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 analytics applications.

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

• Holds insurance agency or MGA licenses in 29 states, currently serving 13 states, with plans for nationwide expansion.

• Majority of revenue to date is from affiliates of HCI Group, Inc., which will retain majority ownership post-IPO.

• The Exzeo Platform supports over $1.2 billion in in-force premium and is designed to replace legacy systems, offering advanced underwriting, data analytics, and insurance management solutions.

Financial performance and metrics

• Revenue for the six months ended June 30, 2025 was $108.5 million, up 79.9% from $60.3 million in the prior year period.

• Net income for the same period was $39.6 million, up 323% from $9.1 million.

• Adjusted EBITDA for the six months ended June 30, 2025 was $54.8 million, with an adjusted EBITDA margin of 53.5%.

• For the year ended December 31, 2024, revenue was $133.9 million, net income $26.1 million, and adjusted EBITDA $44.0 million.

• Cash and cash equivalents as of June 30, 2025 were $110.7 million; net cash from operating activities for the first half of 2025 was $57.5 million.

Use of proceeds and capital allocation

• Estimated net proceeds of $154.39 million (or $177.83 million if underwriters' option is exercised in full) at a $21.00 per share IPO price.

• Proceeds will be used for general corporate purposes, including working capital, R&D, operating expenses, and capital expenditures; potential for acquisitions or investments, though none are currently planned.

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