Neptune Insurance said on Monday it was targeting a valuation of up to $2.76 billion in its U.S. initial public offering, as the IPO market continues to run hot. Wall Street had also turned to insurance firms to reopen the new listings market in May after tariff-driven chaos slammed shut IPO activity. Launched in 2018, Neptune sells residential and commercial flood insurance policies on behalf of carrier partners throughout the U.S. Flood insurance demand is expected to increase as climate change fuels more frequent and severe storms. Neptune competes against the National Flood Insurance Program, a U.S. government-run entity and the largest provider of flood insurance in the country.