Exzeo Group, Inc., a cloud-native software company serving the property and casualty insurance industry, has filed to go public on the New York Stock Exchange under the ticker XZO. The company is offering 8,000,000 shares at an estimated price range of $20.00 - $22.00 per share, with underwriters holding an option for 1.2 million additional shares. At the midpoint ($21.00), the offering would raise about $168.0 million in gross proceeds, or $193.2 million if the underwriters exercise their option in full. Following the IPO, Exzeo will have approximately 90.8 million shares outstanding, giving the company a post-offer market capitalization of $1.91 billion. The deal is being led by Truist Securities, Citizens Capital Markets and William Blair.
Exzeo is currently majority-owned by HCI Group, Inc. (NYSE: HCI), which will retain ownership of 75 million shares, or about 81.5% of Exzeo’s outstanding stock after the IPO if the underwriters’ option is fully exercised. This means HCI will continue to control the outcome of all major corporate actions requiring shareholder approval, including the election of directors. While Exzeo qualifies as a “controlled company” under NYSE rules, management has stated it does not intend to rely on exemptions to governance requirements. HCI’s backing underscores long-term alignment, but also signals that outside investors will be minority holders in the newly public company.
The company’s platform provides insurers with scalable tools for policy administration, claims, underwriting, and analytics, designed to accelerate customer growth while reducing costs. The proceeds from the offering are expected to be used for working capital, software and technology R&D, and operating expenses, with flexibility for potential acquisitions or strategic investments. Management notes that demand for insurance modernization continues to expand, providing strong industry tailwinds.
Exzeo grew revenues from $45.6 million in 2022 to $133.9 million in 2024, a compound annual growth rate of over 60% in the most recent year, while turning consistent profits. Net income improved from a loss of $42.0 million in 2022 to $26.1 million in 2024, with first-half 2025 already delivering $39.6 million in profit. This track record demonstrates both growth and operational discipline.
Exzeo’s IPO comes at a time when insurers face pressure to modernize legacy systems and improve efficiency. The company’s growth strategy is built around scaling its platform into new states, enabling clients to expand lines of business, and deepening integration into core insurance workflows. With its proven ability to grow revenue while remaining profitable—and with the continued majority ownership of HCI Group—Exzeo is positioning itself as a key player in the insurance technology transformation.
Exzeo is expected to trade on November 5th, 2025.