Neptune Flood
Category: AI in Fintech
Neptune Flood is a private flood insurance provider that uses AI and machine learning to offer residential and commercial property owners a fast and affordable alternative to the National Flood Insurance Program (NFIP). Neptune Flood was founded in 2016. The company is led by Trevor Burgess. Based in St. Petersburg, USA. Team size: 51-200. Total funding raised: $368 million. Latest round: Initial Public Offering (IPO). Key investors include Bregal Sagemount, FTV Capital.
- Founded
- 2016
- Headquarters
- St. Petersburg, USA
- Team size
- 51-200
- Total funding
- $368 million
Value proposition
To provide a simpler, faster, and more affordable flood insurance option than the government's NFIP, with higher coverage limits and a streamlined, technology-driven application process that takes less than two minutes and often does not require an elevation certificate.
Products and solutions
Primary Flood Insurance, Excess Flood Insurance, Parametric Earthquake Insurance, ChatGPT Quoting App, Atlas+ AI-Powered Agent Platform
Unique value
Neptune's primary unique factor is being a technology-driven, private-sector alternative to the government-run NFIP. They offer significantly higher coverage limits (up to $7 million compared to the NFIP's $250,000) and a much faster, data-driven quoting process.
Target customer
Residential and commercial property owners in the United States.
Industries served
Residential Real Estate, Commercial Real Estate
Technology advantage
Neptune's key advantage is its proprietary AI-powered underwriting platform, named Triton. This platform utilizes advanced mapping technologies, aerial remote sensing, and machine learning algorithms to assess flood risk for individual properties with high precision, eliminating the need for human underwriters and allowing for near-instantaneous quoting and policy issuance.
How they differentiate
Neptune differentiates itself through the use of advanced technology, including mapping and remote sensing, to offer a streamlined and efficient insurance process. This allows for faster quoting, lower costs, and broader coverage options compared to the traditional, government-run NFIP.
Main competitors
National Flood Insurance Program (NFIP), Delos, Velocity Risk Underwriters
Key partnerships
AXA XL, Palomar, Plymouth Rock Assurance, Somers Syndicate 3705 (Lloyd's)
Notable customers
Information not publicly available
Major milestones
Successfully completed an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE)., Became the largest private flood insurance company in the United States., Established a strategic partnership with Palomar to accelerate growth in the U.S. flood insurance market., Surpassed 300,000 policies in force and $400 million in premium in force., Launched AI-powered flood insurance quoting app in ChatGPT., Launched Atlas+ AI-powered platform for insurance agents.
Growth metrics
Neptune surpassed 300,000 policies in force and $400 million in premium in force. For FY2025, the company reported $71M revenue and $22M net income (first 6 months). Q1 2026 revenue was $37.8M (+29% YoY). The company issued FY2026 guidance of $186M-$189M revenue with 60-61% Adjusted EBITDA margin.
Market positioning
Neptune is positioned as the largest private flood insurance provider in the United States, offering a modern, technology-driven alternative to the federal government's NFIP.
Geographic focus
Neptune's primary geographic focus is the United States market, with an emphasis on providing coverage to properties in flood-prone regions across the country.
Patents and IP
Information regarding specific patents or IP is not publicly available.
About Trevor Burgess
Chairman of the Board at TRUX Invest, Former CEO of C1 Bank, and Managing Director at Morgan Stanley.
Official website: https://neptuneflood.com/