Neptune Flood Inc. said Wednesday it has launched a $30 million capacity flood insurance program sponsored by Princeton, New Jersey-based Transverse Insurance Group LLC.
The program, which offers an alternative to the government-backed National Flood Insurance Program, is backed by a panel of global reinsurers and was placed through Acrisure Re, the reinsurance broking arm of Grand Rapids, Michigan-based Acrisure LLC.
Limits of up to $4 million in building coverage and $500,000 in contents coverage will be available for businesses and homeowners under the program, a spokeswoman for St. Petersburg, Florida-based Neptune said in a statement.
Transverse is a hybrid fronting insurer that serves the program, managing general agency and reinsurance markets.
The Federal Emergency Management Agency earlier this month unveiled Risk Rating 2.0, the first update to the NFIP’s flood insurance pricing system in 50 years.
As a result, many businesses will see their NFIP flood premiums increase, though market sources say this will likely spur private flood insurers to expand their coverage, increasing competition in the market.