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HCI Group Inc. (HCI) announced that its majority-owned subsidiary Exzeo Group Inc. has launched an initial public offering of 8 million shares of common stock.
The IPO is priced between $20 and $22 per share, with all shares being primary offerings. HCI Group will maintain majority ownership of Exzeo following the public offering. Exzeo has granted underwriters a 30-day option to purchase up to an additional 1.2 million shares at the IPO price, minus underwriting discounts and commissions.
The company has applied to list its common stock on the New York Stock Exchange under the ticker symbol "XZO." Exzeo filed a registration statement on Form S-1 with the Securities and Exchange Commission, which is expected to become automatically effective on November 4, 2025, under Rule 473(b) of the Securities Act of 1933.
Truist Securities serves as lead left bookrunner for the offering. Citizens Capital Markets and William Blair act as joint active book-running managers, while Fifth Third Securities serves as co-manager.
According to the press release, Exzeo Group develops insurance technology that uses advanced underwriting algorithms and data analytics. The company provides technology solutions to property and casualty insurers for underwriting operations.
HCI Group operates as a holding company with two units: insurance operations including four insurance companies and a reinsurance company, and the Exzeo Group technology division. HCI Group’s shares trade on the New York Stock Exchange under ticker "HCI" and are included in the Russell 2000 and S&P SmallCap 600 indexes.