(Bloomberg) --Neptune Insurance Holdings Inc. filed for an initial public offering in the US, showing growing revenue for the flood insurance company.
The St. Petersburg, Florida-based company posted net income of $35 million on $119 million in revenue last year, and has generated $22 million of net income on $71 million of revenue in the first six months of 2025, according to
The company, which was founded in 2018, uses an AI-driven underwriting agent known as Triton to assess risks and generate a quote for customers within minutes, according to
Co-founder and Chief Executive Officer Trevor Burgess was previously the CEO of C1 Financial Inc., which was acquired by Bank OZK in 2016 for about $400 million.
The filing follows a string of specialty insurance sector IPOs in the US this year, including Accelerant Holdings, Aspen Insurance Holdings Ltd., American Integrity Insurance Group Inc. and Slide Insurance Holdings Inc.
Neptune acts as a managing general agent, underwriting and administering policies for insurance and reinsurance companies that take on the balance sheet risk and handle claims, its filing said.
Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. are leading the offering, the filing shows. The company plans for its stock to trade on the New York Stock Exchange under the symbol NP.
