Exzeo provides insurance technology and operations software to property and casualty (P&C) insurance carriers. Carriers use the Exzeo platform to run core insurance operations — quoting, underwriting, policy administration, claims management, and financial reporting — without building their own technology infrastructure. Exzeo was originally built as the technology arm of HCI, a Florida homeowners' insurer, and HCI remains the majority owner. Exzeo went public in 2024 and is now expanding beyond HCI-affiliated entities, having onboarded three non-HCI carriers as of early 2026, including Tokio Marine Highland for flood insurance administration. Exzeo charges primarily as a percentage of insurance premium managed through its platform — called "managed premium" — meaning Exzeo's revenue grows as carriers on the platform write more premium. Revenue breaks into three streams: underwriting and management services (the largest, tied to managed premium), claims services (per-claim or percentage of covered losses), and other technology services (SaaS fees tied to policy or claim volumes). The model has high operating leverage, since the platform is already built and incremental managed premium from new or growing carriers adds little marginal cost. Exzeo collects cash upfront when carriers write policies but recognizes most revenue over the 12-month policy term, creating a positive working capital cycle. Managed premium stood at roughly $1.39B at year-end 2025. Exzeo's near-term priorities are expanding its third-party carrier base, adding new product lines, and growing geographically as customers enter new states.