** Neptune Insurance NP.N shares down 8.1% to $28.18 on Tues after secondary offering news

** Florida-based flood insurer late Mon launched offering of ~8.4 mln shares by existing holders

** Also, NP intends to repurchase 835,561 of offering shares from the underwriters

** Morgan Stanley lead bookrunner, joined by JP Morgan and Goldman Sachs as active bookrunners, according to the release

** NP debuted on Oct 1 after co and shareholders 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"

** TD Cowen said in a research note last week it expects future details to benefit NP and the private flood market

** 8 of 12 brokerages rate NP stock "buy", 4 rate "hold"; median PT $30.50, per LSEG data