St. Petersburg, Florida-based Neptune Insurance Holdings filed for a U.S. initial public offering on Wednesday, the latest Florida-based insurer to go public this year.
Founded in 2018, Neptune provides flood insurance to homeowners and businesses. Flood insurance has become a pressing issue in the United States as climate change fuels more frequent and severe storms with millions vulnerable to damages and costs, Reuters news service reported.
Triton, Neptune’s automated underwriting engine, uses artificial intelligence and data science to handle tasks such as risk selection and pricing.
Neptune said its underwriting engine has maintained a lifetime written loss ratio of 24.7% from its inception through June 30, 2025, a period which includes major U.S. flooding disasters such as Hurricane Helene and Hurricane Milton last year, Reuters reported.
The company posted revenue of $119.3 million for the year ended December 31 and its net income was $34.6 million.
It is aiming to list on the New York Stock Exchange under the ticker symbol ‘NP’. An initial stock price was not discussed in the Securities and Exchange Commission filing.
Morgan Stanley, J.P. Morgan and BofA Securities are the lead underwriters of the offering.
The IPO registration is one of three for Florida-based insurance companies this year. In May, Tampa-headquartered Slide Insurance, a property insurer, sparked widespread talk after its IPO filing showed executive compensation at the eight-figure level last year. CEO Bruce Lucas and his wife, the chief operating officer for Slide, together were paid more than $37 million in salary, bonuses and stock awards in 2024, Slide’s SEC filing shows.
Neptune’s co-founder and CEO, Trevor Burgess, was compensated with $510,000 in salary and retirement contributions in 2024, Neptune’s SEC filing shows. He received no bonuses or stock options. Neptune had about 245,000 policies in force at the end of the first half of 2025. Slide held about 343,000 policies this year and reported a net income of $201 million, its filing shows. In other words, Slide’s profit level last year was about six times that of Neptune’s, but the executive pay package was 42 times as large.
A Neptune spokesperson said the company cannot share additional information during the “quiet period” between the IPO registration date until a month or so after stock trading begins, during which company officers are restricted from releasing new information that could affect investor decisions.
Top photo: The 1566 statue of the Roman god Neptune, in Bologna, Italy. (Adobe Stock image)
Read More: Size of Florida’s Slide Insurance Exec Compensation Has Tongues Wagging
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