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 and administers policies on behalf of a panel of 33 insurance and reinsurance capacity providers.

• Offers primary and excess flood insurance, as well as parametric earthquake insurance, distributed mainly through a nationwide agency network.

• Revenue model is recurring and fee-based, primarily from commissions paid by capacity providers and policyholder fees.

• Technology and data science are core, with 42% of employees in technology roles and a fully digital, cloud-based infrastructure.

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.

• Premium in force grew to $318M as of June 30, 2025, with a 37% revenue growth rate and 99% premium retention rate for the six months ended June 30, 2025.

• For the year ended December 31, 2024: $119.3M revenue, $34.6M net income, $72.1M adjusted EBITDA, 29% net income margin, 60.4% adjusted EBITDA margin.

• Operating cash flow for 2024 was $49.9M; as of June 30, 2025, cash and equivalents were $11.7M, with $277.3M in long-term debt.

• Since inception, paid $605M in dividends, financed through debt, preferred stock, and operating cash flows.

Use of proceeds and capital allocation

• No proceeds will be received by the company from this offering; all shares are sold by existing stockholders.

• Future earnings are expected to be retained to repay debt and fund business growth; no plans to pay dividends post-IPO.