Exzeo Group, Inc. (XZO) Business

Item 1. Business.

Company Overview

We provide turnkey insurance technology and operations solutions to P&C insurance carriers and their agents through a proprietary platform of purpose‑built software and data analytics applications. Our Exzeo Platform consists of a suite of configurable applications designed to support the core operational and administrative functions required by P&C carriers, including quoting and underwriting, policy administration, claims management, data reporting, and financial reporting.

The Exzeo Platform enables us to deliver technology based solutions that streamline and automate the interaction between carriers, agents, and policyholders. Our applications are designed to improve workflow efficiency, support underwriting discipline, enhance operational visibility, and enable customers to scale their businesses without significant upfront technology investment.

We generate revenue from underwriting and management services, claim services, and other technology services that are provided through and powered by the Exzeo Platform. We provide our solutions and technologies to customers under contracts with a variable fee structure that is typically based on a percentage of insurance premium managed or transaction activity through the Exzeo Platform. This fee structure is designed to allow customers to scale while optimizing for operational efficiencies and without significant up‑front technology expenditures.

We currently hold insurance agency or MGA licenses in the states necessary to support our customer base as well as in certain additional states where we maintain licenses in anticipation of future customer needs. Through the Exzeo Platform, we provide services in the following states where our customers have active operations: Florida, Connecticut, Georgia, Massachusetts, Montana, North Carolina, New Jersey, New Mexico, Nevada, Rhode Island, South Carolina, South Dakota, and Utah. We intend to continue expanding our operations and obtain additional licenses as appropriate based on the growth plans of existing customers and the geographic needs of new customers with which we engage.

On July 1, 2024, we sold our wholly owned insurance carrier subsidiary, TTIC, to HCI in a transaction under common control. Following this transaction, we are focused on providing insurance technology and operations solutions; TTIC’s historical results are reflected as discontinued operations in our Consolidated Financial Statements.

Our Platform and Solutions

The Exzeo Platform is a proprietary software, analytics, and visualization tools platform that can support, enhance, and/or replace legacy operational systems that are common across the insurance industry and are often inefficient or fragmented. Through the Exzeo Platform, we have created and refined several out‑of‑the‑box software offerings that can be tailored to a customer’s specific insurance portfolio and operational needs. The Exzeo Platform accumulates, verifies, and analyzes proprietary and third‑party data within its data warehouse to support timely and informed insurance decisions, including decisions that can be made without human underwriting input. The Exzeo Platform is designed to be highly scalable and to optimize the performance of companies that operate in the insurance markets to the benefit of policyholders, capital providers, and other participants in the P&C insurance value chain.

The Exzeo Platform has three core components: advanced underwriting solutions, data analytics solutions, and insurance management solutions.

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Advanced Underwriting Solutions – We design and deploy underwriting analytics, pricing tools, and rules-based decision engines that leverage curated datasets, third party data sources, and customer specific underwriting guidelines. These solutions are designed to support risk selection, pricing accuracy and portfolio management.

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Data Analytics Solutions – Our data analytics solutions transform structured and unstructured data into actionable insights through dashboards, reporting tools and analytics models. These support underwriting, claims management and operational oversight, and regulatory reporting.

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Insurance Management Solutions – Through the Exzeo Platform, the Company provides front-end insurance operations, including policy issuance and renewal, endorsements, underwriting support, policy administration, and claims management. These services are offered through an integrated suite of applications delivered as a unified solution through the Exzeo Platform.

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Revenue Model

We have an innovative revenue model that we believe enables customers to fundamentally imagine their investments in technology. We offer a differentiated platform designed to achieve two paramount objectives:

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Delivering a comprehensive suite of products that supports the full underwriting infrastructure, and

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Providing a technology solution purpose-built to drive enhanced underwriting performance for its customers.

The Exzeo Platform is structured primarily as a variable‑cost model to our customers, wherein insurance companies are charged based on the volume of premium managed through the platform. Upfront expenditures by customers to begin utilizing the platform are minimal, enabling carriers to adopt the solution with limited initial financial burden.

