Focus on the coastal market, the property and casualty insurance company Safepoint Holdings (SFPT.US) IPO is priced at $15-17 per share, planning to raise $267 million.

Specializing in residential and commercial property insurance in coastal markets, Safepoint Holdings (SFPT.US) announced the terms of its initial public offering (IPO) on Tuesday. The company, based in Tampa, Florida, plans to issue 16.7 million shares of stock (with 63% being existing shares being sold), with an offering price range of $15 to $17 per share, aiming to raise approximately $267 million. At the midpoint of the offering price range, Safepoint Holdings' fully diluted market value will reach $1.2 billion. Safepoint Holdings is a specialized property and casualty insurance company, primarily focused on coastal markets (mainly in Florida and Louisiana), serving homeowners and small commercial policyholders. The company operates through a fee-based platform that manages the complete insurance value chain, combining a wholly-owned insurance subsidiary with reciprocal exchange organizations owned by the policyholders the company manages as agents. The company's effective premium scale exceeds $1 billion, with most of it within the reciprocal exchange organizations. This business structure is capital efficient, with revenue mainly coming from fees generated by the managed premium scale, rather than relying primarily on the balance sheet to bear risk. Established in 2013, Safepoint Holdings had revenue of $572 million in the past 12 months ending March 31, 2026. The company plans to list on the New York Stock Exchange under the ticker symbol "SFPT". The joint bookrunners for this offering include Deutsche Bank Aktiengesellschaft, Morgan Stanley, Keefe Bruyette Woods, Citizens JMP, Piper Sandler, Truist Securities, and William Blair. The IPO pricing is expected to take place during the week of June 1, 2026.