Neptune Insurance Holdings Inc. (NYSE: NP) is a high-growth insurtech firm and managing general agent (MGA) headquartered in St. Petersburg, Florida. The company focuses on revolutionizing the property and casualty insurance market, specifically for flood and earthquake risks across the United States. Neptune operates a digital-first, AI-native platform called Triton, which utilizes advanced data science, aerial remote sensing, and sophisticated algorithms to streamline underwriting, pricing, and policy issuance. This technology allows customers to obtain flood insurance quotes and bind policies in minutes, offering a private-market alternative to the government-run National Flood Insurance Program (NFIP).
As an MGA, Neptune does not assume balance sheet insurance risk or handle claims. Instead, it underwrites and administers policies on behalf of a diverse panel of top-rated insurance and reinsurance capacity providers, including Lloyd's of London, Markel, and AXA. The company generates revenue primarily through commissions and fees earned on the premiums written through its platform. Neptune distributes its products—which include primary flood, excess flood, and parametric earthquake insurance—through a vast nationwide network of over 45,000 partner agencies. By leveraging artificial intelligence to accurately price risk and eliminate the need for manual underwriting or elevation certificates, Neptune has rapidly scaled its operations to serve hundreds of thousands of policyholders, positioning itself as the largest private flood insurance company in the U.S.