We believe that this model inherently aligns our incentives with those of our customers. We are motivated to support customers in optimizing profitability within their existing premium portfolios while facilitating growth in the most profitable lines of business. Consequently, we believe that our success is directly and meaningfully aligned with the success of our customers.

Industry Overview

Overview of the P&C Insurance Industry

The P&C insurance industry is large, fragmented, highly regulated, and complex. P&C insurance protects policyholders against a range of losses on items of value, including homes, commercial property and vehicles, as well as from unforeseen events including natural disaster, litigation, and bodily injury. P&C insurance is pervasive and purchased by nearly all businesses and individuals. While some forms of P&C insurance are optional, others such as homeowners’ insurance, are often obligatory (e.g. required by mortgage financing). The P&C insurance industry is highly competitive, and carriers compete primarily on product differentiation, pricing options, customer service and experience, marketing and advertising, affiliate programs and channel strategies.

Effective policy management by P&C insurance companies requires information and insurance technology systems that integrate with other internal systems and can control workflow, enable extensive configurability and provide visibility to users. Additionally, stringent archiving and audit requirements, along with frequent changes in underwriting, reporting and regulatory policy, have imposed a significant burden on systems and staff, which struggle to adequately support such requirements in technology environments dominated by legacy systems.

Increasing Demand for IaaS

Carriers invest substantial time and resources to develop and maintain their technology assets. We believe reliance on legacy systems, often on-premises, limits carriers’ ability to respond to many of the significant challenges facing the P&C insurance industry, including:

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Heightened end-user expectations. Today’s policyholders and other end-users expect seamless and tailored experiences with every interaction, which has led to the increase in demand for digital distribution and servicing capabilities. For instance, personal and commercial insurance end-users expect improved digital experiences with real time multi-channel service.

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Increased competition in the marketplace. Carriers are diversifying into new geographies and lines of business to drive profitable growth in direct written premiums. In response to escalating competition, carriers are seeking new technology solutions to increase speed to market, improve the underwriting process and reduce operating expenses.

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New and evolving risks. Carriers are under pressure to offer new and more complex insurance products to address evolving use cases. Emerging risk categories, such as climate change, political risks and cybersecurity, are creating demand for new insurance products. These new and evolving risks require carriers to be increasingly agile in their product development.

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Increased number of catastrophic events. Natural disasters with large scale catastrophic losses have become more frequent. More than ever, carriers need access to accurate, complete and large datasets about risk to accurately underwrite.

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The rise of the large-scale data analytics. Carriers have predominately relied on traditional data sources for underwriting, pricing and claims handling. The rise of large-scale data analytics, such as centralized data warehouses containing diverse datasets, is significantly increasing the amount of data available to carriers, enabling carriers to assess risk on a more granular level, identify losses faster, simplify claims processing and mitigate fraud. Taking advantage of the new volumes of data requires open and flexible core systems that allow carriers to move more quickly and make data-driven decisions.

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Emerging capabilities and advancing technologies. Carriers can better analyze risk through enhanced pricing models, artificial intelligence and machine learning technology. These emerging technologies offer carriers the opportunity to better understand and price risk in real time and a potential competitive advantage to realize the value from data science research. As a result, carriers are more aggressively investing in technology to keep up with innovations and integrations.

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Digitization of insurance. In the property insurance sub-sector, processing a single event such as a claim can require numerous transactions, involving consumers, lenders, contractors, adjustors, litigation and others. The complexity seen in one property claim grows exponentially more difficult to manage at scale, and complexity is continuing to increase across the P&C insurance economy. Seamless integrations that enable information sharing across technology systems which cover the full suite of insurance carrier operations are now more important than ever.

These challenges are placing increased pressure on carriers to improve consumer experience, business agility and speed to market. However, many carriers rely on legacy systems that are difficult to change, update or integrate without significant cost.

We believe that carriers will increasingly look to adopt IaaS solutions, like the Exzeo Platform, that maximize efficiency of their systems, optimize underwriting outcomes and reduce operating expenses, while ultimately serving their customers more effectively.

