US Insurance IPOs Surge to two-Decade High amid Market Volatility
NEW YORK – November 20,2025 – Initial public offerings (IPOs) in the US insurance sector have reached their highest level since 2005,driven by investor flight towards stable earnings and cash flows amidst broader market uncertainty. Through November 5, 2025, US-listed insurance IPOs have collectively raised $2.64 billion, according to data from Dealogic.
The surge comes as investors seek refuge from tariff impacts and resulting market volatility, favoring companies with predictable financial performance. ”The tariff impact and the resulting volatility pushed many investors towards companies with more stable earnings and cash flows. Insurance is one of those niche areas that fits that profile,” explained Mike Bellin, IPO services leader at PwC US.
Recent activity includes Insurtech Exzeo’s $168 million raise earlier this month, a shift from its parent company HCI Group’s initial plan for a spin-off. Several insurers have already demonstrated strong post-IPO performance: American Integrity has increased nearly 30% since its debut,Aspen is up approximately 23%,while Neptune Insurance and Ategrity Specialty have gained 16% and roughly 8%,respectively.
bankers attribute the sector’s resilience to increased returns on investment portfolios and premiums. “The sector has benefited from being a bit more insulated from tariff pressure than others,” saeid Andy Mertz, head of equity capital markets at Citizens, which has underwritten five insurance IPOs this year.
Despite concerns regarding falling insurance prices and tariff-driven claims, industry experts anticipate continued investor interest. “Despite pricing pressures in the sector, investors remain focused on company-specific growth strategies for management teams exploring a public listing,” Mertz added.
A robust pipeline of insurers, largely backed by private equity firms, is poised for potential public offerings. However, a backlog at the Securities and Exchange Commission (SEC) stemming from a recent government shutdown may delay some listings.”It’s definitely going to affect the number of IPOs that we see in 2025,” Bellin stated. ”That really pushes the momentum into the first half of 2026.”
