Exzeo Group (XZO) Registration Filing summary

Company overview and business model

• Provides turnkey insurance technology and operations solutions for P&C insurance carriers and agents via a proprietary Insurance-as-a-Service (IaaS) platform with nine configurable software and data analytics applications.

• Revenue is generated from underwriting/management services, claim services, and technology services, typically under variable fee contracts based on a percentage of managed premium.

• Initially focused on HCI Group affiliates, with plans to expand to new customers and geographies; currently licensed in 29 states and operating in 13.

• The Exzeo Platform supports quoting, underwriting, policy management, claims, data reporting, and financial reporting, aiming to streamline and automate insurance operations.

• Technology is 100% internally developed, with a team of 175+ developers and data scientists, and supports over $1.2 billion in managed premium.

Financial performance and metrics

• Revenue for the six months ended June 30, 2025: $108.5M (up 79.9% YoY); 2024: $133.9M (up 51.6% YoY); 2023: $88.3M (up 93.6% YoY).

• Gross profit for the six months ended June 30, 2025: $62.4M (57.5% margin); 2024: $53.2M (39.7% margin).

• Adjusted EBITDA for the six months ended June 30, 2025: $54.8M (53.5% margin); 2024: $44.0M (36.6% margin).

• Net income for the six months ended June 30, 2025: $39.6M; 2024: $26.1M; 2023: $12.9M.

• Cash and cash equivalents as of June 30, 2025: $110.7M; working capital: $44.5M.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes, including working capital, software development, operating expenses, and capital expenditures.

• May use a portion of proceeds for acquisitions or investments in businesses or technologies, but no current agreements or commitments.

• Pending use, proceeds will be invested in short- and intermediate-term interest-bearing obligations.