Neptune Insurance is a digital leader in flood insurance in the U.S., founded in 2016 in Florida. The company pioneered the insurtech approach to flood coverage by creating the automated Triton and Poseidon platforms for underwriting and policy management. Today, Neptune insures over $100 billion in assets with the backing of 30+ reinsurers and maintains one of the strongest metrics in the industry — a lifetime loss ratio of ~24.7%.

The company plans to offer 18.4 million shares (secondary) at a valuation of up to $2.76 billion, making the IPO of Neptune Insurance one of the notable listings of 2025 in the digital insurance sector.

Ecosystem and business model — Neptune generates revenue from premiums and commissions, leveraging technology to reduce risk and accelerate processes. Its scalable model and strong reinsurer support ensure steady cash flow and a competitive edge over traditional players.

The increase in climate-related risks and the growing demand for private insurance create favorable conditions for market expansion. Neptune holds a leading position in this niche and stands out as an attractive investment opportunity amid the broader insurtech trend.

IPO Neptune Insurance is considered one of the most notable listings of the fall in the digital insurance sector, driven by the company’s leading position in the U.S. flood insurance market and its unique automated underwriting technology.

The company is going public with an offering of 18.4 million shares (secondary) at a valuation of up to $2.76 billion, making the IPO of Neptune Insurance a key event of 2025 in the U.S. insurtech and climate risk insurance segment.

The deadline for applications and account funding is Tuesday, September 30, 18:00 (Dubai time).

• Business scale: over $100 billion in insured assets backed by 30+ reinsurers.

• Technology-driven: automated platforms Triton and Poseidon streamline underwriting and policy management.

• Strong economics: lifetime loss ratio of ~24.7% — among the best in the industry.

• Niche leader: Neptune has become the leading private player in the U.S. flood insurance market, traditionally dominated by the NFIP.

• Growth trend: rising climate risks and increasing demand for private insurance strengthen market prospects.

Neptune Insurance was founded in 2016 in Florida and became one of the first insurtech players in the flood insurance segment. At that time, the U.S. flood insurance market was heavily dependent on the government-run NFIP program, with processes that were slow and opaque. Neptune introduced a technological solution built on the Triton and Poseidon platforms, which automated underwriting and policy management, enabling policies to be issued in just minutes. This opened up a new segment of private flood insurance and positioned the company as a pioneer of the digital approach in the industry.

The company quickly scaled: its portfolio surpassed $100 billion in insured assets with the support of 30+ reinsurers, providing strong stability to its business model. A key performance indicator — a lifetime loss ratio of ~24.7% — is well below the industry average, demonstrating the success of its automated risk management system. These results cemented Neptune’s reputation as an innovative and reliable player in the climate insurance market.

The name Neptune is symbolic: just as the Roman god of the seas represented control over the elements, the company seeks to give its clients confidence in the face of natural risks. Today, Neptune is recognized as the largest private flood insurance operator in the U.S., actively competing with traditional insurers and gradually taking market share from the NFIP.

Neptune’s revenue model is built on premiums and commissions. Its technology platform reduces operating costs and maintains high margins. Even as the frequency of climate-related catastrophes increases, the company continues to generate stable cash flow thanks to reinsurer backing and the scalability of its system.

The IPO of Neptune Insurance, valued at up to $2.76 billion with an offering of 18.4 million shares (secondary), is set to become one of the key events of fall 2025 in the insurtech sector. For investors, this represents an opportunity to invest in a business at the intersection of technology, finance, and climate trends — a market whose importance is only growing amid climate change and the rising demand for private insurance.

— What is an IPO?
An IPO (Initial Public Offering) is when a private company lists its shares on a stock exchange for the first time to raise capital from investors. From that point onward, the company’s shares can be freely bought and sold on the open market.

— Where are IPOs conducted?
IPOs take place on the world’s largest stock exchanges. In the U.S., the primary venues are the NYSE (New York Stock Exchange) and NASDAQ. Once a company goes public, its shares are freely traded on these exchanges, and the market price is established after the offering.

— What is allocation?
Allocation (from “allocation” — distribution) refers to the process of distributing resources, assets, or capital for maximum efficiency. In investing, allocation usually means distributing the available amount of shares among investors in an IPO or private placement.

