Neptune Insurance Holdings, a flood insurance provider based in St. Petersburg, Florida, has taken a big step by filing for a U.S. initial public offering (IPO). Founded in 2018, Neptune aims to help homeowners and businesses protect themselves against flood damage—a growing concern as severe storms become more common due to climate change.
The company uses an automated underwriting system called Triton, which relies on artificial intelligence and data science to determine risk and pricing. Neptune reports that Triton has kept their written loss ratio low at 24.7% since the company started, even through recent major flooding events like Hurricane Helene and Hurricane Milton.
For the year ending December 31, Neptune’s revenue reached $119.3 million, with a net income of $34.6 million. The company plans to list on the New York Stock Exchange under the ticker symbol “NP,” though it has not yet announced an initial stock price. Morgan Stanley, J.P. Morgan, and BofA Securities are leading the offering.
Neptune’s IPO is the third from Florida-based insurers this year. One notable example was Slide Insurance from Tampa, which drew attention in May after revealing massive executive pay. Slide’s CEO Bruce Lucas and his wife, the company’s COO, earned more than $37 million combined in 2024. In comparison, Neptune’s CEO Trevor Burgess earned $510,000 in salary and retirement benefits, with no bonuses or stock options.
At the end of the first half of 2025, Neptune managed about 245,000 insurance policies. Slide held around 343,000 policies and reported a net income of $201 million, roughly six times Neptune’s profit—but with an executive pay package more than 40 times larger.
A Neptune spokesperson said the company cannot share extra details during the IPO’s quiet period, which limits what executives can say to avoid influencing investors. This quiet phase starts with the IPO filing and lasts until about a month after trading begins.
Flood insurance is becoming more important as storms grow stronger and more frequent, putting millions in the U.S. at risk. Companies like Neptune are betting that smart technology and careful risk management can offer better protection—and now, with its upcoming public offering, Neptune hopes to grow even bigger.