Neptune Insurance, a flood insurer based in Florida, is setting its sights on a valuation near $2.76 billion as it prepares for its U.S. IPO. The company plans to raise approximately $368.4 million by offering 18.4 million shares, priced between $18 and $20 each. Since its founding in 2018, Neptune has focused on residential and commercial flood coverage, positioning itself as a private competitor to the government’s National Flood Insurance Program.
The IPO comes amid a wave of insurance firms going public, marking what many see as a resurgence in the sector. Companies like Aspen Insurance, American Integrity, Ategrity Specialty, Slide Insurance, and Accelerant have all tapped public markets this year, signaling investor appetite for risk-adjusted, climate-sensitive offerings. Demand for flood insurance in particular is accelerating, driven by intensifying severe weather events and growing awareness of climate vulnerabilities.
Neptune has already attracted cornerstone interest, with asset managers such as T. Rowe Price and AllianceBernstein expressing intent to purchase up to $75 million worth of shares. Leading underwriters include Morgan Stanley, J.P. Morgan, and Bank of America. The company intends to debut on the NYSE under the ticker “NP”.
Analysts say investors will be watching closely to see how Neptune balances its underwriting discipline with growth, especially given its competitive landscape and exposure to climate risk. Keywords like “Neptune IPO 2025,” “flood insurance market demand,” “climate risk underwriting,” “insurance IPO valuation” and “investor appetite flood coverage” are likely to dominate insights in the coming weeks.
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