was founded in 2017 by insurance and technology industry veterans, including Chairman, Jim Albert, with a goal of bringing advanced analytics and extreme ease of use to the flood insurance market. Neptune Flood's policies are currently backed by some of the largest and most secure reinsurers in the world, rated "A" (Excellent) by AM Best. In January 2018, Neptune raised over $2mm in seed financing led by C1 Bank founder and former CEO Trevor Burgess who now serves as Neptune's President & CEO. Neptune filed for a patent on its revolutionary Artificial Intelligence engine in November 2019.
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SOURCE Neptune Flood