— How much allocation does an investor receive?
The allocation size depends on the specific deal and typically ranges from 2% to 30% of the submitted order. In rare cases, allocation may reach up to 100%. Information about the actual IPO volume and share price we entered at becomes available roughly one day before the offering, approximately six hours prior to the trade.

Example — Bullish IPO (Aug 13, 2025):
An investor placed an order for $10,000. The allocation was 29.6%, meaning $2,960 was invested in the IPO. The remaining $7,040, including the purchase commission, was refunded to the balance and became available for withdrawal.

Klarna IPO (Sept 10, 2025):
An investor placed an order for $10,000. The allocation was 14%, meaning $1,400 was invested in the IPO. The remaining $8,600, including the purchase commission, was refunded to the balance and became available for withdrawal.

Figure IPO (Sept 11, 2025):
An investor placed an order for $10,000. The allocation was 16%, meaning $1,600 was invested in the IPO. The remaining $8,400, including the purchase commission, was refunded to the balance and became available for withdrawal.

Gemini IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 29%, meaning $2,900 was invested in the IPO. The remaining $7,100, including the purchase commission, was refunded to the balance and became available for withdrawal.

Legence IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 78%, meaning $7,800 was invested in the IPO. The remaining $2,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

Black Rock Coffee Bar IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 68%, meaning $6,800 was invested in the IPO. The remaining $3,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

— Why do companies go public?
To raise growth capital, increase brand visibility, and provide early investors and employees with an opportunity to sell part of their shares.

— How is participating in an IPO different from buying shares on the exchange?
When you participate in an IPO, you buy shares before they start trading publicly. This provides an opportunity to purchase at the fixed offering price but also carries the risk that the price may drop once trading begins.

— What do I get by participating in an IPO through Regolith?
You become an investor in the company at the IPO stage via our U.S. partner infrastructure. After the transaction is completed and the lock-up period expires, profits from the share sale are distributed among investors proportionally to their stake in the deal.

— What is a lock-up period and how long does it last?
A lock-up period is a timeframe set by the issuer and underwriters during which shares cannot be sold. For IPOs offered through our platform, this period is 93 days. Once it ends, the shares are sold on the exchange and proceeds are distributed among investors.

— How is participating through the platform different from buying shares independently?
To buy independently, you would need access to a U.S. broker, a significant investment amount, and approval from underwriters. The platform pools capital from investors, providing access to IPOs that are otherwise unavailable to most individuals.

— Through whom is IPO participation carried out?
We operate through a U.S.-based structure that works with a licensed broker in the U.S. Our partner selects promising IPOs and participates in the offering under its own name.

— How is the deal structured legally?
An investor signs an agreement/offer to participate in the investment product. Regolith then transfers funds to its partner entity — Wealthy Labs Limited (the provider), which enters into a forward contract with the broker and executes all operational activities. The provider delivers the financial outcome to Regolith, which then distributes proceeds among investors.

— Is there a minimum investment amount?
Yes. Each IPO has a defined minimum entry threshold, shown on the offering page. On average, Regolith provides access starting from $500.

— Do I receive shares into my personal brokerage account?
No. Shares are purchased and held in the partner’s brokerage account. After the lock-up period, the broker sells the shares and transfers proceeds for distribution among investors.

— Can shares be transferred directly to my brokerage account?
No. Participation is structured via a forward contract with the partner’s brokerage infrastructure. The deal is executed on behalf of the partner, and settlements with investors are carried out through the platform.

— How can I sell my shares after the IPO?
Sales are processed automatically: once the lock-up expires, the partner broker sells the shares on the exchange, and proceeds are distributed proportionally among investors.

— What are the risks of investing in IPOs?
IPOs are high-risk investments. While they may offer high returns, they also carry significant volatility. Share prices on the first trading day — and after the lock-up — can fluctuate sharply. There is a risk that the market price will fall below the offering price. In addition, macroeconomic and sector-specific factors can affect outcomes.

— Can I know in advance how much I will earn?
IPO returns are not guaranteed. The final result depends on the share price at the time of sale after the lock-up, overall market conditions, and the company’s performance.

— How can I verify that Regolith participates in IPOs?
We publish all available deal information in the client dashboard. Additionally, we provide an agreement disclosing the infrastructure used for transactions. Broker and partner documents are not shared, as they contain confidential data protected by contractual obligations.