Safepoint filed for a U.S. stock market listing on Friday, revealing a 96.9% increase in revenue last year as the wave of new listings of Florida-based insurers extends until 2026.
The company reported a net income of $165.6 million on revenue of $516.3 million for the year ended December 31, compared to a net income of $24.3 million on revenue of $262.2 million in 2024.
Legislative reforms introduced in 2022 have significantly improved the property insurance landscape in Florida, a market where some major national insurers have reduced their exposure due to the frequency of natural disasters.
These reforms have led to a significant decrease in litigation frequency, attracting new players to the market. Florida-based companies such as American Integrity Insurance, Slide Insurance, and Exzeo Group went public in New York in 2025, marking a turning point for IPOs in the insurance sector.
Many issuers are now rushing to seize a narrow window of opportunity before the highly anticipated IPO of SpaceX in June, which could dominate the IPO market.
“It looks like the IPO market will have a strong start this summer after Memorial Day, provided the situation remains stable,” said Matt Kennedy, senior strategist at Renaissance Capital, an IPO-focused research and exchange-traded fund (ETF) provider. “We see several companies moving ahead of SpaceX’s IPO, especially in the space technology sector. This could result in a slight slowdown around the week of SpaceX’s IPO if companies do not want to compete for investor attention.”
Founded in 2013 and based in Tampa, Florida, Safepoint is a property and casualty insurance company that focuses on providing insurance products in markets such as Florida, Louisiana, and other regions of the United States.
Led by its founder, the company is majority-owned by its management and focuses on underwriting specialty insurance for homeowners and businesses.
Safepoint and some of its current shareholders plan to sell shares as part of this offering.
Deutsche Bank Securities and Morgan Stanley are the co-lead underwriters. Safepoint will be listed on the New York Stock Exchange (NYSE) under the symbol “SFPT”.
