Flood insurer Neptune Flood said recently it secured over $400 million in premium capacity and has launched in Alaska to officially become available in all 50 states.
Neptune said its capacity panel now includes more than 30 insurance and reinsurance partners, spanning global reinsurers and specialty carriers that reflect “broad market confidence in Neptune’s technology-driven underwriting and track record of strong results.”
The added capacity is over last year’s $300 million and “reflect Neptune’s continued growth in the private flood insurance market,” the insurer said.
The St. Petersburg, Florida-based insurtech launched in 2017 uses what it calls Triton, its artificial intelligence underwriting platform, to provide flood insurance to homeowners and businesses. It allows agents and customers to quote and bind a policy in minutes.
Related: Neptune Flood Acquires Data Science Firm to Enhance Its AI-Driven Flood Insurance
“With this expansion, Neptune now offers a simple, digital flood insurance solution to property owners nationwide,” said Matt Duffy, President of Neptune Flood. “This achievement reflects the power of our technology and the dedication of our partners to helping close the flood insurance gap in America.”
Topics Flood
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