Solutions Overview

The Exzeo Platform includes the above-described three core components that collectively address all critical functions of P&C insurance carrier operations, including quoting and underwriting, policy administration, claims management, data analytics, reporting, and financial management.

We generate revenue from three primary sources that each utilize multiple components of the Exzeo Platform: underwriting and management services, claim services, and other technology services. Underwriting and management services include policy issuance and renewal, reinsurance placement, and administrative support, with fees tied to a percentage of premiums written or assumed, plus related policy fees. Claim services involve investigating, adjusting, and settling claims, including catastrophe-related claims, with pricing based on fees per claim or a percentage of covered losses. Other technology services are primarily derived from proprietary software solutions offered through SaaS, service agreements, with fees based on policy or claim volumes, fixed charges, or percentages of claims handled.

Below is a summary of Exzeo’s solutions and services delivered through the Exzeo Platform:

Underwriting and Management Services

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CasaClue – Intelligent data repository with the ability to transform data from multiple sources to enable precise risk selection.

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Harmony – Comprehensive policy administration platform that streamlines the entire policy lifecycle, from quoting to binding, while offering advanced underwriting capabilities. Its intuitive design enhances user experiences, ensuring a seamless and efficient workflow.

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AtlasViewer – A mapping and data visualization platform that integrates location-based data from multiple sources, providing users with a comprehensive and tailored view of risk. By transforming data into actionable insights, AtlasViewer helps drive smarter business decisions.

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Mercury – Integrated workflow solution designed to ensure uniform routing and seamless policy change tracking, thereby enhancing efficiency, maintaining consistency and staying compliant with automated processes.

Claims Services

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ClaimColony – End-to-end claims management platform used by carriers, third-party administrators, independent adjusters and insurance litigation services.

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AtlasViewer – A tool providing a unique, visual way to look at claims and manage the claims lifecycle, driving better efficiency and improving operational outcomes.

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JustEZ – The JustEZ app helps sync inspections from various carriers, schedule appointments, sync photos to cloud and write scoping reports. JustEZ is built to help adjusters do more inspections better.

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Other Technology Services

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AtlasViewer – Application that simplifies secure data sharing with stakeholders, enhancing transparency and communication. It has powerful mapping and visualization tools that provide real-time insights and enable better decision-making.

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Exahub – Centralized data platform built to efficiently store and manage complex, diverse datasets. Designed for seamless large-scale data analytics, enterprise data warehousing, and cloud-based solutions, Exahub ensures scalability, speed and reliability for data-driven decision-making.

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ExzeoIQ – Provides transparent reporting for customers including month end financials, data calls, exposure management, and overall risk management.

Our Growth Strategy

Based on the use of the Exzeo Platform and the performance and growth of our current customers to date, we intend to pursue multiple opportunities to expand our customer base and grow managed premium for current and future customers. The following are the key elements of our growth strategy:

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Improve customer margins: The P&C insurance industry is a results-driven industry where the success of insurers is measured by their ability to produce solid underwriting results. We intend to work with our existing customers to enable them to continue to profitably grow their premium over time and to work with new carriers to profitably grow their business with the use of the Exzeo Platform and our solutions.

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Expand customer base: In addition to working with existing customers to expand their business, we intend to develop new customer partnerships with additional carriers and their agents by introducing them to the advantage of our technology and variable fee structure. A key component of our growth strategy is to broaden our customer base beyond affiliates of HCI and reduce our reliance on a concentrated group of customers over time, with an initial near-term focus on targeting de novo (i.e., newly formed) insurance companies and mid-sized homeowners’ insurance writers that do not want to incur large upfront technology costs.

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Facilitate the rapid growth of our customers: Insurance companies have different approaches to growth due to capital flexibility, market opportunity, and other factors. We give customers flexibility to pursue their growth objectives including quickly capitalizing on growth opportunities in a cost-efficient manner, while giving them the tools to make sound underwriting decisions. We intend to work with customers to facilitate rapid growth through the use and advantages of our platform.

