Insurance tech company TypTap and human resources software firm Justworks postponed their U.S. initial public offerings (IPOs) on Wednesday, joining several companies rethinking their plans to go public due to volatile market conditions.

TypTap Insurance Group Inc confidentially filed for an IPO in August last year, when the pandemic had forced the insurance sector to rely heavily on artificial intelligence and big data to reach customers.

The decision to delay TypTap’s IPO, announced by parent HCI Group Inc on Wednesday, comes amid a recent sell-off in technology shares and the poor performance of several companies that went public in 2021.

More than 60 percent of companies that went public last year are currently trading below their IPO price, according to data from Refinitiv.

Human resources and payroll software maker Justworks also blamed market conditions for delaying its U.S. IPO plans. Apparel chain operator Authentic Brands Group Inc withdrew its U.S. listing plans last week.

Founded in 2016, TypTap raised $100 million from a fund affiliated with Centerbridge Partners in February last year. The investment, representing about 11.75% of TypTap, implied a post-money valuation of about $850 million for the company.

Tampa-based Typtap provides property and casualty insurance.

Its in-force premiums more than doubled to $214 million by September from the end of 2020, according to a filing.

The company reported a wider net loss of $14.7 million in the nine months ended September, compared with $7.5 million in the previous year.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath)