Property and Casualty Insurance Analysis Platform Exzeo (XZO.US) IPO priced at $21, experiences debut day post-market price drop.

The property and casualty insurance and analytics platform Exzeo Group, spun off from HCI Group, issued 8 million shares at a price of $21 per share (the midpoint of the $20 to $22 range), raising $168 million. Based on the pricing, Exzeo's fully diluted market value is $2 billion. On its first day of trading, Exzeo Group closed down 2.38%, at $20.51. Exzeo provides insurance technology solutions for property and casualty underwriters and their agents through its proprietary Exzeo platform. The platform currently includes 9 software and data analytics applications that support functions such as quoting and underwriting, policy management, claims management, data and analytics, reporting, and financial management. Exzeo currently serves customers in 13 states, despite holding insurance agency or managing general agent licenses in 29 states. Its solutions support the management of over $1.2 billion in premium. Founded in 2012, Exzeo had revenues of $182 million for the 12 months ending on June 30, 2025. The company plans to list on the New York Stock Exchange under the ticker symbol XZO. Exzeo Group submitted a confidential application on August 6, 2025. Truist Securities, Citizens JMP, and William Blair are the joint book-running managers for this transaction.