The company and some of its shareholders aim to sell 10.5 million shares at a price between $18 and $20 apiece, according to a Tuesday (Jan. 20) securities filing.
The filing was flagged in a report by Bloomberg News, which says that this range would give Ethos a market value of $1.3 billion. The company was last valued at $2.7 billion in a funding round in 2021, the report added.
Ethos announced its plans to go public last year. The company’s platform, per its filing, offers consumers with affordable coverage in minutes, while giving agents an instant selling process and next-day commissions, while providing strong risk management capabilities to carriers.
The company said in its Form S-1 that it began operations in 2018 and that it has since expanded from one product to ten, surpassing 450,000 cumulative policies activated in 2025.
For the 12 months ended June 30 of last year, Ethos earned revenue of $320 million, year-over-year revenue growth of 57% and a gross margin of 98%.
In other news from the insurance space, PYMNTS wrote earlier this month about the changes in the industry that have tilted the market toward the consumer.
“With policyholders facing more choices, more transparency and fewer switching barriers, insurers are discovering that retention is no longer protected by inertia but earned through performance at the most emotional moment of the relationship: getting paid,” the report said.
The report was based on the PYMNTS Intelligence and Ingo Payments collaboration “The Demand for Instant Insurance: Why Speed Is the New Trust,” which found that customers “elevated shopping levels” and a waning tolerance for friction.
“A growing share of customers report low satisfaction, and those customers are far more likely to change carriers when renewal approaches. In this environment, loyalty is increasingly transactional and time-sensitive,” wrote PYMNTS.
One of the most obvious signals in the research is that policyholders do not simply want faster payments; many prize speed enough to pay for it. The report found that 23% of consumers getting insurance disbursements between $500 and $1,000 are willing to pay a fee for instant access to funds, along with 18% of customers who received smaller payouts.
“That willingness reframes disbursement speed from an operational upgrade into a perceived premium service,” PYMNTS added. “In moments of loss or disruption, faster access to money is treated as relief, not convenience.”
