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business / news / 2026-05-26 / Reuters

Insurer Safepoint said on Tuesday it was targeting a valuation of ‌up to $1.16 billion in its U.S. initial public offering.

Safepoint is targeting a valuation of up to $1.16 billion in its U.S. IPO.

KEY POINTS

Safepoint and its backers aim to raise up to $283.3 million by offering 16.7 million shares.
Florida insurance reforms in 2022 led to a significant drop in litigation claim frequency.
The post-reform Florida market is now attracting new property insurance entrants like Safepoint.

May 26 (Reuters) - 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. Sign up here. 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. Reporting by Pragyan Kalita and Arasu Kannagi Basil in Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli

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