Bregal Sagemount and FTV Capital, two private equity firms, have made a strategic growth investment in Neptune Flood Incorporated, a digital insurtech company and private flood insurance provider.
Launched in 2018 and based in St. Petersburg, Fla., Neptune offers flood insurance policies to over 150,000 homeowners, renters and businesses in 48 states and Washington, D.C. The company’s digital service helps insurance agents and customers obtain coverage faster. Neptune’s AI platform, Triton, assesses flood risk on a property-by-property basis, allowing the company to offer an assessment of risk, personalize pricing for customers and offer premiums. The investment aims to help Neptune drive its growth plans and expand its customer base while improving its technology platform and developing new products. Sagemount and FTV will acquire a minority stake in the company, with Neptune CEO and management maintaining majority ownership.
Morgan Stanley & Co. LLC served as financial advisor to Neptune. Howden Tiger Capital Markets & Advisory acted as financial advisor to Bregal Sagemount and FTV.