Palomar and Neptune Partner to Accelerate Growth in U.S. Flood Insurance Market
Palomar Holdings (NASDAQ: PLMR) has announced a strategic partnership with Neptune Flood, the largest private flood insurance provider in the United States. Under this agreement, Neptune will become Palomar's exclusive managing general agent for flood insurance.
The partnership combines Palomar's insurance expertise with Neptune's AI-driven technology and machine learning capabilities, aiming to provide an alternative to the National Flood Insurance Program. Neptune, which currently manages nearly 250,000 policies, will integrate Palomar's flood customers into their platform, offering enhanced coverage options and a streamlined quoting and binding experience for agents.
Palomar Holdings (NASDAQ: PLMR) ha annunciato una partnership strategica con Neptune Flood, il più grande fornitore privato di assicurazioni contro le alluvioni negli Stati Uniti. In base a questo accordo, Neptune diventerà l'agente generale esclusivo di Palomar per le assicurazioni contro le inondazioni.
La collaborazione unisce l'esperienza assicurativa di Palomar con la tecnologia basata sull'intelligenza artificiale e le capacità di machine learning di Neptune, con l'obiettivo di offrire un'alternativa al National Flood Insurance Program. Neptune, che attualmente gestisce quasi 250.000 polizze, integrerà i clienti di Palomar nel proprio sistema, offrendo opzioni di copertura migliorate e un processo semplificato di preventivazione e sottoscrizione per gli agenti.
Palomar Holdings (NASDAQ: PLMR) ha anunciado una alianza estratégica con Neptune Flood, el mayor proveedor privado de seguros contra inundaciones en Estados Unidos. Según este acuerdo, Neptune se convertirá en el agente general exclusivo de Palomar para seguros contra inundaciones.
La colaboración combina la experiencia en seguros de Palomar con la tecnología impulsada por IA y las capacidades de aprendizaje automático de Neptune, con el objetivo de ofrecer una alternativa al National Flood Insurance Program. Neptune, que actualmente administra cerca de 250,000 pólizas, integrará a los clientes de Palomar en su plataforma, brindando opciones de cobertura mejoradas y una experiencia simplificada de cotización y emisión para los agentes.
Palomar Holdings (NASDAQ: PLMR)는 미국 최대의 민간 홍수 보험 제공업체인 Neptune Flood와 전략적 파트너십을 발표했습니다. 이번 협약에 따라 Neptune은 Palomar의 홍수 보험 독점 관리 총괄 대리인이 됩니다.
이번 파트너십은 Palomar의 보험 전문성과 Neptune의 인공지능 기반 기술 및 머신러닝 역량을 결합하여 National Flood Insurance Program에 대한 대안을 제공하는 것을 목표로 합니다. 현재 약 250,000건의 보험증권을 관리하는 Neptune은 Palomar의 홍수 보험 고객을 자사 플랫폼에 통합하여 강화된 보장 옵션과 에이전트를 위한 간소화된 견적 및 계약 체결 경험을 제공할 예정입니다.
Palomar Holdings (NASDAQ : PLMR) a annoncé un partenariat stratégique avec Neptune Flood, le plus grand fournisseur privé d'assurance contre les inondations aux États-Unis. Dans le cadre de cet accord, Neptune deviendra l'agent général gestionnaire exclusif de Palomar pour l'assurance contre les inondations.
Ce partenariat combine l'expertise en assurance de Palomar avec la technologie basée sur l'IA et les capacités d'apprentissage automatique de Neptune, dans le but de proposer une alternative au National Flood Insurance Program. Neptune, qui gère actuellement près de 250 000 polices, intégrera les clients inondation de Palomar sur sa plateforme, offrant des options de couverture améliorées et une expérience simplifiée de devis et de souscription pour les agents.
Palomar Holdings (NASDAQ: PLMR) hat eine strategische Partnerschaft mit Neptune Flood, dem größten privaten Anbieter von Hochwasserversicherungen in den USA, bekannt gegeben. Im Rahmen dieser Vereinbarung wird Neptune exklusiver Managing General Agent von Palomar für Hochwasserversicherungen.
Die Partnerschaft verbindet Palomars Versicherungsexpertise mit Neptunes KI-gestützter Technologie und maschinellen Lernfähigkeiten und zielt darauf ab, eine Alternative zum National Flood Insurance Program anzubieten. Neptune, das derzeit fast 250.000 Policen verwaltet, wird Palomars Hochwasserkunden in seine Plattform integrieren und verbesserte Deckungsoptionen sowie ein vereinfachtes Angebotserstellungs- und Bindungserlebnis für Makler bieten.
