Neptune Insurance (NP)
Manages flood and parametric earthquake underwriting through a nationwide agency network.
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Operates as a managing general agent offering primary and excess flood coverage alongside a smaller parametric earthquake line. Insurance and reinsurance capacity providers retain policy risk and claims handling.
Primary flood, excess flood, and parametric earthquake coverage make up the portfolio. Policies are distributed through a nationwide agency network, and the earthquake line came from the Jumpstart acquisition as a smaller business.
An AI, data-science, and technology platform helps insurers deploy capacity and lets agents and policyholders access coverage quickly. The public parent holds the operating company, Neptune Flood.
As a managing general agent, Neptune administers underwriting and policy issuance rather than retaining insurance risk. Insurance and reinsurance capacity providers take the policy risk and handle claims, making those relationships fundamental to the model.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Upgrade | Target: $31 | Target: $36 |
| Jul 30, 2026 | BMO Capital | Downgrade | Target: $20 | Target: $32 |
| Jul 23, 2026 | Morgan Stanley | Target | Target: $29 | Target: $31 |
| Jul 22, 2026 | Deutsche Bank | Reiterate | Rating: —Target: $31 | Target: $33 |
| Jul 22, 2026 | Evercore ISI | Reiterate | Rating: —Target: $30 | Target: $36 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $72.0M · Total debt $240.0M · Total assets $102.2M · Shareholders' equity −$222.2M
- Revenue
- $55.9M
- Operating income
- $26.4M
- Net income
- $15.8M
HistoryDividend
| Institutions | ≈ 48.89% | 67.09M shares | |
|---|---|---|---|
| 138 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 50.33% | 69.07M shares | |
| 4 holders · as of Jul 31, 2026 | |||
| Strategic holders | 8.60% | 11.80M shares | |
| 1 holder · as of Jul 31, 2026 | |||
| Adds to | 107.82% | ||
137.23M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (137.23M in the company's Sep 22, 2026 report, 93.80M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 107.82%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Trevor R. Burgess1Insiderdirector, 10 percent owner, officer: CEO & Chairman of the Board | 36.14% | 45.01M A · 43.44M B | filed Nov 14, 2025 |
FTV Management Company, L.P.Institution | 11.89% | 16.31M A | as of Jun 30, 2026 |
Bregal Sagemount Iv General Partner Jersey LtdInstitution | 10.39% | 14.25M A | as of Jun 30, 2026 |
Vii L.p. Ftv2,3Insider10 percent owner | 10.03% | 22.35M A | filed Jul 31, 2026 |
BSIV Hold 101, LP4Strategic10 percent owner | 8.60% | 19.53M A | filed Jul 31, 2026 |
- The filed share classes (A, B, COMMON) could not be matched to the company's, so no percentage.
- Vii L.p. Ftv's transaction reports restate only vehicles that traded; the 2025 ownership statement (22.35M) less the 8.59M net shares sold since is used instead.
- Vii L.p. Ftv reports a block also reported by Bregal Sagemount Iv General Partner Jersey Ltd; it is counted once, under Bregal Sagemount Iv General Partner Jersey Ltd.
- BSIV Hold 101, LP's own ownership statement (13G, Nov 7, 2025) less the 7.73M net shares sold since reports fewer shares than the transaction reports; the statement is used.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | James Steiner | director, officer: Chief Financial Officer | −57,012 | $31.71 |
| Aug 12, 2026 | James Steiner | director, officer: Chief Financial Officer | −42,988 | $31.08 |
| Sep 14, 2026 | Jonathan Winant Carlon | director | −50,000 | $31.15 |
| Jul 29, 2026 | Vii L.p. Ftv | 10 percent owner | −1,867,840 | $33.22 |
| Jul 29, 2026 | BSIV Hold 101, LP | 10 percent owner | −1,632,160 | $33.22 |
- Brown & Brown
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- Chubb
Private personal and excess flood for high-value homes
- Ryan Specialty
Flood placement and MGA/MGU underwriting for specialty markets
- Goosehead Insurance
Personal-lines flood distribution through corporate and franchise agents
- TWFG
Personal and commercial flood distribution with an MGA channel
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Neptune Insurance | $27.53 | −3.86% | $2.69B | 20.9 | 44.8 | 19.5 | +32.7% |
| Brown & Brown | $62.32 | −3.08% | $21.52B | 19.0 | 13.5 | 3.1 | +34.2% |
| Chubb | $336.51 | −0.22% | $130.11B | 11.9 | 12.0 | 2.1 | −1.3% |
| Ryan Specialty | $38.32 | −4.34% | $5.19B | 51.5 | 16.8 | 1.6 | +7.2% |
| Goosehead Insurance | $46.60 | −9.86% | $1.93B | 37.7 | 20.9 | 4.8 | +20.6% |
| TWFG | $24.42 | −5.06% | $334.3M | 69.8 | 22.5 | 1.2 | +51.2% |
| Median | 37.7 | 16.8 | 2.1 | +20.6% |