Florida insurer Safepoint, which owns three Bermuda captives and is a substantial user of the Bermuda insurance-linked securities market, is seeking to raise as much as $283.3 million in a US initial public offering.

The Tampa-based underwriter of specialty homeowners and commercial insurance plans to market 6.2 million shares for $15 to $17 each, according to its filing with the US Securities and Exchange Commission. At the top of that range, it would have a market value of $1.16 billion based on the outstanding shares listed in its filing.

Founded in 2013, Safepoint focuses on insurance in coastal markets such as Florida and Louisiana, the filing shows.

Safepoint Holdings Inc owns the American insurer Safepoint Insurance Co, as well as captives Pompano Re, Canal Re and Bobcat Re, all based in Bermuda, which provide supplemental reinsurance to Safepoint, according to the filing.

Safepoint also owns another Bermudian-based company, Tarpon, which, according to the filing, indirectly provides reinsurance to Safepoint Insurance, and related insurers Cajun and Manatee, through investments in Bermuda-based segregated accounts companies.

Safepoint had net income of $48 million on revenue of $168 million for the first three months of the year, compared with net income of $16.6 million on revenue of $112.4 million in the corresponding period a year earlier, according to the filing.

Safepoint has grown its business as competitors have retreated from US Gulf Coast markets. It has assumed policies from other private insurers and depopulation programmes of state-sponsored insurers such as Citizens in Florida, and attracted new business, the filing shows.

The company increased gross written premiums to $927.2 million in 2025 from $188 million in 2021.

Safepoint has been ceding some of its risks to the Bermudian insurance-linked securities market for more than a decade.

Last year, the Nature Coast Re series catastrophe bonds provided $350 million of capacity for coverage of named storm risks in the states of Florida, Louisiana, Alabama, Mississippi and Texas, according to alternative risk transfer news website Artemis.bm. And in February this year came a further $250 million Nature Coast Re issuance to cover similar risks.

The Safepoint offering is being led by Deutsche Bank AG and Morgan Stanley. The company expects its shares to trade on the New York Stock Exchange under the symbol SFPT.