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Government shutdown means opportune timing for Neptune Flood IPO

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Government shutdown means opportune timing for Neptune Flood IPO


The timing of Neptune Insurance Holdings’ IPO couldn’t be more opportune.

Neptune, the nation’s largest private flood insurance, debuts on the New York Stock Exchange Wednesday under the ticker symbol “NP.” The company sold more than 18 millions shares in its initial public offering at $20 apiece, and shares opened Wednesday at $22.50.

The company’s first trade comes just as the U.S. government has shut down, meaning the National Flood Insurance Program (NFIP) isn’t accepting applications or processing new claims.

“Neptune is open for business,” said Neptune chairman and CEO Trevor Burgess. “We can help the 1,300 people every day who are trying to close on their homes who need flood insurance or required to have flood insurance.”

The National Association of Realtors has warned the government shutdown will delay real estate closings, because it prevents buyers from securing flood insurance that is necessary for some mortgages.

A growing number of U.S. properties are opting for insurance through private carriers rather than government insurance.

Neptune Insurance signage during the company’s initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Wednesday, Oct. 1, 2025.

Michael Nagle | Bloomberg | Getty Images

Burgess said Neptune’s underwriting results are far outperforming the NFIP. Neptune offers flood insurance of up to $7 million rather than the NFIP’s $250,000 maximum.

The company uses AI and other advanced technology to assess risk on individual properties, rather than looking at broad zip codes or whole neighborhoods.

“We tell the truth to consumers,” Burgess said. “If we say that it’s $200 a year, it’s pretty low risk. If we say it’s $12,000, that’s pretty high risk. And if we say, ‘No, [we won’t cover you]’, you should move.”

A 2024 study by the Joint Economic Committee found that flooding costs the nation between $179.8 billion and $496 billion each year. Nearly one third of NFIP flood insurance claims, according to federal data, come from outside high-risk flood areas.



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Mahindra Turns 80: A Journey From Willys Jeeps To Global Powerhouse

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Mahindra Turns 80: A Journey From Willys Jeeps To Global Powerhouse


Mumbai: Mahindra & Mahindra Ltd. celebrated its 80th Founders’ Day on Thursday, honouring the vision of its founders, J.C. Mahindra and K.C. Mahindra. The company was established on October 2, 1945, the same day the world celebrates the birth anniversary of Mahatma Gandhi. 

The story of Mahindra began even before India’s independence. In 1945, as the world emerged from war and uncertainty, the company placed an advertisement in a media outlet. Rather than promoting products, the ad made a call for enterprising individuals of all communities to join a new organisation grounded in courage, equality and opportunity.

Anand Mahindra, Chairman, Mahindra Group, said, “Eighty years ago, the Mahindra Group was born with a crystal-clear purpose: to help build our nascent nation. Our founders pledged to develop industry, create livelihoods, and enable communities to rise from the violent throes of the struggle for independence into a brighter future.”

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He further said, “Today, we once again are in turbulent times, and we have the opportunity to renew that pledge to strive together to propel India towards technological self-reliance and global respect.”

Speaking on the occasion, Anish Shah, Group CEO & MD, Mahindra Group, said, “Our founders were ahead of their time. Their first ad did not talk about products or profits; it highlighted the “principles which will guide their activities”: entrepreneurship, integrity, diversity, and a fearless optimism about India’s future. Eighty years later, those principles continue to guide us as we innovate, empower communities, and drive positive change across the world.”

From assembling the first Willys jeeps in post-war India to becoming a global federation of companies spanning mobility, technology, finance, hospitality, and renewable energy, Mahindra has remained true to its founding purpose of “Rise” – the idea that Mahindra rises only when it helps others rise, according to the official statement. 

Today, the Group operates in over 100 countries, working across mobility, technology, finance, hospitality, and renewable energy. It has been a strong supporter of sustainability, skilling, gender diversity, and rural prosperity, the statement read.

It further said, “As Mahindra enters its ninth decade, the Group continues to lead with purpose-driven growth, focusing on ensuring that the values of Mahindra’s founders are carried forward for generations to come.”



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Half of British adults gambled in last month – survey

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Half of British adults gambled in last month – survey



Almost half of adults (48%) in Great Britain have gambled in the last four weeks, according to an annual survey by the industry regulator.

Some 2.7% of adults scored “8+” on the Problem Gambling Severity Index (PGSI) in 2024 – up from 2.5% the previous year – which is “statistically stable” compared to the year before, the Gambling Commission found.

