Another Florida-based insurance-related company has announced it is going public.
Exzeo Group, a technology subsidiary of Tampa-based HCI Group, parent of Homeowners Choice Property & Casualty Insurance Co., filed an initial public offering registration on Thursday. That makes the third Florida insurance firm this year to announce plans to go public, including Neptune Insurance Holdings, Slide Insurance, and American Integrity Insurance Group, all of which are based in the Tampa area.
The number of shares to be offered by Exzeo and the price range have not yet been determined, HCI said in a press release. The release and the filing with federal regulators did not provide a date for the proposed offering.
Exzeo, born in 2012, is one of eight subsidiaries under the HCI umbrella. Homeowners’ Choice is one of the larger property insurers in Florida, with some 136,465 policies in force in the state in Q1 this year.
Exzeo said it provides a range of software products for carriers and agents, including systems for quoting, binding and underwriting; policy management; claims processing; and financial reporting.
The firm’s S-1 filing with the U.S. Securities and Exchange Commission, posted Thursday, notes that Exzeo’s “Insurance-as-a-Service (IaaS) platform, which we refer to as the ‘Exzeo Platform,’ currently includes nine highly configurable software and data analytics applications that are purpose-built to serve insurance companies and other customers in the insurance value chain.”
The company reported revenue of $134 million in 2024 – almost triple what it reported in 2022, according to the filing. Profits last year topped $53 million, up sharply from a net loss in 2022.
The filing also showed executive compensation, an item that became something of a flashpoint for Florida insurance consumers after Slide’s leadership pay was revealed in its IPO registration filing in June. The Exzeo S-1 shows that CEO Parish Patel, who also is CEO of HCI Group, took home $475,000 in salary from Exzeo in 2024, with no bonuses or stock awards. (Patel stands to earn some $20 million over the next few years as head of HCI Group if the company meets certain benchmarks, he has said.)
Exzeo President Kevin Mitchell was compensated with $1.15 million in salary, stock options and bonus in 2024, the SEC filing indicates.
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