After a lull, the initial public offering market for insurance companies in Tampa Bay is back, in a big way.

Tampa’s American Integrity Insurance Group was the first area insurer to go public this year when it listed on the NYSE in May. That debut was quickly echoed by Tampa-based Slide Insurance Holdings in June and St. Petersburg-based Neptune Insurance Holdings, parent company of Neptune Flood, in early October. Also, late last month, insurance technology company Exzeo Group, a technology subsidiary of Tampa-based HCI group, filed an S-1 form with the U.S. Securities and Exchange Commission for an IPO. 

On a broader level, a September report from Stonybrook Capital, an M&A advisory firm focused on the insurance and reinsurance sector, predicts the uptick in insurance IPOs will increase along with investor demand for “stable, defensive sectors. … With CEO confidence rebounding, interest rates stabilizing and a backlog of IPO-ready insurers waiting for the right window, 2025 is already a breakout year for insurance issuance with more to come,” the report projects. 

A glance at the recent IPOs from insurance companies in the Tampa Bay market include: 

American Integrity Insurance GroupIPO date: May 8, 2025Stock symbol, exchange: AII, traded on the NYSEOpening share price: $16, raising about $110 millionTop executives: Robert Ritchie, founder and CEO; Jon Ritchie, president; Benjamin Lurie, CFO

Model: Since launching its IPO in May, Tampa-based American Integrity Insurance Group reports it has surpassed 400,000 policies in force. 

In a letter submitted to the SEC with the company’s IPO registration, CEO Robert Ritchie cited the volatility in Florida’s insurance market after the 2004 and 2005 hurricane seasons as the motivation behind his decision to launch the Florida-focused insurance company in 2006. According to the SEC filing, American Integrity hopes to use the money raised from its IPO to introduce new insurance products to customers, reduce reliance on reinsurance, and finance an expansion into Georgia and South Carolina.

According to filings with the SEC, American Integrity has 339,960 policies in force, $204 million in total revenue and a net income of $39 million. About 98% of its policies are within the state of Florida.

 

Slide Insurance Holdings Inc. IPO date: June 18Stock symbol, exchange: SLDE, traded on the NasdaqOpening share price: $17 per share, raising $408 millionTop executives: Bruce Lucas, founder, CEO and chairman; Shannon Lucas, co-founder, COO and chief risk officer; Jesse Schalk, president and CFO

Model: Slide Insurance exceeded its own expectations with its IPO, which was the largest public debut of any U.S. insurance company this year. 

The IPO was also a bit of redemption for for Slide CEO Bruce Lucas. He founded Tampa property insurer Heritage Insurance, which fell about $34 million short of its $100 million prospectus target when it launched its IPO in 2014. 

Slide has seen rapid growth since launching in 2022 and is now one of the largest private market carriers in Florida. It was also one of the biggest beneficiaries from take-out deals with Florida’s Citizens Property Insurance Corp, with more than half of its active policies acquired through the program, according to Slide’s IPO registration filings with the SEC. 

According to those filings, Slide had 348,000 policies in force by the end of March — roughly 135,500 of which came from Citizens — and its premium in force is more than $1.3 billion. 

Large-scale policy acquisitions from Citizens remains a key component of Slide’s plans for expansion, according to the SEC filings. Slide’s plans also include adding commercial residential and excess and surplus line businesses to its offerings. According to the SEC filings, the company closed on the sale of a Rhode Island subsidiary of Heritage Insurance that it plans to rebrand as Slide Specialty Insurance Co. and re-domicile in South Carolina. 

Slide touts AI-powered underwriting models the company says are more accurate at pricing property risks than the competition. 

Neptune Insurance Holdings IncIPO date: Oct. 1, 2025Stock symbol, exchange: NP, traded on the NYSEOpening share price: $22.50, raising $368.4 millionTop executives: Trevor Burgess, CEO; James Steiner, CFO, secretary and director; Matthew Duffy, president and chief risk officer of Neptune Flood

Model: Neptune has seen its stock prices soar since going public, with prices rallying to $28.37 per share as of market close Oct. 13, up 26% in two weeks. It had a market valuation of $3.91 billion. 

Neptune bills itself as the nation’s largest private flood insurer. While the federal government’s flood insurance program caps its coverage at $250,000 , Neptune says it provides up to $7 million in coverage. 

Instead of assessing a home’s flood risks based on its zip code or neighborhood, Neptune uses advanced technology and AI to collect actual data for individual properties, the company’s SEC filing for its IPO says. 

Under Burgess’ leadership, Neptune has grown revenue by 37% in the last 12 months, according to the prospectus — roughly $137 million. Neptune now holds more than 250,000 flood insurance policies throughout the U.S., representing more than $320 million in premiums. Officials say they hope a successful IPO will support its nationwide expansion, which has so far been fostered by marketing directly to homeowners. 

Exzeo Group IPO date: Not yet setStock symbol, exchange: XZO, NYSE (proposed.) Opening share price: Not yet set (seeks to raise $100 million.)Top executives: Paresh Patel, chairman and CEO; Kevin Mitchell, president; Shawn McVeigh, chief technology officer

Model: Exzeo Group Inc., a subsidiary of Tampa-based HCI Group, filed its initial public offering registration on Sept. 25. 

The number of shares to be offered and the price range for the proposed offering have not yet been determined, according to a statement from HCI. However, according to the company’s SEC filings, Exzeo Group hopes to raise up to $100 million to spin off from HCI and become an independent, publicly traded entity.

A date for the proposed public offering has not yet been set. 

Launched in 2012, Exzeo Group is one of eight subsidiary companies under HCI. Among them is Homeowners Choice Property & Casualty Insurance Co., one of the largest property insurers in Florida. 

According to the release, Exzeo Group is a leading provider in insurance technology for carriers and agents, providing a range of programs for quoting, underwriting, policy management, claims processing and financial reporting.