Neptune Insurance Holdings, the St. Petersburg, Fla.-based flood insurer operating as Neptune Flood, is preparing for an initial public offering (IPO) with major backing from T. Rowe Price Investment Management and Alliance Bernstein. According to a company filing, T. Rowe Price plans to purchase $75 million of Class A shares, while Alliance Bernstein intends to buy a similar amount. The IPO is expected to price between $18 and $20 per share, potentially valuing the company at up to $2.76 billion at the top of the range.
Only existing shareholders are selling shares in the offering, totaling 18.4 million shares for gross proceeds of up to $368 million. Notable selling stockholders include Neptune co-founder Jim Albert, New York-based private equity firm Bregal Sagemount, and venture capital firm FTV Capital. CEO Trevor Burgess, who previously led Florida’s C1 Bank, will retain voting power over 80% after the IPO.
Founded in 2016, Neptune raised modest venture funding, with a $10 million Series A round in March 2023 being its largest. Under Burgess’s leadership since early 2019, the company made two key acquisitions: Jumpstart, a parametric insurance company, in 2021, and Charles River Data in 2024 to bolster its data science, AI, and machine learning capabilities. Today, Neptune is the largest private flood insurance provider in the United States, operating in all 50 states and the District of Columbia, with partnerships with AM Best-rated insurance companies. It has insured over $100 billion in property value and serves more than 235,000 customers.
In 2024, Neptune reported $119.3 million in revenue and $34.6 million in net income. The company has secured $400 million in premium capacity for 2025, up from $300 million in 2024, supported by over 30 global reinsurance and specialty market partners. Neptune has applied to list on the NYSE under the ticker symbol “NP.”
T. Rowe Price’s involvement in the IPO follows its recent strategic partnership with Goldman Sachs, under which Goldman will invest up to $1 billion in T. Rowe Price’s stock. As of July 31, T. Rowe Price managed $1.7 trillion in assets and has made over 300 portfolio investments. The firm’s recent investments include PsiQuantum, Galvanize Therapeutics, and AI startup Anthropic.
