Exzeo Group, a subsidiary of HCI Group, set terms for its IPO and expects to raise as much as $177.83 mn if shares price at $21 and underwriters exercise their full option.
The company plans to sell 8 mn shares at $20–$22 each, with an additional 1.2 mn available to underwriters.
According to an amended SEC Form S-1 filed Oct. 16, Exzeo projects Q3 post-tax net income between $20.1 mn and $22.2 mn, compared to $5.3 mn a year ago.
Revenue is expected at $53.5 mn–$56.8 mn, nearly doubling from $29.1 mn in Q3 2024. Managed premiums likely reached $1.196 bn–$1.21 bn, more than twice last year’s $496.3 mn.
Exzeo is a technology platform enabling insurers focused on the property and casualty insurance industry to capitalize on the power of data and leverage those insights to make better underwriting decisions.
The company attributed growth in underwriting and management revenue to new customers and expansion within its existing base. Higher catastrophe claims service fees also drove claims services revenue, while technology services revenue stayed largely flat.
Paresh Patel will remain chairman and CEO of both HCI and Exzeo, serving as the sole overlapping executive. Kevin Mitchell continues as president.
Following the IPO, HCI will hold about 81.5% of Exzeo’s common stock, or 75 mn shares if the underwriters’ option is exercised.
Exzeo acknowledged it qualifies for NYSE’s “controlled company” exemptions but said it does not plan to use them. With majority control, HCI will retain the ability to decide shareholder matters, including board elections.
The company positions itself as an end-to-end insurance management technology provider, seeking to capture part of the U.S. property and casualty insurance sector’s multibillion-dollar spend on efficiency and underwriting tools.
The offering marks a bid to scale its technology footprint while capitalizing on accelerating demand for insurance modernization.
Exzeo, founded in 2012 as HCI Group’s tech arm, built platforms like AtlasViewer, Harmony, Mercury and expanded into flood, homeowners, and condo insurance.
- 2012 – Exzeo launched by HCI Group as its internal technology and innovation division.
- 2014 – Released AtlasViewer, a mapping and data visualization platform.
- 2015 – Rolled out Casaclue, an intelligent data repository, and ClaimColony, a claims management platform.
- 2016 – Entered the product market with the launch of flood insurance.
- 2017 – Introduced Harmony, a full policy administration platform.
- 2018 – Expanded into insurance with a second product: homeowners coverage in Florida.
- 2022 – Deployed Mercury, an integrated workflow solution, and JustEZ, a mobile app for claims adjusters.
- 2024 – Launched ExaHub, a centralized data platform, and introduced a third insurance product: commercial residential condominium insurance.
From internal incubator to a full-stack insurance technology provider, Exzeo has consistently built tools that blend operational efficiency with scalable insurance offerings.
