Exzeo Group, a property and casualty underwriting and analytics platform being carved out of HCI Group, raised $168 million by offering 8 million shares at $21, the midpoint of the range of $20 to $22. At pricing, Exzeo commands a fully diluted market value of $2.0 billion.
Exzeo provides insurance technology solutions for property and casualty carriers and their agents through its proprietary Exzeo Platform, which currently includes nine software and data analytics applications that support functions such as quoting and underwriting, policy administration, claims management, data and analytics, reporting, and financial management. Exzeo currently serves customers in 13 states, though it holds insurance agency or managing general agent licenses in 29 states, and its solutions support the management of over $1.2 billion of in-force premiums.
Exzeo Group plans to list on the NYSE under the symbol XZO. Truist Securities, Citizens JMP, and William Blair acted as joint bookrunners on the deal.
