** Neptune Insurance NP.N shares down 2.7% at $27.18 on Thurs and dropping for third straight day after secondary offering priced

** Florida-based flood insurer late Weds announced ~9.84 mln shares at $27.50 for deal size of ~$270.6 mln

** As part of offering, NP intends to concurrently repurchase 984,140 shares from the underwriters at $26.40, the price paid by the underwriters to the selling holders

** Offering priced at 1.6% discount to stock's last close

** Private equity firms Bregal Sagemount and FTV Capital were the sellers, per the prospectus

** Morgan Stanley lead left bookrunner for offering, and JP Morgan and Goldman Sachs are active bookrunners, among others

** NP debuted on Oct 1 after co and some of its existing shareholders, including co-founder James Albert, sold shares in IPO priced at $20

** NP's stock last Thurs jumped ~22% to close at $30.47 after Federal Emergency Management Agency (FEMA) Review Council released a final report including proposed reforms to National Flood Insurance Program (NFIP), recommending a "comprehensive reform plan centered on a strategic shift toward a primary role for the private market"

** 7 of 11 analysts rate the stock "buy", 4 rate "hold"; median PT $30, per LSEG data