SCHEDULE: Trevor Burgess Discloses 34% Stake in Neptune Insurance

Trevor R. Burgess has reported beneficial ownership of 34.02% of Neptune Insurance Holdings Inc.'s Class A Common Stock as of September 30, 2025.

Summary

• Trevor R. Burgess beneficially owns 49,595,000 shares of Neptune Insurance Holdings Inc. Class A Common Stock.
• This represents 34.02% of the total outstanding Class A Common Stock.
• The ownership includes 25,039,000 shares from the Burgess Family SLAT, 17,885,000 shares from the Trevor R. Burgess Irrevocable Trust of 2020, 511,000 shares from the Trevor R. Burgess Revocable Trust, and 6,160,000 shares from vested stock options.
• The percentage is calculated based on 139,620,000 shares outstanding as of September 30, 2025, plus 6,160,000 shares from exercisable stock options.
• Class B Common Stock, convertible to Class A on a 1:1 basis, carries ten votes per share, but this report treats them as converted to Class A for ownership percentage.

Sentiment

Score: 7

Explanation: The filing indicates a substantial insider ownership, which is generally positive for investor confidence due to alignment of interests. However, it is a routine disclosure and does not contain new operational or financial news.

Positives

• A significant insider stake of 34.02% by Trevor R. Burgess indicates strong alignment with shareholder interests.
• The reporting person holds sole voting and dispositive power over a substantial portion of the shares (31,710,000 shares).

Negatives

• The reporting person disclaims beneficial ownership of 17,885,000 shares held by the Irrevocable Trust, despite being deemed to have an indirect beneficial interest.

Risks

• The concentration of a significant portion of voting power (Class B shares have 10 votes per share) in the hands of a single individual or related trusts could impact corporate governance and decision-making.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the company's future performance or strategic direction, as it is primarily an ownership disclosure.

Management Comments

• The number of shares beneficially owned consists of (i) 25,039,000 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by the Burgess Family SLAT, (ii) 17,885,000 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by the Trevor R. Burgess Irrevocable Trust of 2020, (iii) 511,000 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by the Trevor R. Burgess Revocable Trust, and (iv) 6,160,000 shares of Class A Common Stock issuable upon the exercise of stock options held by the Reporting Person that are fully vested and immediately exercisable.
• The Reporting Person is the trustee of, and has sole voting and dispositive power over the shares held by, the Burgess Family SLAT and the Revocable Trust.
• The Reporting Person disclaims beneficial ownership of the shares held by the Irrevocable Trust.
• Percentage ownership is based on 139,620,000 total shares of Common Stock outstanding as of September 30, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2025 and 6,160,000 shares of Class A Common Stock issuable upon the exercise of stock options held by the Reporting Person that are fully vested and immediately exercisable.

Industry Context

This filing is a standard disclosure of a significant ownership stake by an individual, Trevor R. Burgess, in Neptune Insurance Holdings Inc. It does not provide specific details on broader industry trends or competitive landscape within the insurance sector, beyond identifying the company as an insurance holding entity.

Corporate Governance

Stakeholder Impact

• Shareholders: The significant insider ownership by Trevor R. Burgess may be viewed positively by shareholders as it aligns management's interests with long-term company performance. However, the dual-class share structure with 10:1 voting power for Class B shares could dilute the voting influence of Class A shareholders.

Next Steps

• The filing does not explicitly mention future actions or milestones for the company or the reporting person, beyond the ongoing ownership.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant beneficial ownership stake by Trevor R. Burgess. While a substantial insider holding (34.02%) generally signals confidence and aligns interests, the filing itself does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. The dual-class share structure, with Class B shares carrying ten votes, indicates concentrated control, which is a governance factor to monitor. Investors should 'hold' and await further operational and financial disclosures to assess the company's performance and strategic direction.

Keywords

Neptune Insurance Holdings, Trevor R. Burgess, Schedule 13G, Beneficial Ownership, Class A Common Stock, Insider Ownership, SEC Filing, Insurance, Corporate Governance