Neptune Insurance Announces IPO

Orrick advised Neptune Insurance Holdings Inc. ("Neptune") on its initial public offering for the sale of 18,421,053 shares of its Class A common stock by certain selling stockholders, including Bregal Sagemount and FTV Capital. The offering priced at $20 per share and Neptune began trading today on the New York Stock Exchange under the ticker symbol "NP." The offering is expected to close on October 2, 2025, subject to customary closing conditions.

In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,763,157 shares of Class A common stock.

Morgan Stanley is acting as lead left bookrunner for the offering. J.P. Morgan and BofA Securities are acting as active bookrunners. BMO Capital Markets, Goldman Sachs & Co. LLC, Evercore ISI, Deutsche Bank Securities, Keefe, Bruyette & Woods, a Stifel Company, Mizuho, Piper Sandler, Raymond James and TD Securities are acting as joint bookrunners. Dowling & Partners Securities LLC is acting as co-manager.

THE COMPANY

Neptune is the parent company of Neptune Flood Incorporated. Founded in 2018, Neptune Flood is a leading, data-driven managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary flood and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast, accurate, and accessible coverage for residential and commercial properties across the United States. The company operates without human underwriters, using its cutting-edge platform to streamline underwriting, pricing, and policy issuance.

THE TEAM

Mike Sullivan, Jamie Evans, Mark Mushkin and Albert Vanderlaan led the Orrick team that advised Neptune Insurance. The team also included Jimmy Frost, Kelly Mink, Michelle Lee, Bailey Higgs, Parth Deshmukh, Jay Schau, Jason Flaherty, Taylor Ball, Steven Malvey, Danielle Mangogna, Kristin Petersen and Edward Dyson.

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