Exzeo Group, Inc. (XZO) SEC Filings & Earnings Calls

Customer concentration risk

“We have relied and expect to continue to rely on customer relationships with a relatively small number of carriers in the P&C insurance industry for a substantial portion of our revenue.” · word for word

Geographic concentration risk

“Managed premiums attributable to insurance policies written in Florida represented 91.7% and 90.0% of total managed premiums as of June 30, 2026 and 2025, respectively.” · word for word

Catastrophe-related revenue volatility

“Claim services revenue in future periods will continue to be influenced by the level of managed premiums and the timing and severity of weather events.” · word for word

Public company cost increase

“Operating as a standalone public company requires us to build and enhance governance structures and corporate functions... which have resulted, and are expected to continue to result, in additional costs.” · word for word

Margin compression from strategic investments may pressure near-term profitability.

“Adjusted EBITDA Margin declined from 57% to 53% due to workforce and infrastructure investments.”

Free cash flow decline of 28% year-over-year could signal working capital headwinds.

“Free Cash Flow decreased to $40.4M from $56.3M, attributed to timing of business growth and cash collections.”

Customer Concentration

“We have relied and expect to continue to rely on customer relationships with a relatively small number of carriers in the P&C insurance industry for a substantial portion of our revenue, and the loss of any of these customers or a reduction in revenue from any of these customers would significantly harm our business.” · word for word

Geographic Concentration

“Managed premiums attributable to insurance policies written in Florida represented 91.7% and 90.1% of total managed premiums for the three months ended March 31, 2026 and 2025, respectively.” · word for word

Related Party Dependency

“HCI controls the direction of our business through its ownership interests, and this concentrated ownership limits the ability of other shareholders to influence significant corporate decisions.” · word for word

Customer Concentration

“We have relied and expect to continue to rely on customer relationships with a relatively small number of carriers in the P&C insurance industry for a substantial portion of our revenue, and the loss of any of these customers or a reduction in revenue from any of these customers would significantly harm our business.” · word for word

Geographic Concentration

“Managed premiums attributable to insurance policies written in Florida represented 91.7% and 90.1% of total managed premiums for the three months ended March 31, 2026 and 2025, respectively.” · word for word

Catastrophe Exposure

“Claim services revenue in future periods will continue to be influenced by the level of managed premiums and the timing and severity of weather events.” · word for word

Dependence on HCI Group for substantially all revenues; controlling interest by HCI Group.

“Current dependence on HCI Group, Inc. for substantially all of our revenues.” · word for word

Regulatory environment for insurance technology.

“The regulated environment in which we operate.” · word for word

Related-Party Transaction Risk

“HCI is Exzeo’s controlling shareholder and Paresh Patel, the Chairman of the Board and CEO, also serves as the Chairman of HCI’s Board and its CEO and beneficially owns more than 10% of HCI’s outstanding common stock.” · word for word

Customer Concentration

“We have relied and expect to continue to rely on customer relationships with a relatively small number of carriers in the P&C insurance industry for a substantial portion of our revenue.”

Customer Concentration

“We have and expect to continue to have, significant customer concentration. Substantially all of our revenue to dates has been generated from a small number of customers, all of which are affiliated with HCI, our controlling stockholder.” · word for word

Controlling Shareholder Risk

“HCI controls the direction of our business, and the concentrated ownership of our common stock will prevent you and other stockholders from influencing significant decisions.”

Geographic Concentration

“Managed premiums attributable to insurance policies written in Florida represented 91.3% and 84.8% of total managed premiums for the years ended December 31, 2025 and 2024, respectively.” · word for word

Catastrophe Exposure

“Natural catastrophes and environmental risks may have significant adverse effects on our customers' property and casualty insurance business, which may prevent us from maintaining or expanding our customer base and increasing our revenue.” · word for word

Concentration in P&C homeowners insurance market; regulatory changes could impact.

“strong focus on the expansive homeowners insurance market ... regulated environment” · word for word

Dependence on carrier partner relationships; customer concentration not disclosed.

“deepened our relationships with existing carrier partners and expanded with new customers” · word for word

Customer concentration

“We have relied and expect to continue to rely on customer relationships with a relatively small number of carriers in the P&C insurance industry for a substantial portion of our revenue, and the loss of any of these customers or a reduction in revenue from any of these customers would significantly harm our business.” · word for word

Related party dependency

“substantially all of our revenues to date are from customers who are affiliated with our controlling shareholder, HCI” · word for word

Geographic concentration

“Managed premiums attributable to insurance policies written in the state of Florida represented 89.9% and 82.5% of total managed premiums for the nine months ended September 30, 2025 and 2024, respectively.” · word for word

Catastrophe event dependency

“CAT related software activity is event driven and may not occur at similar levels in future periods.” · word for word

Concentration risk: revenue growth driven by existing customer base expansion; new customer additions moderate.

“driven primarily by growth in underwriting and management services from our existing customer base and expansion of the scope of services provided to customers at the beginning of 2025.” · word for word

Segment data from HCI Group filing may differ from standalone Exzeo results.

“The segment results presented below are figures disclosed within HCI's segment reporting within the 'Exzeo Group' segment. Accordingly, they may differ from the results that will be presented in Exzeo's standalone consolidated basis” · word for word