Flood Insurer Neptune’s Backers Raise $368 Million in US IPO

Flood insurance company Neptune Insurance Holdings Inc.’s shareholders raised $368.4 million in a US initial public offering, adding to the flow of insurance firms debuting this year.

The selling shareholders including co-founder Jim Albert, Bregal Sagemount and FTV Capital priced 18.4 million shares at $20 each, the top of the marketed range of $18 to $20 apiece, according to a statement Tuesday. The company is not selling any shares in the offering.