Neptune Insurance Holdings Inc. Announces Launch of Public Offering and Concurrent Share Repurchase

ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Neptune Insurance Holdings Inc. (the “Company”) (NYSE: NP), the parent company of Neptune Flood Incorporated, today announced the launch of its public offering for the sale of 8,355,615 shares of its Class A common stock by certain selling securityholders. In addition, the selling securityholders intend to grant the underwriters a 30-day option to purchase up to an additional 1,253,342 shares of Class A common stock.

As part of the proposed offering, the Company intends to concurrently purchase from the underwriters 835,561 shares of Class A common stock at a price per share equal to the price per share to be paid by the underwriters to the selling securityholders in the proposed offering. The repurchased shares of Class A common stock will be retired and will no longer be outstanding after the proposed offering. The completion of the share repurchase is contingent on the satisfaction of customary closing conditions and conditioned upon the completion of the proposed offering.

Morgan Stanley is acting as lead left bookrunner for the proposed offering. J.P. Morgan and Goldman Sachs & Co. LLC are acting as active bookrunners.

The proposed offering will be made available only by means of a prospectus. Copies of the preliminary prospectus relating to this proposed offering, when available, may be obtained by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or [e-mail] and [e-mail], or from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: [phone] or by emailing [e-mail].

A registration statement on Form S-1 relating to the proposed offering of securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Neptune Insurance Holdings Inc.

Neptune Insurance Holdings Inc. (NYSE: NP) is the parent company of Neptune Flood Incorporated. Neptune Flood is a leading, AI-native managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton^®, its cutting-edge platform, to streamline underwriting, pricing, and policy issuance.