Insurtech company Exzeo Group raises $168m via IPO

Core Insights - Exzeo Group, an insurtech company, successfully raised $168 million through its IPO, selling eight million shares at $21 each, the midpoint of its targeted range [1][2] - The company's shares began trading flat on the NYSE, valuing Exzeo at approximately $1.91 billion, contrasting with the strong performance of other recent insurance sector IPOs [2] - Exzeo's majority shareholder, HCI Group, retains an 81.5% stake post-IPO, with Truist Securities as the lead bookrunner [3] Company Overview - Founded in 2012, Exzeo develops software and analytical solutions for the property and casualty insurance industry, focusing on homeowner's insurance [5] - The platform supports various functions including underwriting, policy administration, claims management, analytics, and financial reporting [5] Financial Performance - For the first half of the year, Exzeo reported a net income of $39.6 million on revenue of $108.5 million, a significant increase from a net income of $9.1 million on revenue of $60.3 million in the same period the previous year [6]