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 for underwriting and policy management.

• Distributes products through a nationwide agency network, with 96% of sales via agents and brokers.

• Does not assume insurance risk or claims handling; risk is borne by a panel of 33 insurance and reinsurance partners.

• Revenue model is fee-based, primarily from commissions and policyholder fees, with high retention rates and recurring revenue.

• Technology platforms (Triton and Poseidon) enable instant, automated underwriting and policy management, processing over 20,000 quotes daily.

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, with 37% revenue growth and 99% premium retention rate for the six months ended June 30, 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 for FY 2024 was $49.9M; as of June 30, 2025, cash and equivalents were $11.7M.

• Headcount as of June 30, 2025: 60 employees, with 42% in technology development.

Use of proceeds and capital allocation

• No proceeds to the company; all shares sold by existing stockholders.

• Company expects to retain future earnings to repay debt and fund business operations and expansion.

• Dividend payments are not anticipated post-IPO; $605M in dividends paid to date, funded by debt, preferred stock, and cash flow.