(Bloomberg) --Safepoint Holdings Inc., an underwriter of specialty homeowners and commercial insurance, filed for an initial public offering, disclosing growing profit and revenue.
The Tampa, Florida-based firm had net income of $48 million on revenue of $168 million for the first three months of the year, compared with net income of $16.6 million on revenue of $112 million in the corresponding period a year earlier, according to its
Founded in 2013, Safepoint focuses on insurance in coastal markets such as Florida and Louisiana, the filing shows. It owns an insurance company, Safepoint Insurance Co., and three Bermuda-based reinsurance captives.
Safepoint has grown its business as competitors have retreated from US Gulf Coast markets. It has assumed policies from other private insurers and depopulation programs of state-sponsored insurers, as well as attracting new business, the filing shows. The company has increased gross written premiums to $927.2 million in 2025 from $188 million in 2021.
The filing comes as the US IPO market is picking up. Listings have raised $18.9 billion on US exchanges this year, excluding blank-check companies and other financial vehicles, versus $10.4 billion in the same period a year ago, data compiled by Bloomberg show.
The offering is being led by Deutsche Bank AG and Morgan Stanley. The company expects its shares to trade on the New York Stock Exchange under the symbol SFPT.