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Allow customers to grow into new states: We allow customers to grow in their existing markets but also expand their geographic footprint. We will work with existing and new customers on our platform to execute on expansion into new states and across the nation and to realize their growth objectives.

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Allow customers to enter new lines of business: Our technology is also customizable to meet the demands of customers to expand into new product lines. And to the benefit of the customer, our variable-fee structure means that customers can grow new product lines at a pace that meets both their growth and profitability targets. We intend to work with customers to explore and expand into new lines to facilitate their growth.

We recognize the need for an expanded sales and marketing team as revenue and customer profile expand. We intend to invest in and grow our current sales and marketing team to support our future customer growth and diversification. Management will provide strategic direction as we add additional team members in order to seek out new customer partnerships.

Competitive Environment

The market for insurance services and technology solutions focused on the P&C industry is competitive and fragmented. We compete with a wide range of entities, including established enterprise software vendors, specialized InsurTech companies, legacy insurance technology providers, and in some cases, internal development teams within insurance carriers. We believe that the drive toward digital modernization in the insurance industry is fueling strong competition across every stage of the insurance value chain. We believe Exzeo is well-positioned to differentiate itself among competitors, given its unique and tailored platform and the success of its customers.

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We view our competitors as falling into three categories: (1) insurance technology providers, (2) underwriting services providers and (3) insurance data providers.

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Insurance technology providers include companies that provide web-based core insurance technology platforms, centered on policy management systems. Like Exzeo, these competitors seek to provide stable technology infrastructure that carriers use as the backbone of their internal operations.

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Underwriting service providers include managing general underwriters (MGUs) and program administrators that underwrite, price and manage insurance policies for carriers. Like Exzeo, these competitors seek to enable carriers to distinguish profitable from unprofitable policies and to manage aggregate exposures.

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Insurance data providers include companies that curate third party and proprietary data for use in underwriting and pricing decisions by carriers. Like Exzeo, these competitors seek to provide accurate and detailed data that form the basis for decision making.

Despite these competitive pressures, we believe our proprietary platform, deep industry expertise, and integrated approach provide significant differentiation. Our industry-specific applications are designed to work together seamlessly, delivering operational efficiency, improved data-driven decision-making, and faster time to market for our customers. However, our competitors may possess greater name recognition, larger sales forces, longer operating histories, and greater financial and technical resources, which may enable them to innovate more rapidly or offer more aggressive pricing or bundling strategies.

Related Party Arrangements

A significant portion of our revenue is generated from services provided to insurance entities affiliated with HCI under various service arrangements. We believe these relationships have supported the scale and development of the Exzeo Platform and our operating capabilities. Refer to Note 6. Related Party Transactions to our Consolidated Financial Statements included elsewhere in the Annual Report on Form 10-K.

We have historically grown by supporting the needs of affiliated insurance entities and selectively pursuing additional third-party carrier relationships. Customer onboarding generally involves configuring platform modules and integrating data and workflows to align with the customer’s underwriting guidelines, policy lifecycle processes, and reporting requirements.

Human Capital Management

As of December 31, 2025, we employed approximately 354 full‑time employees, the majority of whom are based in the United States. We also engage contractors, vendors, and consultants to support our operations. Our business performance depends in part on the contributions of our employees across functional areas and locations, including Tampa, Florida, Ocala, Florida and Noida, India.

We seek to attract and retain qualified employees by offering competitive compensation, maintaining a professional and inclusive work environment, and providing opportunities for skill development and career progression. None of our employees are represented by a labor union or covered by a collective bargaining agreement, and we believe our employee relations are constructive.

Work Environment

We maintain policies and procedures intended to promote a respectful workplace, including a harassment prevention policy that outlines reporting mechanisms, investigation processes, and prohibitions against retaliation. Harassment prevention training is required for all employees.

We offer competitive compensation and a benefits program intended to support employee health and financial security, including health coverage options, a 401(k) plan that includes and company match, and employer-paid short-term and long-term disability insurance. We also grant restricted stock and stock options to certain employees to align employee interests with those of our shareholders.

