Neptune Insurance Holdings, which distributes flood insurance, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Neptune is a data-driven managing general agent for homeowners and businesses to mitigate flood risks. The company offers a range of residential and commercial insurance products, including primary flood insurance, excess flood insurance, and parametric earthquake insurance, distributed through a nationwide network of agencies. Neptune does not take any balance sheet insurance risk or have claims handling responsibility for the policies that it sells, but rather underwrites and administers policies on behalf of insurers and reinsurers through its proprietary underwriting (Triton) and policy management (Poseidon) platforms.
The St. Petersburg, FL-based company was founded in 2017 and booked $137 million in revenue for the 12 months ended June 30, 2025. It plans to list on the NYSE under the symbol NP. Neptune Insurance Holdings filed confidentially on July 2, 2025. Morgan Stanley, J.P. Morgan, BofA Securities, BMO Capital Markets, Goldman Sachs, Evercore ISI, Deutsche Bank, Keefe Bruyette Woods, Mizuho Securities, Piper Sandler, Raymond James, and TD Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
