Flood Insurance Amid Crisis
Neptune Flood Inc., a subsidiary of the newly public company, stressed Wednesday that it remains fully operational despite the NFIP’s paralysis.
“Our mission has always been to provide stability and certainty in flood insurance,” Neptune Flood President Matt Duffy said. “While NFIP is unavailable, Neptune is here to keep the housing market moving and to protect Americans during hurricane season.”
Chairman and CEO Trevor Burgess added a dose of irony: “We obviously didn’t plan to go public on the day the government shut down, but it’s a great opportunity to highlight Neptune’s availability because we’re open.”
He emphasized that Neptune’s platform allows homebuyers to close deals, satisfy federal flood insurance requirements, and secure protection during peak hurricane months—something once monopolized by NFIP for half a century.
“There’s nothing like a government shutdown to punctuate that point,” Burgess said.
Legal Heavyweights and Underwriters
The IPO’s legal scaffolding was carried by Orrick’s Michael J. Sullivan, James D. Evans, Mark Mushkin, and Albert Vanderlaan on Neptune’s side. On the underwriting bench, Davis Polk & Wardwell LLP fielded a deep team led by Joseph A. Hall and Pedro J. Bermeo, among others.
Morgan Stanley, which spearheaded the underwriting syndicate, declined to comment Wednesday.
