Neptune Insurance Holdings Inc (NP) is a private flood insurance company that underwrites and distributes flood insurance policies for residential and commercial properties in the United States. Revenue comes primarily from premiums earned on flood insurance policies, with the company acting as a managing general agent (MGA) and excess and surplus (E&S) lines agency that retains fee income while ceding risk to a network of reinsurance and insurance capacity providers. The main competitor is the National Flood Insurance Program (NFIP), a U.S. government-run entity that holds the majority of the U.S. flood insurance market. Neptune generated $159.6 million in revenue and $37.4 million in net income for the year ended December 31, 2025, with premium in force of $370.2 million as of December 31, 2025, up from $4.4 million at year-end 2018, representing an 88.3% CAGR. Adjusted EBITDA was $95.0 million for FY2025, a 59.5% margin. The company operates 8 distinct insurance programs backed by 40 capacity providers, including 32 reinsurers, as of the 10-K filed February 26, 2026.

Revenue model

Premium-based revenue earned on flood insurance policies underwritten through the company's proprietary platforms, Triton and Poseidon. Neptune operates as an MGA and E&S lines agency, retaining fee and commission income while transferring underwriting risk to 40 capacity providers including 32 reinsurers (as of 10-K filed 2026-02-26). Organic revenue grew $40.3 million, or 33.7%, year-over-year for FY2025.

Products and services

Private flood insurance policies for residential and commercial properties, distributed through the Triton automated underwriting platform and Poseidon platform, both built in-house. Triton has provided approximately 32.7 million quotes and underwritten 12.8 million policies as of December 31, 2025, processing over 20,000 quotes on a typical day. Branded products include Neptune Flood policies and the Triton platform. The company also maintains a proprietary Agent Portal with API integrations for agency partners.

Customers and end markets

Residential and commercial property owners facing flood risk in the United States, reached through a network of insurance agencies and tens of thousands of individual agents. Distribution is agency-focused, with agents accessing Neptune's platform via API and a proprietary Agent Portal. End market addressable base includes over 100 million residential and commercial buildings in the U.S. (per American Housing Survey and Energy Information Administration data cited in the filing).

Value-chain role

Managing general agent (MGA) and E&S lines agency. Neptune underwrites, prices, and distributes flood insurance policies using proprietary ML-based platforms and datasets, then cedes risk to third-party reinsurance and insurance capacity providers. The company does not bear the full balance-sheet risk of the policies it writes; instead it earns fee and commission income from 8 distinct insurance programs.

Geographic exposure

United States only, based on filing description of operations in U.S. flood insurance market. No international operations disclosed in the excerpts.

Competitors

National Flood Insurance Program (NFIP)

Source: SEC 10-K, filed 2026-02-26

Industry: Insurance Agents, Brokers & Service