Overview

• Neptune Insurance began trading on the NYSE under ticker NP after selling about 18.4 million shares at $20, raising roughly $368 million and valuing the company at $2.76 billion at pricing.
• Shares opened at $22.50, putting Neptune’s market value near $3.11 billion in early trading.
• With the government shutdown halting NFIP applications and new claims, the National Association of Realtors warned of delayed home closings requiring flood coverage.
• Neptune highlights AI-driven underwriting through its Triton engine with no human underwriters and offers policy limits up to $7 million, with executives claiming better results than the NFIP.
• The company reports first-half revenue of $71.4 million, up 34% year over year, net income of $21.6 million, and a lean model that underwrites policies while partnering on claims and balance-sheet risk; the CEO cites about 60 employees serving roughly 260,000 customers.