Diversity and Inclusion

We believe that a workforce with varied backgrounds and experiences contributes to organizational effectiveness. Our workforce reflects a range of backgrounds, experiences, and professional expertise. We prohibit discrimination based on legally protected characteristics and seek to maintain an environment that supports respectful communication and collaboration.

Health, Wellness, and Engagement

We consider employee health, safety, and engagement to be important to our operations. We periodically review our policies and programs related to employee wellness, safety, and professional development. These programs include benefits and wellness offerings intended to support employee engagement and retention.

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We support professional development through training opportunities, including virtual skill-building workshops and growth opportunities for employees in remote or hybrid roles. We utilize a structured in-person collaboration model, under which employees are expected to work onsite on designated collaboration days to support teamwork, communication, and operational effectiveness.

Intellectual Property

The insurance technology and software industry is characterized by the existence of a large number of patents and frequent claims and related litigation regarding patent and other intellectual property rights. Our success and ability to compete depend in part upon our ability to protect our proprietary technology, to establish and adequately protect our intellectual property rights, and to protect against third-party claims and litigation related to intellectual property. To accomplish these objectives, we rely on a combination of trademark, copyright, and trade secret laws in the United States and other jurisdictions, as well as contractual protections.

We also rely on several registered and unregistered trademarks, as well as pending applications for such registrations, in order to protect our brand both in the United States and internationally. We have registered the trademark "EXZEO" and related design marks in the United States and other jurisdictions.

We also seek to protect our intellectual property rights by entering into confidentiality and invention assignment agreements with our employees and contractors, as well as confidentiality agreements with third parties.

Research and Development

We continuously engage in research and development activities aimed at enhancing the components of the Exzeo Platform and the services and solutions that we offer through the Platform. Our research and development efforts focus on the complex requirements of P&C insurers with particular emphasis on capabilities, operational efficiency, data analytics, security, and privacy in the cloud. These efforts are intended to help our customers improve their operations, efficiency, and underwriting and claims management activities.

Seasonality

Our results may be affected by seasonality and weather-related claim activity, including periods of elevated catastrophe activity that can increase claims-related service demand. While catastrophe related claim expenses are largely pass-through in nature, increased claim volumes may affect the timing and level of service revenue. The extent of seasonality, if any, may vary based on geographic concentration and the timing of policies written.

Government Regulations

Our business is subject to federal and state insurances regulations, including those applicable to MGA activities, data privacy, cybersecurity and claims administration. Regulatory developments may increase compliance costs or affect operational flexibility. Our internal operations, including India, also subject us to additional regulatory considerations.

Corporate Information

Exzeo Group, Inc. was incorporated in the State of Florida on July 21, 2020 as TypTap Insurance Group, Inc. In February 2025, we changed our name to Exzeo Group, Inc. Our principal executive offices are located at 1000 Century Park Drive, Tampa, Florida 33607, and our telephone number is (813) 776-1000. Our corporate website is www.exzeo.com.

Exzeo was originally established in 2012 as the technology and innovation division of HCI. We are now a majority owned subsidiary of HCI, a publicly traded Florida corporation listed on the NYSE under the symbol "HCI" with operations in homeowners' insurance, reinsurance, real estate, and information technology. Although HCI continues to hold a majority of our outstanding common stock, Exzeo operates as an independent public company following our listing on the NYSE.

Exzeo Group, Inc. conducts its operations through several wholly owned subsidiaries, including EIS, a Florida Corporation that provides claims processing, policyholder services, and marketing. We also operate Exzeo USA, a Florida Corporation focused on developing software products designed to modernize the insurance industry, and Cypress Tech Development Company, Inc., a Florida Corporation that owns Exzeo Software Private Limited, our technology development subsidiary domiciled in India.

Available Information

We make available our filings with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and any amendments to such reports, free of charge through our investor relations website as soon as reasonably practicable after filing.

We are not including the information provided on our website as a part of, or incorporating it by reference into, this Annual Report on Form 10-K.

Our common stock is listed on the NYSE under the symbol "XZO."