Floridian insurer Safepoint announces a 97% increase in revenue in its filing

Safepoint filed for an initial public offering in the United States on Friday, revealing a 96.9% increase in revenue last year, as the wave of new listings for Florida-based insurers extends through 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.

A series of legislative reforms introduced in 2022 has significantly improved the property insurance landscape in Florida, 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 American Integrity Insurance, Slide Insurance, and Exzeo Group went public in New York in 2025, during a year that marked 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 seems that the IPO market will have a good start this summer after Memorial Day, provided the situation holds until then,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and exchange-traded funds (ETFs).
“We see several companies going public 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 third-party markets such as Florida and Louisiana, as well as other regions of the United States.

Led by its founder, the company is majority-owned by its management and focuses on underwriting specialized 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 joint lead underwriters. Safepoint will be listed on the New York Stock Exchange (NYSE) under the symbol “SFPT.”