BMS Re has announced its role in supporting the launch of a new nationwide private flood insurance facility for Taurus Flood, formerly operating as National Flood Services.
The new facility, developed in collaboration with Hiscox, will offer expanded flood coverage to both residential and commercial policyholders.
The initiative is led by Andrea Turner and Chris Willis of BMS Re’s London office. Structured through a Binding Authority Agreement, the facility provides flood insurance that includes coverage options beyond the limits offered by the National Flood Insurance Program (NFIP). The product is fully integrated with Hiscox’s FloodPlus platform.
Hiscox FloodPlus offers enhanced features compared to standard NFIP coverage, including higher limits of up to US$2.5 million for primary flood protection and US$4 million for excess flood policies.
Additional benefits include extended basement and enclosure coverage and more flexible underwriting criteria, designed to better address client needs in high-exposure zones.
BMS Re confirmed it helped secure Lloyd’s Coverholder status for Taurus Flood as part of the agreement. This designation enables Taurus to underwrite risks on behalf of Lloyd’s syndicates, enhancing the facility’s operational capacity.
The launch aligns with broader trends in the private flood insurance market. From 2016 to 2022, private flood policy counts grew by 24%, and direct premiums written rose from US$3.29 billion to US$4.09 billion.
Market participants have attributed this growth to the demand for alternatives to the NFIP, particularly from policyholders seeking broader and more customizable coverage.
The NFIP has faced increasing criticism for its relatively low coverage limits and inflexible policy structure. In contrast, private market offerings such as FloodPlus aim to provide more comprehensive solutions, particularly in areas with significant flood exposure or complex property needs.
Meanwhile, Hiscox Re & ILS, the reinsurance and insurance-linked securities arm of Hiscox, reported a pre-tax profit of US$267 million for 2024. This performance reflects the company’s continued focus on specialty lines and alternative capital strategies, and supports its ability to back expanded underwriting initiatives such as the Taurus Flood partnership.
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