Neptune Flood, a US-based private flood insurance provider, focused on delivering technology-driven flood cover nationwide, has announced a strategic partnership with Somers Syndicate 3705.
The agreement adds new underwriting capacity to Neptune Flood’s platform, enhancing its ability to support rising demand across the private flood insurance market, according to InsurTech Insights.
The partnership reflects sustained growth in private flood insurance as homeowners and businesses seek alternatives to traditional public schemes. Increasing climate-related losses and heightened awareness of flood exposure have driven insurers to reassess capacity and risk appetite. By securing additional backing from the Lloyd’s market, Neptune Flood is positioning itself to scale responsibly while maintaining underwriting discipline.
Neptune Flood operates as a specialist provider of private flood insurance, using proprietary technology, advanced data science and automated underwriting to assess risk and deliver coverage efficiently. Its digital-first model enables rapid quoting and policy issuance, supporting both residential and commercial customers across the United States. As of 30 September 2025, the company reported more than 260,000 policies in force nationwide, highlighting its growing footprint in the sector.
Under the new arrangement, Somers Syndicate 3705 will provide underwriting capacity to support Neptune Flood’s insurance offerings. The syndicate is the Lloyd’s insurance platform of Somers Re Ltd, a global insurance and reinsurance group with experience spanning multiple specialty insurance markets. Its addition further diversifies Neptune Flood’s panel of highly rated global capacity providers and signals continued interest from established carriers in the private flood segment.
The partnership also brings Lloyd’s expertise into Neptune Flood’s underwriting framework, complementing its data-led approach with additional balance sheet strength. Acrisure Re supported the transaction and will act as Lloyd’s broker for the arrangement, facilitating the relationship between Neptune Flood and Somers Syndicate 3705.
Beyond the immediate capacity increase, the agreement underscores the role private insurers are expected to play in addressing protection gaps in flood insurance. As exposure continues to grow, access to scalable and well-structured underwriting support is becoming increasingly critical for specialist providers operating in this space.
Neptune Flood president Matt Duffy said, “Both Neptune and Somers are strongly aligned on the future of the private market in flood insurance, and we are excited to continue growing our capacity provider panel with a respected insurance group via the Lloyd’s market.
“This partnership facilitates our ongoing growth in the US flood market as private insurers play an increasingly important role in protecting homeowners and businesses.”
David Booth, active underwriter of Syndicate 3705, added, “Neptune Flood has built a strong platform focused on data, technology, and underwriting discipline.
“Through this transaction, Syndicate 3705 and Somers are pleased to grow our Lloyd’s platform with a pre-eminent partner in Neptune Flood. We look forward to the continued growth of the relationship.”
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