Exzeo Group (XZO), a property and casualty insurance platform operator, priced its IPO at $21 – the mid-point of its $20.00-to-$22.00 range – and sold 8 million shares – the number in the prospectus – to raise $168 million on Tuesday night, Nov. 4, 2025. Exzeo’s stock is expected to start trading tomorrow – Wednesday, Nov. 5, 2025 – on the New York Stock Exchange. At pricing, Exzeo had a market cap of about $1.91 billion.
Truist Securities, Citizens JMP and William Blair served as the joint book-runners.
Exzeo Group, based in Tampa, Florida, went public through a carve-out from the HCI Group (HCI), according to the prospectus. Exzeo was established in 2012 as the technology and innovation division of HCI.
“We provide P&C (property and casualty insurance) carriers and their agents with insurance technology solutions through our Exzeo Platform,” the prospectus said. “The platform offers nine software and data analytics applications for functions that include insurance quotes and underwriting as well as claim management, data and analytics and other functions.”
The company is profitable: Net income of $56.57 million on revenue of $182.14 million for the 12 months that ended on June 30, 2025, according to financial statements in the prospectus.
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