Neptune Insurance Holdings Inc.

Neptune Insurance Holdings Inc. (NYSE: NPTK) operates as a leading managing general agent revolutionizing the flood insurance market through advanced artificial intelligence and machine learning technology. The company's website is www.neptune.com.

Neptune underwrites and administers residential and commercial flood insurance policies on behalf of a diverse panel of capacity providers, including major insurance and reinsurance companies, while maintaining no balance sheet insurance risk or claims handling responsibility. The company does not employ human underwriters; instead, its proprietary Triton underwriting platform uses AI-powered algorithms to assess risk, determine pricing, and make underwriting decisions in less than two seconds. Neptune complements Triton with Poseidon, its policy management system, both developed entirely in-house by the company's engineering and data science teams.

The company's business model generates recurring revenue through two primary sources: commissions paid by capacity providers based on premium percentages, and fees paid by policyholders. As of December 31, 2025, Neptune maintained relationships with 40 capacity providers supporting eight distinct insurance programs, with the largest capacity provider representing 15.9% of dollar-one premium risk. The company's distribution strategy emphasizes deep partnerships with insurance agents and brokers, with over 96.7% of policies in force driven through these channels. As of December 31, 2025, more than 23,000 unique agency codes had bound policies through Neptune, while over 99,000 unique agency codes had run quotes through the platform.

Residential properties account for 88.0% of premium in force, with commercial properties representing the remaining 12.0%. The flagship primary residential flood insurance product comprises 85.7% of premium in force. Neptune also offers excess flood insurance and parametric earthquake insurance products. The company operates across all 50 states and Washington D.C., with its Triton platform having processed approximately 32.7 million quotes and bound 1.3 million policies since inception through December 31, 2025.

Neptune's competitive advantages stem from its proprietary datasets generated through business operations, advanced data science capabilities, superior underwriting performance, and seamless technology integration that simplifies the insurance purchasing process for both agents and policyholders compared to traditional market alternatives.