- Strategic partnership with the largest private flood insurance provider in the US
- Access to Neptune's advanced AI and machine learning technology for underwriting
- Streamlined and scalable solution for flood insurance distribution
- Integration with Neptune's established platform serving 250,000 policies
- None.
Insights
Palomar's partnership with Neptune combines specialty insurance strength with AI-driven flood underwriting technology, expanding market reach against NFIP dominance.
This strategic partnership between Palomar and Neptune represents a significant advancement in the private flood insurance market. By appointing Neptune as its exclusive managing general agent for flood insurance, Palomar gains immediate access to Neptune's sophisticated AI-driven underwriting platform and data science capabilities without developing this technology internally—a considerable operational advantage.
The partnership addresses a critical market opportunity. The National Flood Insurance Program has historically dominated flood coverage, but private insurers have increasingly targeted this space due to NFIP's pricing inefficiencies and coverage limitations. With Neptune's nearly 250,000 policies already in force as the largest private flood insurer, this collaboration immediately scales Palomar's market position.
For Palomar, this represents a strategic pivot from direct underwriting to a managing general agent model for flood insurance—allowing them to maintain market presence while potentially improving underwriting efficiency and risk assessment through Neptune's technology. The partnership should enhance distribution while maintaining Palomar's strong financial position, evidenced by their subsidiaries' "A" (Excellent) and "A-" (Stable) A.M. Best ratings.
This arrangement likely creates significant operational synergies. Palomar's agents gain access to Neptune's streamlined quoting and binding platform, potentially accelerating policy issuance while expanding coverage options for policyholders. For Neptune, adding Palomar to their carrier panel diversifies their capacity sources and strengthens their market leadership position.
This partnership demonstrates how insurtech capabilities can be leveraged through strategic relationships rather than solely through acquisitions or internal development—an increasingly common approach in the evolving insurance landscape.
~ Palomar to Appoint Neptune as Exclusive Managing General Agent for Flood Insurance ~
LA JOLLA, Calif. and ST. PETERSBURG, Fla., June 26, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (“Palomar” NASDAQ: PLMR), a leading specialty insurer, and Neptune Flood (“Neptune”), the largest provider of private flood insurance in the United States, today announced a strategic partnership under which Neptune will become Palomar’s exclusive managing general agent for flood insurance.
Palomar will continue its longstanding commitment to the private flood insurance market while gaining access to Neptune’s AI-based technology powered by data science and machine learning. The partnership enables both companies to advance their shared mission to deliver a robust technology driven alternative to the National Flood Insurance Program and make flood coverage more accessible to customers nationwide.
“Neptune’s technology and underwriting capabilities make them an ideal partner as we continue to grow in the flood insurance space,” said Jon Christianson, President of Palomar. “Together, we are expanding flood insurance availability with a streamlined and scalable solution that delivers strong value to our policyholders and partners.”
“Neptune is excited to add Palomar to our panel of top-tier carriers,” said Trevor Burgess, Chairman and Chief Executive Officer of Neptune Flood. “We look forward to welcoming Palomar’s flood customers to the Neptune platform and to increasing access to flood insurance nationwide.”
Through the seamless transition, Palomar’s agents will gain access to Neptune’s platform, offering a streamlined quoting and binding experience with enhanced coverage options.
About Palomar
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. ("PUEO"), First Indemnity of America Insurance Co. ("FIA"), and Palomar Crop Insurance Services, Inc. ("PCIS"). Palomar's consolidated results also include Laulima Exchange ("Laulima"), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best.
To learn more, visit PLMR.com.
Follow Palomar on LinkedIn: @PLMRInsurance
About Neptune
With nearly 250,000 policies in force, Neptune is the largest private flood insurance provider in the United States, revolutionizing the industry with AI-driven underwriting and data science-driven machine learning technology. Neptune simplifies the flood insurance process, offering instant, affordable, and comprehensive coverage in minutes, without the delays and complexities of traditional insurance. Neptune is committed to closing the flood insurance gap and making coverage accessible nationwide.
Safe Harbor Statement
Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words "believe," "expect," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com
Investor Relations:
Jamie Lillis
1-203-428-3223
investors@plmr.com
Neptune Media:
Loren Pomerantz
loren@combined-forces.com
917-902-0219
Source: Palomar Holdings, Inc.
FAQ
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