Neptune’s IPO was a first, but it may not be the only
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MGAs/MGUs

Neptune’s IPO was a first, but it may not be the only

MGAs going public is now a viable option, but dominating a market comes first.

By Adam Kovac Farhin Lilywala Andrew Ragsly Sanvi Bangalore
December 10, 2025
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Neptune’s recent IPO marked the first of its kind for a pure play MGA. While sources agreed that conditions are better than ever for MGAs to go public, it will be an uphill battle.

Sources

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Topics

News Analysis MGAs/MGUs Commercial lines Personal lines Property Homeowners' insurance Catastrophe losses Risk losses IPOs North America Neptune
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