Florida insurer Safepoint begins IPO roadshow

Safepoint has launched the roadshow for its initial public offering (IPO), reportedly targeting a valuation of up to $1.16bn.

The Tampa, Florida-based group and certain existing shareholders plan to raise up to $283.3m through the sale of 16.7 million shares.

The offering is priced between $15 and $17 per share.

Of the shares on offer, 6.24 million are being sold by the company, while shareholders named in the prospectus are selling a further 10.42 million shares, taking the total to 16.66 million shares.

Banks involved in the deal have a 30-day option to buy up to 2.5 million additional shares from Safepoint at the IPO price, excluding underwriting discounts and commissions.

The company’s shares have been cleared for listing on the New York Stock Exchange, subject to official notice of issuance, and are set to trade under the symbol “SFPT”.

Earlier this month, Safepoint filed paperwork for a US initial public offering.

For the year to 31 December 2025, the company posted net income of $165.6m, compared with $24.3m in 2024.

Safepoint Holdings is the parent company of a specialty underwriter in homeowners and commercial insurance.

It oversees two reciprocal insurance exchanges, Manatee Insurance Exchange and Cajun Underwriters Reciprocal Exchange, along with its wholly owned carrier, Safepoint Insurance Company.

Deutsche Bank Securities and Morgan Stanley are serving as joint lead book-running managers on the proposed share sale.

Keefe, Bruyette & Woods, A Stifel Company, Citizens Capital Markets, Piper Sandler, Truist Securities and William Blair are acting as bookrunners.

Regions Securities, Academy Securities, Huntington Capital Markets, Synovus, Texas Capital Securities and Wedbush Securities are acting as co-managers.