Ethos Technologies opened on the Nasdaq on Thursday with a valuation of $1.2 billion, marking another insurance-focused company to list as the U.S. IPO market shows renewed momentum.
The broader IPO environment in the United States has seen a pickup in activity across sectors including technology, healthcare and financials as investor risk appetite has strengthened and equity markets climbed. That backdrop has helped companies in the insurance space attract attention from public market investors.
Investor interest in the life insurance category has been rising as well, supported by the sector's steady recurring revenue, persistent consumer demand and pricing power that tends to be resilient during economic slowdowns. Ethos has positioned itself to capitalize on that interest with a platform designed to simplify insurance distribution and underwriting.
Supported by venture capital firms Accel and Sequoia, Ethos told investors in its IPO filings that it has activated more than 500,000 policies since it began operations. The company describes its technology and underwriting engine as a way to streamline the purchase, sale and risk-management aspects of life insurance.
Ethos CEO Peter Colis described the customer experience to Reuters, saying:
"We deliver a 10 minute purchase process online, instead of the multi-week journey, we allow agents to sell many more policies than they otherwise would,"and added that for carriers the platform "transforms the risk management process." He likened the simplicity of the experience to digital travel purchases, adding:
"It’s like buying a plane ticket online. You just buy it and you’re done."
Colis also indicated the company views life insurance as its core market today but plans to expand its offerings over time into adjacent categories such as annuities and supplementary health products.
Ethos and certain existing investors raised about $200 million from the offering after pricing shares at the midpoint of their planned range. The stock began trading at the IPO price of $19 per share, opening unchanged, before trading modestly lower as the session progressed.
Market observers have noted a surge in insurance IPO activity, with the sector reaching a two-decade high in 2025. Analysts point to revenue growth and what they describe as the industry's tariff-proof characteristics as reasons investors have shown appetite for insurance-company listings.
Context and implications
Ethos's public debut underscores a continued investor willingness to fund insurance-tech businesses that promise recurring revenue and scalable distribution. The company's progress will be watched by both technology-focused investors and traditional carriers assessing partnerships or competitive responses.