Neptune flood insurance competitor8/22/2023 Today, Neptune has 45 employees, most of which are building the technology behind Neptune’s platform. It’s not off the table, but the focus for now operating and growing Neptune,” he said. “My last company, C1 Bank, went public and that was a big success, but what comes with that is a tremendous amount of reporting and related and unrelated work. Burgess said Neptune Flood may accept additional investments in the future. It shows you can build companies here and attract this kind of business,” Burgess said. Greenberg and Vostrizansky will join Neptune’s board of directors. Mike Vostrizansky, a partner at FTV, added, “We are excited to support Neptune as they continue to transform the way that homeowners and businesses purchase flood insurance – increasing consumer awareness and adoption.” “The company has truly disrupted the traditional flood insurance market and we are excited to support them as they continue to bring their insurtech solution to more customers.” “Sagemount has been investing in and following the insurance and MGA markets for several years and we are incredibly impressed by the innovative technology that Neptune has built,” Blair Greenberg, partner at Sagemount, said in a prepared statement. Neptune Flood’s growth is largely fueled by its proprietary artificial intelligence platform, Triton, which assesses flood risk on a property-by-property basis, allowing the company to provide an accurate assessment of risk, personalize pricing for customers, and offer competitive premiums. Neptune Flood is a profitable company we don’t need to raise equity for an earned rate like startups do, this is a strategic investment.”īurgess didn’t disclose the financial terms of the transaction with the investors but said he remains the majority owner. “This is the next chapter of the company. “This gives me and my team great flexibility to grow the business and keep the culture while also having this significant minority investment,” Burgess said. We want to ensure we are broadening our outreach to risk partners,” Burgess said. Neptune Flood is a software company, we don’t take risks. “If we are going to triple in size in the coming years, we want people at the table who have expertise in technology, science and insurance and can provide industry contacts. Investor FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion and has invested in over 137 portfolio companies, and Bregal Sagemount is a growth-focused private capital that’s raised more than $6.5 billion of capital and has invested in over 70 companies. Burgess said the venture has been a five-month journey since reconnecting with his former colleagues at Morgan Stanley in New York and hiring them as advisors to survey the marketplace for investors. With the new investment, Burgess said Neptune Flood will now have 450,000 policies, representing 10% of the overall flood insurance marketplace. Neptune Flood provides flood insurance policies to over 150,000 homeowners, renters and businesses in 48 states and Washington, D.C. Ultimately, we decided to go with two accredited equity firms to best position us,” Neptune Flood CEO and President Trevor Burgess said to the St. “We had lots of meetings and met many venture and equity partners. Known for its digital platform that enables insurance agents and customers to obtain coverage quickly, Neptune Flood announced this month that two private equity firms – New York-based Bregal Sagemount and California-based FTV Capital – acquired a substantial minority stake in the company. Pete’s fastest-growing company, has accepted outside investment – a first for the insurtech firm. Neptune Flood receives investment, adds thousands of clients
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