Neptune Insurance Holdings Business Summary

Neptune Insurance Holdings Inc. (NP) operates as a high-growth, AI-driven Managing General Agent (MGA) specializing in the U.S. flood insurance market. The company utilizes an asset-light business model, generating revenue through commissions and policy fees by underwriting and administering insurance on behalf of a diverse panel of over 30 global reinsurance and insurance capacity providers. By leveraging its proprietary Triton underwriting platform and Poseidon policy management system, Neptune eliminates traditional human underwriting to provide instant, data-backed quotes across its primary segments: residential flood, commercial flood, excess flood, and parametric earthquake insurance. Its direct competitors include the government-run National Flood Insurance Program (NFIP), Palomar Holdings, Chubb, and National General (an Allstate company). As the largest private flood insurer in the United States, Neptune positions itself as a technologically superior alternative to the NFIP, capturing market share through superior risk selection and a nationwide distribution network of over 80,000 insurance agents. Founded in 2017 by Trevor Burgess, the company is led by a management team with deep roots in financial technology and risk management. Trevor Burgess serves as Chairman and CEO, bringing a pedigree as the former founder and CEO of C1 Bank, which he took public before its sale to Bank OZK. The executive leadership includes President and Chief Risk Officer Matthew Duffy, COO and CFO James Steiner—both veterans of Bank OZK and C1 Bank—and CTO/CISO Brad Schulz, who oversees the firm’s cybersecurity and data infrastructure. The technical team is further bolstered by Chief Engineer Tom Wexler, a former Alphabet (Verily) data scientist. Following its October 2025 IPO on the NYSE, the company counts institutional heavyweights T. Rowe Price and AllianceBernstein as cornerstone investors. The Board of Directors features notable industry figures such as Blair Greenberg of Bregal Sagemount and Cristian Melej, CFO of Hingham Institution for Savings.