Exzeo launches initial public offering

HCI Group announced that its majority owned subsidiary, Exzeo, has launched its initial public offering pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission.

Exzeo is offering 8,000,000 shares of its common stock in the IPO. All shares being offered are primary shares, and HCI Group will retain majority ownership following the IPO. Exzeo intends to grant the underwriters a 30-day option to purchase up to an additional 1,200,000 common shares at the IPO price, less underwriting discounts and commissions.

The IPO price is currently expected to be between $20 and $22 per share, implying a valuation target of up to $2 billion. Exzeo has applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.

Exzeo was established in 2012 as the technology and innovation division of HCI Group, an underwriter of homeowners insurance in Florida and 12 other states. Exzeo provides insurance technology and operations solutions to insurance carriers and their agents. The Exzeo platform currently includes nine configurable software and data analytics applications that are purpose-built to serve the insurance value chain. The company generates revenue from underwriting and management services, claim services, and other technology services.