May 8 (Reuters) - Safepoint on Friday filed its paperwork for a U.S. initial public offering, disclosing a 96.9% revenue jump last year as a strong run of new listings from Florida-based insurers extends into 2026.
The company reported a net income of $165.6 million on revenue of $516.3 million for the year ended December 31, compared with a net income of $24.3 million on revenue of $262.2 million in 2024.
A series of legislative reforms introduced in 2022 have significantly improved the property insurance
landscape in Florida, a market where some large national insurers have trimmed their exposure due to frequent natural disasters.
The reforms have resulted in a significant drop in litigation claim frequency, drawing new entrants to the market.
Florida-based American Integrity Insurance, Slide Insurance, and Exzeo Group went public in New York in 2025, in what was a breakout year for insurance IPOs.
Founded in 2013, Tampa, Florida-based Safepoint is a property and casualty insurer focused on delivering insurance in coastal markets such as Florida and Louisiana, as well as in other U.S. regions.
The founder-led company is majority owned by its management and focuses on underwriting specialty homeowners and commercial insurance.
Safepoint and some of its existing stockholders plan to sell shares in the offering.
Deutsche Bank Securities and Morgan Stanley are the joint bookrunning managers for the offering. Safepoint will list on the New York Stock Exchange under the symbol "SFPT."
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila)
