Neptune Flood, a Florida-based private flood insurer known for using technology to speed up insurance processes, has announced plans to go public on the New York Stock Exchange. This step comes as investors show more interest in profitable insurance companies with strong growth potential.
Started in 2016 by industry veterans Jim Albert and Bill Martin, Neptune Flood began as a small regional player in St. Petersburg. They aimed to shake up a market that has long been led by the federal government’s National Flood Insurance Program. Their approach is digital-first, allowing customers to get flood insurance quotes and coverage quickly—often within minutes—avoiding the usual wait times seen with traditional flood insurance.
Over seven years, Neptune has grown from a startup to a company with a nationwide footprint. Its flood insurance is now available in all 50 states plus Washington, D.C. A recent launch in Alaska marked the latest expansion. The company currently insures more than $100 billion in property and serves over 235,000 customers.
A key part of Neptune’s success is its proprietary system called Triton. This technology uses artificial intelligence and advanced maps to assess flood risks, set prices, and manage sales through agents, lenders, and online channels. Despite recent major floods, Triton has kept Neptune’s loss ratio low, at just 24.7% through mid-2025.
Neptune’s CEO, Trevor Burgess, highlighted that the company’s technology has helped build trust with reinsurance partners—companies that help cover large risks. This year, Neptune secured $400 million in premium capacity from more than 30 global insurance and reinsurance partners, up from $300 million in the previous year.
Financially, Neptune is standing out among its peers. For 2024, the company reported $119.3 million in revenue and a net income of $34.6 million. It plans to list its shares under the ticker symbol NP. Morgan Stanley, J.P. Morgan, and BofA Securities will lead the underwriting of the initial public offering.
Industry experts point out that this IPO comes at a time when investors are cautious due to political and economic uncertainty. According to analyst Emily Zheng, the market currently favors companies that are either already profitable or aligned with key government priorities.
Neptune’s public offering also arrives amid rising awareness of flood risks, which have grown due to climate change. While the private flood insurance market is still smaller than the federal program, it is slowly expanding. Insurers and reinsurers are starting to support digital tools like Neptune’s that can offer more precise risk assessments and quicker service.
With its nationwide reach, strong financials, growing backing from reinsurers, and smart use of technology, Neptune Flood aims to use public funds to strengthen its market position. The company’s progress will be closely watched to see if a tech-driven approach to flood insurance can meet the needs of both investors and policyholders.