(Bloomberg) --Safepoint Holdings Inc., an underwriter of specialty homeowners and commercial insurance, and some of its backers are seeking to raise as much as $283.3 million in an US initial public offering.
The Tampa, Florida-based firm plans to market 6.24 million shares for $15 to $17 each, while the selling shareholders are offering 10.42 million shares, according to its filing Tuesday with the US Securities and Exchange Commission.
At the top of that range, it would have a market value of $1.16 billion based on the outstanding shares listed in its filing. The IPO is expected to price on June 3, according to a presentation seen by Bloomberg News.
The insurer 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 $112.4 million in the corresponding period a year earlier, according to the filing.
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, and attracted new business, the filing shows. The company has increased gross written premiums to $927.2 million in 2025 from $188 million in 2021.
Chief Executive Officer David Flitman's stake is expected to fall to 30.2% after the IPO from 33.2%, according to the filing. Chief Financial Officer Steven Hoffman will have 11.4%, down from 12.5%.
The filing comes as the US IPO market is picking up. Listings have raised $28.8 billion on US exchanges this year, excluding blank-check companies and other financial vehicles, versus $12.4 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.
