Government shutdown means opportune timing
The timing of Neptün Sigorta Holdings’s public offering could not be more appropriate.
The largest private flood insurance in the country, Neptune, “NP”. The company sold more than $ 20 million shares in its first public offering and the share was opened on Wednesday at $ 22.50.
The first trade of the company comes as the US Government has closed, that is, the National Flood Insurance Program (NFIP) does not accept applications or processes new claims.
“Neptune is open for work,” Trevor Burgess, President and CEO of Neptune. He said. “We can help 1,300 people who need flood insurance every day or try to close their homes that they need to do flood insurance.. “
National Real Estate ASSOCIATION He warned that the closure of the government will delay real estate closing, because it prevents buyers from securing the flood insurance required for some mortgages.
Increased number of US property prefers insurance through special carriers instead of government insurance.
On Wednesday, October 1, 2025, the Neptune Insurance Sign in the New York Stock Exchange (NYSE) in New York Stock Exchange (NYSE) in New York.
Michael Nagle | Bloomberg | Getty Images
Burgess said Neptune’s loading results much better than NFIP. Neptune offers flood insurance up to $ 7 million rather than NFIP’s maximum $ 250,000.
Instead of looking at extensive postal codes or all neighborhoods, the company uses AI and other advanced technology to assess the risk on individual properties.
Iz We tell the truth to consumers, Bur Burgess said. “If we say that there is $ 200 a year, it is quite low. [we won’t cover you]’You have to move. “
A study conducted by the Joint Economic Committee in 2024 found that Selin costs between 179.8 billion and 496 billion dollars each year. According to federal data, about one -third of the allegations of NFIP flood insurance comes from high -risk floods.