The headline figure of those who gambled over the last month – which is the same as the previous year – falls to 28% when those who had only bought tickets for a lottery draw were excluded.

Overall, some 42% of adults who gambled in the past 12 months rated the last time they gambled positively, compared to 21% who rated it negatively.

The chance of winning “big money” was the main reason why people gambled (85%), followed by finding gambling to be fun (72%).

Andrew Rhodes, chief executive of the Gambling Commission, said: “The Gambling Survey for Great Britain is a key building block of the evidence base which helps government, industry and other partners understand both gambling behaviour and potential consequences from gambling.

“This year’s findings deepen our understanding of consequences from gambling and provide crucial insight into risk profiles among those who gamble most frequently. We strongly encourage operators to use this evidence to consider the risks within their own customer bases.

Data and research, such as GSGB, is essential to helping us identify where our regulatory focus should be and informs our ongoing work to implement player protection recommendations from the Gambling Act Review White Paper.

“We have already introduced light-touch financial vulnerability checks on those spending £150 a month, reduced the intensity of all online games by banning autoplay and slowing game speed, and tightened age verification in premises.

“We’ve also banned potentially harmful marketing offers involving consumers having to carry out two or more types of gambling, such as betting and playing slots, and limited the number of times bonus funds must be re-staked before a consumer can withdraw winnings.

Will Prochaska, director of the Coalition to End Gambling Ads, said: “The Gambling Commission releases these statistics as if nothing is wrong. But there’s something very wrong when over a million people have a gambling problem and millions more are being harmed.

Families up and down the country are being torn apart to deliver profits for big gambling corporations. If we’re serious about addressing this crisis, we must start by banning gambling advertising.”

A Betting and Gaming Council spokeswoman said: “More than 22 million adults in Britain enjoy a bet each month and as the Gambling Commission today shows, the vast majority of people do so without a problem.

“Our members take player protections incredibly seriously and have voluntarily contributed £170 million to research, education and treatment programmes over the past four years alone – in stark contrast to the illegal black market which has almost trebled in size since 2022 and actively targets vulnerable customers.

“The NHS APM Survey of June 2025 and the NHS health survey of 2021 both estimated problem gambling at 0.4% and the differences between this and the Gambling Commission’s rate appear to reflect different methodology rather than a rise in harm.”



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Half of British adults gambled in last month – survey

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on

Half of British adults gambled in last month – survey



Almost half of adults (48%) in Great Britain have gambled in the last four weeks, according to an annual survey by the industry regulator.

Some 2.7% of adults scored “8+” on the Problem Gambling Severity Index (PGSI) in 2024 – up from 2.5% the previous year – which is “statistically stable” compared to the year before, the Gambling Commission found.

The headline figure of those who gambled over the last month – which is the same as the previous year – falls to 28% when those who had only bought tickets for a lottery draw were excluded.

Overall, some 42% of adults who gambled in the past 12 months rated the last time they gambled positively, compared to 21% who rated it negatively.

The chance of winning “big money” was the main reason why people gambled (85%), followed by finding gambling to be fun (72%).

Andrew Rhodes, chief executive of the Gambling Commission, said: “The Gambling Survey for Great Britain is a key building block of the evidence base which helps government, industry and other partners understand both gambling behaviour and potential consequences from gambling.

“This year’s findings deepen our understanding of consequences from gambling and provide crucial insight into risk profiles among those who gamble most frequently. We strongly encourage operators to use this evidence to consider the risks within their own customer bases.

Data and research, such as GSGB, is essential to helping us identify where our regulatory focus should be and informs our ongoing work to implement player protection recommendations from the Gambling Act Review White Paper.

“We have already introduced light-touch financial vulnerability checks on those spending £150 a month, reduced the intensity of all online games by banning autoplay and slowing game speed, and tightened age verification in premises.

“We’ve also banned potentially harmful marketing offers involving consumers having to carry out two or more types of gambling, such as betting and playing slots, and limited the number of times bonus funds must be re-staked before a consumer can withdraw winnings.

Will Prochaska, director of the Coalition to End Gambling Ads, said: “The Gambling Commission releases these statistics as if nothing is wrong. But there’s something very wrong when over a million people have a gambling problem and millions more are being harmed.

Families up and down the country are being torn apart to deliver profits for big gambling corporations. If we’re serious about addressing this crisis, we must start by banning gambling advertising.”



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