TypTap Moves Ahead with IPO, $100 Million Fundraising
TypTap, which describes itself as a technology-driven homeowners’ insurance company in Florida, is moving ahead with plans to raise $100 million for an initial public stock offering.
The Tampa-based company, a subsidiary of publicly traded HCI Group, said it had filed its plans with the U.S. Securities and Exchange Commission, and has embarked on a national growth strategy, according to a news release.
TypTap said it uses artificial intelligence to analyze risk and to price homeowners’ insurance. It now operates in seven states. Its in-force premiums exceeded $214 million by September 2021, and its gross loss ratios were below 50% in 2018-2020.
The company was founded in 2016 and booked $95 million in revenue for the 12 months ended Sept. 30, 2021. It plans to list on the NYSE under the symbol TYTP.
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