Riding the Wave of Insurance IPOs
Neptune’s public debut comes amid a surge of insurance IPOs this year. In June, Slide Insurance priced an upsized $408 million IPO at the top of its range. Altegrity Specialty Insurance raised $113 million, and in May, Aspen Insurance Holdings pulled in $397.5 million.
The momentum suggests investors are betting heavily on insurers that stand at the frontlines of climate-driven risk.
Betting on Climate Change
Founded in 2018, Neptune specializes in residential and commercial flood insurance, a sector expected to grow as climate change drives rising seas and worsening flood events across the United States. The company’s technology-driven underwriting model positions it as a rising star in the industry.
Legal Muscle Behind the Offering
Advising Neptune are Michael J. Sullivan, James D. Evans, Mark Mushkin, and Albert Vanderlaan of Orrick Herrington & Sutcliffe LLP. The underwriters are represented by Joseph A. Hall and Pedro J. Bermeo of Davis Polk & Wardwell LLP.
As Neptune $350M IPO heads toward Wall Street, the insurer isn’t just chasing capital—it’s betting that climate volatility and investor confidence will collide to create a tidal wave of opportunity.
