Neptune Insurance Holdings Inc. (NYSE: NP) released its financial results for the third quarter of 2026 on October 20, 2026. The company reported a 34% increase in revenue, reaching a record $59.6 million for the quarter.
Key financial highlights for the period included a 50% increase in net income to a record $17.3 million, resulting in a net income margin of 29%. The company also reported a record adjusted net income of $24.3 million, representing a 52% year-over-year increase, and adjusted EBITDA of $36.8 million, a 38% increase from the previous year. Adjusted EBITDA margin remained high at 62%.
Written premium grew by 31% to a record $132.7 million. The company noted record new business sales for the quarter.
On the corporate governance front, the company announced the resignation of Chief Financial Officer Jim Steiner, effective following the filing of the Annual Report on Form 10-K for the fiscal year ending December 31, 2026. Mr. Steiner will continue to serve as Chief Operating Officer of Neptune Flood Incorporated and as a member of the Board of Directors.
On October 19, 2026, the Board appointed Cristian Melej as the new Chief Financial Officer, principal financial officer, and principal accounting officer. Mr. Melej, a current board member, previously served as the CFO of Hingham Institution for Savings. In connection with his appointment, Mr. Melej resigned from his roles on the Audit and Compensation committees.
Following these changes, the Board appointed David Noble to the Audit Committee and Blair J. Greenberg as chair of the Audit Committee. The Board also appointed Mr. Noble to the Compensation Committee, with Mike Vostrizansky designated as chair of that committee.
