Neptune Flood Partners with Somers Syndicate to Boost Underwriting

Neptune Flood Enhances Underwriting Capacity with Somers Syndicate 3705 Partnership

In a strategic move to bolster its underwriting capabilities, Neptune Flood has partnered with Somers Syndicate 3705, a Lloyd's syndicate. This collaboration is poised to enhance Neptune Flood's presence in the private flood insurance industry, expanding its network of global insurance alliances, strengthening its capacity in underwriting, and improving its risk management strategies.

This partnership was announced on the heels of Neptune Insurance Holdings' successful initial public offering (IPO) on the New York Stock Exchange. With a valuation of $2.76 billion and $368 million raised, the IPO underscores investor confidence in Neptune's capabilities, reflecting its status as a robust, profitable insurtech firm.

Strategic Alignment and Financial Performance

Matt Duffy, President of Neptune Flood, highlighted the alignment between Neptune and Somers on the future prospects of the private flood insurance market. This partnership aims to grow Neptune's capacity provider panel through respected insurance entities within the Lloyd's market, further entrenching private insurers in securing home and business flood insurance solutions.

In the third quarter of 2025, Neptune showcased remarkable financial performance, with a 31.2% annual increase in revenue, totaling $44.4 million. The company also reported an Adjusted EBITDA of $26.7 million, marking a 28.6% increase year-over-year and achieving an impressive adjusted EBITDA margin of 60.2%.

Global Reach and Technological Advances

Operated by Somers Re Ltd. in Bermuda, Somers Syndicate 3705 plays a pivotal role in specialty insurance and global reinsurance markets. David Booth, the syndicate's active underwriter, noted Neptune Flood's commitment to data-driven technology and disciplined underwriting, expressing confidence in the growth potential this partnership holds.

By the end of September 2025, Neptune had issued over 260,000 policies across the U.S. Acrisure Re, acting as the Lloyd's broker, facilitated this significant transaction and will continue its pivotal role in this partnership.