May 26 (Reuters) – Insurer Safepoint said on Tuesday it was targeting a valuation of up to $1.16 billion in its U.S. initial public offering, riding a wave of post-reform Florida insurance growth.
The Tampa, Florida-based company and some of its backers are seeking to raise up to $283.3 million by offering 16.7 million shares priced between $15 and $17 apiece.
Florida, which has been a difficult region for U.S. property insurers due to high litigation and exposure to natural disasters, has seen a more receptive environment following a series of reforms in 2022.
The reforms have resulted in a significant drop in litigation claim frequency, drawing new entrants to the market.
Founded in 2013, Safepoint is a property and casualty insurer focused on delivering insurance in coastal markets such as Florida and Louisiana.
(Reporting by Pragyan Kalita and Arasu Kannagi Basil in Bengaluru; Editing by Anil D’Silva and Shinjini Ganguli)
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