Exzeo Group IPO: Insurance tech company debuts on NYSE

Early trading in shares of Exzeo Group, a technology platform for insurance underwriting and analytics, has started on Freedom Finance’s trading system. Later today, November 5, the stock will be listed on the New York Stock Exchange under the ticker XZO.

Exzeo Group raised $168 million in its IPO on the NYSE, offering 8 million shares at $21 per share, the midpoint of the originally announced range. Based on the price and deal size, the company is valued at about $1.91 billion, as Reuters reported.

Formerly known as TypTap Insurance, Exzeo had been preparing to go public since 2021 before postponing the plan in 2023. Its parent company, HCI Group, initially intended to spin off its insurance-technology business as a separate entity this year, but ultimately chose a direct listing through an IPO, according to Reuters.

The offering was arranged by Truist Securities, Citizens JMP, and William Blair.

Exzeo develops software, data-analytics, and automation tools for insurance companies, managing general agents, and brokers. Clients pay subscription fees for individual modules, along with one-time implementation and integration services.

Over more than a decade, diversified holding HCI Group built digital systems for its own underwriting, policy-administration, and claims operations. Those systems became the basis of Exzeo, which was spun off in 2025 to serve external clients, Capital.com notes. Its technology now supports more than $1.2 billion in managed premiums.

According to Exzeo’s registration documents, revenue for the 12 months ended September 30 is expected to total $162-165 million. After the IPO, HCI will retain about 75% of Exzeo, continuing to consolidate its financials while granting the new company operational autonomy.

According to Celent Research, the U.S. property-and-casualty insurance software market is worth roughly $20 billion annually, Capital.com reports. The ongoing transition from legacy systems to cloud-based solutions is expected to take several more years, giving Exzeo as formerly part of an insurance company a notable competitive edge, Capital.com writes.

The company has shown rapid revenue growth, high profitability, and solid free cash flow, but faces risks tied to customer concentration and a limited geographic footprint, Seeking Alpha IPO analyst Donovan Jones wrote. Even so, Jones expects strong institutional demand for the shares. The proceeds are to be directed toward expansion, research and development, and potential acquisitions.

Freedom Finance analyst Alem Bektemirov estimates Exzeo’s upside relative to the IPO price at 20-25%, noting that the main risks for the business include client losses or weak acquisition rates, as well as stiff competition in the market.

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Freedom clients will be able to trade Exzeo Group shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. Investors can participate by selecting the symbol XZO on the Freedom platform.

The AI translation of this story was reviewed by a human editor.