(Bloomberg) --Flood insurance company Neptune Insurance Holdings Inc.'s shareholders are seeking to raise $368.4 million in a US initial public offering, adding to the flow of insurance firms debuting this year.
The St. Petersburg, Florida-based company plans to market 18.4 million shares for $18 to $20 each, according to its
A pair of cornerstone investors — T. Rowe Price Investment Management Inc. and AllianceBernstein LP — indicated interest in buying up to $75 million worth of combined shares in the offering, the filing said.
At the top end of the range, Neptune would have a market value of $2.76 billion, based on the outstanding shares listed in the filing. The IPO is expected to price on Sept. 30, according to a marketing presentation.
Neptune posted net income of $22 million of net income on $71 million of revenue in the first six months of 2025, according to its filing. That compares to net income of $11 million on $54 million in revenue during the same period a year earlier.
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 quickly, processing over 20,000 quotes on a typical day, the filing shows. Triton has provided more than 29.7 million insurance quotes as of June 30.
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. Burgess will have about 82% of the voting power in the company following the IPO.
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.
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.
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.
(Updates with pricing date in fourth paragraph and ownership in seventh paragraph.)
