Neptune Insurance Holdings(US:NP) Digital Insuranceยท2025-09-23 17:32Core Viewpoint - Neptune Insurance Holdings Inc. is seeking to raise $368.4 million in a US initial public offering (IPO), contributing to the trend of insurance firms going public this year [1] Company Overview - Neptune, based in St. Petersburg, Florida, plans to market 18.4 million shares priced between $18 to $20 each, with shareholders selling stock while the company will not offer any shares [2] - The company utilizes an AI-driven underwriting agent named Triton, which processes over 20,000 quotes daily and has provided more than 29.7 million insurance quotes as of June 30 [5] Financial Performance - For the first six months of 2025, Neptune reported a net income of $22 million on revenue of $71 million, compared to a net income of $11 million on revenue of $54 million during the same period the previous year [4] Market Position and Leadership - Co-founder and CEO Trevor Burgess, who previously led C1 Financial Inc., will hold approximately 82% of the voting power post-IPO [6] - Neptune operates as a managing general agent, underwriting and administering policies for insurance and reinsurance companies [6] IPO Details - Cornerstone investors T. Rowe Price Investment Management Inc. and AllianceBernstein LP have shown interest in purchasing up to $75 million worth of shares in the offering [3] - At the upper end of the pricing range, Neptune's market value would be approximately $2.76 billion [3] - The IPO is expected to price on September 30, with plans for the stock to trade on the New York Stock Exchange under the symbol NP [7]