Neptune Insurance (NP) Registration Filing summary

Company overview and business model

• Operates as a data-driven MGA focused on residential and commercial flood insurance, leveraging proprietary AI/ML platforms for underwriting and policy management.

• Does not assume balance sheet insurance risk or claims handling; underwrites on behalf of a panel of 33 insurance and reinsurance capacity providers.

• Offers primary and excess flood insurance, plus parametric earthquake insurance, distributed mainly through a network of over 19,000 agencies.

• Technology-first approach with in-house developed Triton (underwriting) and Poseidon (policy management) platforms, processing over 20,000 quotes daily.

• Recurring, fee-based revenue model from commissions and policyholder fees, with high retention rates and scalable operations.

Financial performance and metrics

• LTM as of June 30, 2025: $137M revenue, $45M net income, $82M adjusted EBITDA, 33% net income margin, 60% adjusted EBITDA margin.

• Revenue growth of 37% YoY; premium in force grew 34% YoY to $318M; 99% premium retention rate for 1H 2025.

• For FY 2024: $119.3M revenue, $34.6M net income, $72.1M adjusted EBITDA, 29% net income margin, 60.4% adjusted EBITDA margin.

• Operating cash flow of $49.9M in 2024; negative book value per share due to $605M in cumulative dividends paid since inception.

• Headcount of 60 as of June 30, 2025, with 42% in technology roles; revenue per employee $2.5M, adjusted EBITDA per employee $1.5M (LTM Q2'25).

Use of proceeds and capital allocation

• All shares in the IPO are offered by selling stockholders; company will not receive any proceeds.

• Selling stockholders will reimburse up to 2% of gross proceeds for offering-related expenses.

• No current plans to pay dividends post-IPO; future earnings expected to be used for debt repayment and business growth.