St. Petersburg insurance firm reaches milestone $300 million in premiums

St. Petersburg-based Neptune Flood announced Thursday that it surpassed the $300 million in premiums across its 235,000 policyholders. The firm now has $100 billion dollars of insured value and is considered the largest private flood insurance provider in the United States.

In a statement, Neptune Flood credited its AI-powered platform for streamlining its quoting processes and coverage provided.

"Reaching $300 million in premium in force is a testament to our mission of making flood insurance accessible, affordable, and easy to obtain," says Trevor Burgess, CEO of Neptune Flood in the release. 

"Our proprietary machine learning models allow us to better assess risk, price policies more accurately, and ultimately provide a superior experience for our customers. But this milestone is also a reflection of something bigger — Neptune's growth demonstrates the scale and strength of the private flood insurance market, which is ready to step in and grow significantly. As the National Flood Insurance Program faces mounting challenges, private insurers like Neptune are prepared to offer a robust, technology-driven alternative that meets the needs of today's homeowners and businesses."

Neptune Flood was founded in 2018 and has policies in 49 states, with the most in Florida. Its emphasis is on primary and excess private flood insurance and parametric earthquake insurance. 

The company says the event that resulted in the most claims in its history was Hurricane Helene in 2024.