Accounts advised by T. Rowe Price Investment Management are expected to buy $75 million of Neptune Insurance Holdings shares as the St. Petersburg, Fla.-based flood insurer heads to an initial public offering (IPO). The Baltimore-based investing giant is a cornerstone investor in the IPO, along with Alliance Bernstein, which also plans to buy Class A shares for $75 million.

Neptune Insurance, which does business as Neptune Flood, expects to price its shares between $18 and $20 per share, according to a company filing. At the top of the range, the company could be valued at $2.76 billion.

Earlier in September, T. Rowe Price Associates Inc. joined a $1 billion Series E round for PsiQuantum, a Palo Alto, Calif.-based developer of quantum photonic chips. Its recent portfolio investments include Galvanize Therapeutics, AI startup Anthropic, Avalyn Pharma, Odyssey Therapeutics, India’s Apollo Hospitals Enterprise, defense firm Anduril Industries and finance startup Ramp.

Earlier this year, T. Rowe Price struck a strategic partnership with Goldman Sachs. Under the deal, Goldman will invest up to $1 billion in T. Rowe Price’s stock, with a goal of owning up to 3.5% of the fund giant. The collaboration aims to leverage T. Rowe Price’s investing expertise with Goldman’s innovation in private and public markets to create new opportunities for retirement savings and wealth creation.

As of July 31, T. Rowe Price had $1.7 trillion in assets under management. It has made over 300 portfolio investments and exited over 100.

In the Neptune IPO, only existing shareholders are selling shares — a total of 18.4 million shares for gross proceeds of up to $368 million. Neptune co-founder Jim Albert, New York-based private equity firm Bregal Sagemount and FTV Capital are among the selling stockholders. CEO Trevor Burgess, previously the chief executive of Florida’s C1 Bank, is the major shareholder, with voting power over 80% after the IPO.

Founded in 2016, Neptune raised a modest $12.6 million over three funding rounds, according to Tracxn data. Its Series A round for $10 million in March 2023 was the largest. Burgess assumed leadership of the company in early 2019 after buying a controlling stake in 2018. Under his leadership, Neptune made two acquisitions — Jumpstart, a parametric insurance company, in 2021, and Charles River Data in 2024 to enhance in-house data science, AI and machine learning capabilities.

Today, Neptune is the largest private flood insurance provider in the United States, with operations in all 50 states and the District of Columbia, with AM Best-rated insurance companies as partners. It has insured property valued in excess of $100 billion, writing policies for over 235,000 customers.

In 2024, Neptune reported $119.3 million in revenue and $34.6 million in net income. It reportedly has secured $400 million in premium capacity for 2025, up from $300 million in 2024, thanks to the backing of more than 30 global reinsurance and specialty market partners.

Neptune has applied to the NYSE to trade under the symbol “NP.”

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