Flood Insurance — Private Insurer Neptune Flood Hits 5%

Neptune Flood Insurance said it has crossed the $200 million mark in the sale of flood insurance premiums. That’s 5% of the flood insurance policies sold in the country and company CEO Trevor Burgess said that makes Neptune the largest private flood insurer in the country.

The National Flood Insurance Program (NFIP) sells most of the policies. But the NFIP is heavily in debt and many of the policies sold by the NFIP are not actuarily sound.

Burgess said Neptune has also added seven members to its board of advisors. They offer the insurance know-how to make Neptune successful.

“Growing in scale highlighted the need for sage advice from a group of leading experts in the insurance industry,” Burgess said. “My executive team is incredibly thankful that this group of seven leaders has agreed to help us in our journey to be the best possible flood insurance company for consumers, agents, and our risk-taking partners.”

The members of the advisory board are:

Nepture co-founder, Jim Albert

Brad Emmons, former CEO of Orchid

Plymouth Rock’s home insurance expert & Neptune co-founder, Bill Martin

David Paulsen, president of MS Transverse

Jessica Snyder, president of US insurance for Argo Group

Keith Wolfe, former president of US P&C for Swiss Re

Insurance Institute for Business & Home Safety (IBHS) CEO and former NFIP executive, Roy Wright

Source link: Insurance Business America — https://bit.ly/3QgC5eV

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