Neptune Insurance Holdings Inc.

Neptune is a data-driven Managing General Agent (MGA) that provides residential and commercial insurance products. The company offers primary flood insurance, excess flood insurance, and parametric earthquake insurance. These products are distributed through a nationwide network of agencies. Neptune does not assume insurance risk on its balance sheet or handle claims for the policies it sells. Instead, it underwrites and administers the issuance of insurance policies for various insurance and reinsurance companies, referred to as capacity providers, who manage the risk and claims. Neptune utilizes advanced data science and AI, including proprietary machine learning algorithms, in its business operations. From inception through June 30, 2025, the company delivered a lifetime written loss ratio of 24.7% to its capacity providers. For the year ended December 31, 2025, Neptune achieved 33.7% organic revenue growth, a 23.4% net income margin, and a 59.5% Adjusted EBITDA margin. The company was founded to address perceived inefficiencies and product-market fit issues in the traditional flood insurance market. The American Housing Survey and the Energy Information Administration indicate over 100 million residential and commercial buildings in the U.S., many of which face flood risk, with a small fraction covered by flood insurance. The National Flood Insurance Program (NFIP), a U.S. government-run entity, is the largest provider of flood insurance in the United States and Neptune's main competitor.