Florida insurer Safepoint eyes $1.16 billion valuation in US IPO

Insurer ​Safepoint said on Tuesday it was ​targeting a valuation of up to $1.16 billion in its U.S. initial public ‌offering, riding ⁠a ⁠wave of post-reform Florida insurance growth.

The ​Tampa, Florida-based company and some of its ​backers are seeking to raise up to $283.3 million by offering ​16.7 million shares priced ⁠between $15 and $17 ‌apiece.

Florida, which has ​been ​a difficult region for ⁠U.S. property insurers due to high litigation ​and exposure to natural disasters, ​has seen a more receptive environment following a series of reforms in 2022.


The reforms have resulted in a ‌significant drop in litigation claim frequency, drawing new entrants to ​the ​market.

Founded in ⁠2013, Safepoint is a property and casualty insurer focused on delivering insurance ​in coastal markets such as Florida and Louisiana.