Here are 1-3 brief analogies to describe Neptune Insurance (NP):

• Lemonade for flood insurance

• Geico for flood insurance

While a public company named "Neptune Insurance" with the stock symbol NP does not appear to exist as described (NP is the symbol for Neptune Wellness Solutions Inc., a health and wellness company), if interpreting "Neptune Insurance" as a hypothetical insurer with a focus implied by its name, its major products could include:

• Flood Insurance: This service provides policies to protect residential and commercial properties from direct financial losses caused by flood damage.
• Marine Insurance: Covers a range of risks associated with sea-going vessels, cargo, and marine liabilities, important for shipping and offshore industries.
• Boat and Yacht Insurance: Offers specialized coverage for recreational and commercial watercraft against physical damage, theft, and third-party liability claims.

Upon reviewing public company databases, Neptune Insurance (symbol: NP) does not appear to be a currently active public company. The symbol "NP" is currently associated with Nuvei Corporation, a fintech company, not an insurance provider.

However, assuming a hypothetical public insurance company named "Neptune Insurance," its major customers would generally fall into the following categories, as is common for diversified insurance providers:

Customer Categories for a Typical Insurance Company:

1. Individuals (Personal Lines Customers)

   This category includes a vast number of individual consumers and households seeking coverage for personal assets and liabilities. Insurance companies typically sell policies directly or through agents/brokers to protect against personal risks.

   • Description: Individuals and families requiring insurance for personal property, health, life, and liability.
   • Typical Products: Auto insurance, homeowners/renters insurance, life insurance, individual health insurance, personal umbrella liability, and travel insurance.

2. Businesses (Commercial Lines Customers)

   Insurance companies serve a wide range of commercial enterprises, from small businesses to large corporations, providing coverage to protect their operations, assets, and employees from various business risks.

   • Description: Small, medium, and large companies across all industries and sectors.
   • Typical Products: Commercial property insurance, general liability insurance, workers' compensation, commercial auto insurance, professional liability (Errors & Omissions - E&O), Directors & Officers (D&O) liability, cyber insurance, and group health and life benefits for employees.

3. Other Insurance Companies (Reinsurance Clients)

   While not all insurance companies engage heavily in reinsurance, many larger, diversified insurers or specialized reinsurers count other insurance companies as their customers. In this model, a primary insurer (known as the cedent company) transfers a portion of its risk portfolio to another insurer (the reinsurer) to manage its capital and overall risk exposure.

   • Description: Primary insurance carriers, which are themselves typically public or private insurance companies.
   • Typical Products: Property catastrophe reinsurance, proportional treaty reinsurance (e.g., quota share), and facultative reinsurance (for specific large risks).

Trevor Burgess, Chief Executive Officer and Chairman

Trevor Burgess has served as Neptune Insurance Holdings' Chief Executive Officer and Chairman of its board of directors since April 2025. He has been Chairman of Neptune Flood's board of directors since July 2023 and CEO of Neptune Flood since December 2019. Burgess is the lead inventor of technology for which Neptune has been granted one patent. He also serves as Chairman of TRB Development LLC, a family office, real estate development, and investment company. Previously, Burgess served as Chief Executive Officer and Director of C1 Financial (NYSE: BNK) since its inception in July 2013, and as CEO of C1 Bank from April 2012. C1 Financial was sold to Bank of the Ozarks (now Bank OZK) in July 2016. He was named the Ernst & Young Florida Entrepreneur of the Year in the Financial Services Category in 2013 and American Banker's Banker of the Year in 2014. Before C1 Bank, he was a Managing Director at Morgan Stanley & Co. LLC, where he focused on initial public offerings and capital raising as an investment banker in the Equity Capital Markets division.

Jim Steiner, Chief Operating Officer & Chief Financial Officer

Jim Steiner has served as Neptune Insurance Holdings' Chief Financial Officer and a member of its board of directors since April 2025. He has been Neptune Flood's Chief Operating Officer and Chief Financial Officer since May 2023, and previously served as Chief Risk Officer, Chief Operating Officer, and Secretary from April 2019 to May 2023. Prior to joining Neptune Flood, Steiner was the Director of Risk Strategy and Innovation at Bank OZK from July 2016 to May 2018. He also held roles including Executive Vice President and Chief Risk Officer at C1 Financial, Inc. He also worked in private wealth management at Morgan Stanley from October 2003 to August 2010.

Matt Duffy, President and Chief Risk Officer, Neptune Flood

Matt Duffy has served as Neptune Flood's President since April 2025 and Chief Risk Officer since December 2022. He was also Director of Risk Management and Internal Audit from July 2021 to December 2022. Before Neptune Flood, Duffy was with Bank OZK from 2016 to 2021, most recently as Executive Vice President, Director of Enterprise Technology Solutions. He was also at C1 Bank from 2013 to 2016, serving as Vice President, Enterprise Risk Officer.

Jonathan Carlon, Director of Business Development, Neptune Flood, and Director

Jonathan Carlon has served as a member of Neptune Insurance Holdings' board of directors since April 2025 and Neptune Flood's board of directors since January 2018. He has also been Neptune Flood's Director of Business Development since May 2023. Since July 2016, Carlon has been CEO of TRB Development LLC. Earlier in his career, he worked at C1 Bank as Chief of Staff and Director of Investor Relations until its sale in July 2016.

Alais Griffin, General Counsel

Alais Griffin joined Neptune as General Counsel, bringing extensive experience in legal strategy, regulatory compliance, and corporate governance. Prior to Neptune, she served as General Counsel & Chief Ethics Officer at Big Brothers Big Sisters of America and as Chief Counsel for the US Department of Transportation's Federal Motor Carrier Safety Administration. Most recently, she was a founding partner at Griffin Strategic Law Advisors.

