Neptune Insurance Holdings Inc., the parent company of Neptune Flood Incorporated, has announced the public filing of a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its Class A common stock.
Founded in 2018, Neptune Flood is a data-driven managing general agent (MGA) specialising in residential and commercial insurance products, including primary and excess flood insurance.
The company has distinguished itself by using proprietary artificial intelligence (AI) and advanced data science to streamline its operations.
This approach allows Neptune to provide fast, accurate and accessible coverage without the need for human underwriters, the firm explains.
The number of shares to be offered and the price range for the proposed offering have not yet been determined.
A Neptune Insurance Holdings’ spokesperson stated: “The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or other terms of the offering.”
Morgan Stanley is acting as lead left bookrunner for the proposed offering. J.P. Morgan and BofA Securities are acting as active bookrunners. BMO Capital Markets, Goldman Sachs & Co. LLC, Evercore ISI, Deutsche Bank, Keefe, Bruyette & Woods, a Stifel Company, Mizuho, Piper Sandler, Raymond James and TD Cowen are acting as joint bookrunners. Dowling & Partners Securities LLC is acting as co-manager.
According to the announcement, the proposed offering will be made exclusively though a prospectus.
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