HCI Group has announced that its insurtech subsidiary TypTap Insurance Group has confidentially submitted a draft registration for the proposed US initial public offering.
The size and price of the offering have not been determined yet.
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By GlobalDataIt is expected to begin after the US Securities and Exchange Commission’s (SEC) review process is complete.
The offering is also subject to market and other conditions and the draft submission.
Earlier this year, a fund affiliated with Centerbridge Partners invested $100m in TypTap Insurance Group.
The investment marked around 11.75% of TypTap and gave it a post-money valuation of around $850m.
Founded in 2016, the insurtech provides homeowners and flood insurance in the US by leveraging technology, data, and data analytics.
TypTap uses its proprietary, online platform to quote and bind policies. It is said that its algorithms, enabled by artificial intelligence, are designed to identify policies that deliver profitable results while mitigating risk.
Several other insurtech startups such as Lemonade, Metromile, and Hippo have gone public recently.
Recently, two Indian firms, Policybazaar and Star Health also filed for initial public offering.
In May, it was reported Brazilian state bank Caixa Economica Federal is set to raise around $917m by divesting part of its stake in the IPO of the insurance holding Caixa Seguridade.
