US Insurance IPOs Surge to two-Decade High amid Market Volatility
NEWโค YORK – November 20,2025 – Initial public offerings (IPOs) in the US insurance sector have reached their highest level โฃsince 2005,driven by investor flight towards stable earnings and cash flows amidst broader market uncertainty. Through November 5, 2025, US-listed insurance IPOs haveโฃ collectively raised $2.64 billion, according to data from Dealogic.
Theโ surge comesโ as investorsโข seek refuge from tariff impacts and resulting market volatility, favoring companiesโ with predictableโ financial performance. โค”The tariff impact andโ the resulting volatility pushed many investors towards companies with more stable earnings โand cash flows. โInsurance is oneโ of those niche areas that โคfits that profile,” explained โMikeโฃ Bellin, IPO services leader at PwC US.
Recent activity includes Insurtech Exzeo’sโ $168 million raise earlier this month, a shift from its parent โcompany HCI Group’s โขinitialโค plan forโ a spin-off. Severalโค insurers have already demonstrated strong โขpost-IPO performance:โค American Integrity has increased โnearly 30% sinceโค its debut,Aspen is up approximately 23%,while Neptune Insurance andโ Ategrity Specialty have gained 16% andโฃ roughly 8%,respectively.
bankers attribute the sector’s resilience to increased returns on โขinvestment portfolios and premiums. “The sector has โขbenefited from being a bitโค more โคinsulated from tariff pressure than others,” saeid Andy โMertz,โฃ head of equity capital markets at Citizens, which has underwritten five insurance IPOs this โyear.โ
Despite concerns regarding falling insurance prices โand tariff-driven claims,โ industryโฃ experts anticipate continued โinvestor interest. “Despite pricing pressures in the sector, investors remain focused on company-specific growth strategies forโ management teams exploring a โpublic listing,” Mertz added.
A โrobust pipelineโฃ of insurers, largely backed by โคprivateโ equity firms, is poised for potential public offerings. However, a backlog at the Securities andโ Exchange Commission (SEC) โขstemming fromโ a recent government shutdown may delay someโ listings.”It’s definitely going to affect the number of IPOs that weโ see in 2025,” Bellin stated. โ”Thatโ really pushes the momentum into the first half of 2026.”