Neptune is a managing general agent (MGA) that sells private flood insurance in the U.S. As an MGA, Neptune underwrites and administers policies on behalf of insurance carriers but does not carry claims risk on its own balance sheet — capacity providers bear all insurance risk. Neptune's core product is primary residential flood insurance, which accounts for roughly 86% of premium in force. Neptune positions its policies as a superior alternative to the government-run National Flood Insurance Program (NFIP), offering higher coverage limits, instant automated quoting, and broader coverage options. Neptune also sells commercial flood insurance, an excess flood product that lets NFIP policyholders supplement their government coverage, and parametric earthquake insurance. Neptune sells almost entirely through independent agents and brokers, who access Neptune's products via a proprietary agent portal or API integrations embedded in agents' quoting systems. Neptune earns commissions from capacity providers as a percentage of premium written, plus fees from policyholders. Revenue grows as total premium in force grows through new policies and renewals — Neptune retains over 97% of premiums on renewing policies, and renewals account for roughly 68% of revenue. Because underwriting is fully automated, Neptune's cost structure is lean and highly scalable, with just 62 employees supporting $370M in premium in force. Neptune's growth strategy centers on converting NFIP policyholders as the NFIP moves toward actuarially sound pricing, expanding its agent network, growing in lower-risk geographies outside its current Florida, Texas, and Louisiana concentration, and expanding into new products like indemnity earthquake insurance.