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.
A slew of issuers are now racing to seize a narrow window ahead of SpaceX’s expected blockbuster listing in June, which could suck the oxygen out of the IPO market.
“It looks like we’ll get a strong start to the summer IPO market after Memorial Day, assuming things hold up until then,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
“We’re seeing several companies get out ahead of the SpaceX IPO, particularly in space tech. It could cause a mini slowdown around the week of the SpaceX listing, if companies don’t want to compete for investor attention.”
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 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. Safepoint will list on the NYSE under the symbol “SFPT.”
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila and Jonathan Ananda)
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