Flood insurer Neptune falls on secondary share sale

ReutersMay 12, 2026 4:27 PM

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Neptune Insurance NP.N shares down 8.1% to $28.18 on Tues after secondary offering news

Florida-based flood insurer late Mon launched offering of ~8.4 mln shares by existing holders

Also, NP intends to repurchase 835,561 of offering shares from the underwriters

Morgan Stanley lead bookrunner, joined by JP Morgan and Goldman Sachs as active bookrunners, according to the release

NP debuted on Oct 1 after co and shareholders sold shares in IPO priced at $20

NP's stock last Thurs jumped ~22% to close at $30.47 after Federal Emergency Management Agency (FEMA) Review Council released a final report including proposed reforms to National Flood Insurance Program (NFIP), recommending a "comprehensive reform plan centered on a strategic shift toward a primary role for the private market"

TD Cowen said in a research note last week it expects future details to benefit NP and the private flood market

8 of 12 brokerages rate NP stock "buy", 4 rate "hold"; median PT $30.50, per LSEG data

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