The clear emerging threat for Neptune Insurance (NP) is the rise of parametric insurance solutions specifically designed for flood and excess rainfall events.

Parametric insurance pays out a fixed amount based on the occurrence and intensity of a predefined trigger event (e.g., rainfall exceeding a certain threshold, water level reaching a specific height), rather than on the actual assessed damage. This contrasts with Neptune's traditional indemnity-based flood insurance, which requires a claims adjustment process to determine losses.

This model offers several advantages that could attract customers away from traditional policies, including:

• Speed of Payout: Payouts are often made much faster, sometimes within days, as they don't require damage assessment by adjusters.
• Simplicity: The claims process is streamlined, as it's based on objective, pre-agreed data points.
• Flexibility: Can cover perils not typically included in standard indemnity policies or provide coverage for indirect losses.

While traditional flood insurance focuses on covering physical damage, parametric solutions offer a different value proposition for financial protection against weather-related risks. Companies in the Insurtech space are increasingly developing and offering these types of products, posing a direct alternative and potential disruptor to traditional flood insurers like Neptune Insurance.

Neptune Insurance (symbol: NP) primarily operates in the United States, offering flood insurance for residential, commercial, and condominium properties, and parametric earthquake insurance.

For its main product, flood insurance, the addressable market is significant within the U.S. The U.S. flood insurance market is projected to grow from $25.2 billion in 2025 to $118.9 billion by 2033. Neptune Flood, as the largest private flood insurance provider in the United States, has surpassed $300 million in premium in force and over $100 billion in insured value as of May 2025. The private flood insurance market in the U.S. accounts for approximately 10% of the total market on a policy basis and 12% on a premium basis, with the National Flood Insurance Program (NFIP) holding a dominant 90% market share. Neptune Flood alone represents over 40% of the primary, private, residential flood insurance market. There is a substantial coverage gap, with over 20 million U.S. homes at moderate to severe flood risk, yet only 3.8 million are insured. Overall, only about 4% of U.S. homeowners possess any type of flood insurance coverage. The private market for residential flood insurance experienced a compound annual growth rate (CAGR) of 24% between 2018 and 2023.

Regarding Neptune Insurance's parametric earthquake insurance offering, specific addressable market sizes for this product are not available in the provided information.

Neptune Insurance (NP) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion in the Underpenetrated Private Flood Insurance Market: Neptune Insurance was established to address inefficiencies within the traditional flood insurance sector, which presents a substantial and largely untapped market opportunity. The U.S. private flood insurance market has experienced significant growth, with the number of policies nearly doubling and premium revenue increasing by 240% between 2020 and 2024. This expansion is further fueled by advancements in flood mapping analytics, supportive regulatory shifts for private market participation, and the implementation of risk-based pricing within the National Flood Insurance Program (NFIP).
2. Diversification and Growth of Product Offerings: Beyond its core primary flood insurance, Neptune Insurance provides a variety of residential and commercial insurance products, including excess flood insurance and parametric earthquake insurance. These offerings are distributed through a broad network of agencies across the nation. The inclusion of products like parametric earthquake insurance suggests a strategy of expanding into other hazard insurance markets, thereby broadening its revenue streams.
3. Leveraging AI and Data Science for Operational Efficiency and Underwriting: A primary competitive advantage for Neptune Insurance is its proprietary Triton underwriting engine. This platform utilizes artificial intelligence and advanced data analytics to more efficiently assess risk and price policies compared to conventional methods. This technological foundation contributes to superior underwriting outcomes, significant growth, consistent revenue, and robust margins by streamlining underwriting, pricing, and policy issuance without reliance on human underwriters.
4. Growth Through a Nationwide Agency Network: Neptune Insurance distributes its insurance products through an extensive network of agencies throughout the United States. Expanding and strengthening these agency relationships is a crucial driver for increasing policy sales and, consequently, revenue.
5. Favorable Regulatory Environment: Regulatory changes that support private market activities and the adoption of risk-based pricing by the NFIP are significant drivers of growth within the private flood insurance market. A continuing favorable regulatory landscape can further enhance Neptune Insurance's market opportunities and accelerate revenue growth.

Share Repurchases

• Neptune Insurance Holdings' 10-Year Share Buyback Ratio was 0.00%, indicating no share repurchases over that period.

Share Issuance

• Neptune Insurance Holdings Inc. completed an Initial Public Offering (IPO) in October 2025, pricing 18,421,053 shares of its Class A common stock at $20 per share.
• The underwriters fully exercised their option to purchase an additional 2,763,157 shares of Class A common stock.
• The IPO raised approximately $368 million for selling shareholders from the initial offering, and an overall total of up to $423.7 million including the over-allotment option.

Inbound Investments

• As of June 30, 2025, Neptune had booked fair market value investments totaling $247.8 million from investors, including Bregal Sagemount, FTV Capital, and various individuals.
• In May 2023, Bregal Sagemount and FTV Capital made a strategic growth investment in Neptune Flood Incorporated, acquiring a substantial minority stake.

Outbound Investments

• The company's growth strategy includes exploring international expansion and M&A opportunities.

Capital Expenditures

• Neptune's capital expenditures were reported as $3.87 million, $3.71 million, and $4.03 million for the most recent three available periods.
• The company has spent very little on capital expenditures as a percentage of its operating cash flow.
• Neptune's technology infrastructure is designed for rapid expansion with limited incremental capital expenditures, leveraging a fully digital, cloud-based computing infrastructure.