Neptune Flood Inc. said on Wednesday that it has launched a $ 30 million capacity flow insurance program sponsored by Princeton, New Jersey-based Transverse Insurance Group LLC.
The program, which offers an alternative to the state-sponsored National Flood Insurance Program, is supported by a panel of global reinsurance companies and was placed through Acrisure Re, the reinsurance broker of Grand Rapids, Michigan-based Acrisure LLC. available to businesses and homeowners during the program, a spokeswoman for St. Petersburg, Florida-based Neptune in a statement.
Transverse is a hybrid front insurance company serving the program, managing the general agency and reinsurance market. Earlier this month, the Federal Emergency Management Agency unveiled Risk Rating 2.0, the first update to NFIP's flood insurance system in 50 years.
As a result, many esses have seen their NFIP river premiums increase, although market sources say this is likely to encourage private flood insurers to expand their coverage and increase market competition. Catalog