Exzeo logo is seen in this illustration taken October 21, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Insurance technology firm Exzeo Group's shares opened flat in their New York Stock Exchange debut on Wednesday, bucking the trend of strong listings in the insurance sector and valuing the company at nearly $1.91 billion.

Shares of the Tampa, Florida-based Exzeo opened at $21 apiece, at par with the offer price.

Exzeo had sold 8 million shares in an initial public offering on Tuesday at the midpoint of its target range of $20 to $22 per share, raising $168 million.

Exzeo's quiet debut comes despite several insurance firms receiving strong investor interest in their first day of trading this year, including Accelerant and Neptune Insurance.

U.S. IPO activity has rebounded after a slowdown triggered by President Donald Trump's shifting trade policies and broader market volatility, but a prolonged government shutdown has caused short-term delays in the IPO pipeline.

The U.S. Securities and Exchange Commission last month eased the way for companies to proceed with listings during the shutdown, allowing registration statements to become effective automatically if pricing is set 20 days before listing.

Exzeo, established in 2012, provides software and analytics tools for property and casualty insurers to streamline underwriting, claims and policy management.

Exzeo's parent company, HCI Group, will retain an 81.5% stake following the offering.

Truist Securities, Citizens Capital Markets and William Blair were the joint bookrunning managers.

(Reporting by Prakhar Srivastava and Arasu Kannagi Basil in Bengaluru; Editing by Sahal Muhammed)