Neptune Flood has entered into a partnership with Somers Syndicate 3705, a Lloyd's syndicate. The agreement adds underwriting capacity to support Neptune Flood's insurance offerings.
The addition of Somers expands Neptune Flood's panel of global insurance partners. The deal reflects continued interest from carriers in the private flood insurance market.
The partnership comes after Neptune Insurance Holdings, Neptune Flood's parent company, completed its initial public offering on the New York Stock Exchange in early October 2025. The company pursued a $2.76 billion valuation in the IPO, with backers raising $368 million. Neptune is one of the few profitable insurtechs to reach the IPO stage.
Matt Duffy (pictured above), president of Neptune Flood, said the partnership supports the company's expansion.
"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," Duffy said.
Duffy added that private insurers are playing an increasingly important role in protecting homeowners and businesses.
Neptune reported third-quarter 2025 revenue of $44.4 million, a 31.2% increase from the same period in 2024. Adjusted EBITDA for the quarter was $26.7 million, up 28.6% year over year, with an adjusted EBITDA margin of 60.2%.
Somers Syndicate 3705 is the Lloyd's insurance operation of Somers Re Ltd. The Bermuda-based organization operates across specialty insurance and reinsurance markets globally.
David Booth, active underwriter of Syndicate 3705, said Neptune Flood has built a platform focused on data, technology, and underwriting discipline. Booth added that the syndicate looks forward to the continued growth of the relationship.
As of Sept. 30, 2025, Neptune reported more than 260,000 policies in force across the United States. Acrisure Re supported the transaction and will serve as Lloyd's broker for the partnership.
