Safepoint Holdings, a Florida-focused property insurer with Bermudian-linked reinsurance operations, has withdrawn plans to raise up to $283.3 million through an initial public offering in the United States.

Safepoint withdrew plans for the proposed listing on Tuesday, according to Reuters and IPO-market tracker Renaissance Capital. The withdrawal filing was not immediately available on the Securities and Exchange Commission’s public database.

The move came weeks after the insurer set an expected price range of $15 to $17 a share for an offering of 16.7 million shares. The proposed transaction was expected to value the company at as much as $1.2 billion.

Safepoint had planned to list on the New York Stock Exchange under the ticker symbol “SPNT”. Reuters reported that the company had been expected to price the offering earlier this month.

The company said in its May registration statement that it intended to use net proceeds from the sale of newly issued shares for general corporate purposes, including potential acquisitions, expansion of its insurance platforms and capital support for its subsidiaries.

However, more than 10 million of the shares in the proposed offering were to be sold by existing shareholders. About 6.2 million shares were to be issued by Safepoint itself.

Safepoint reported net income of $165.6 million for 2025, up from $24.3 million a year earlier, on revenue of $516.3 million, according to its IPO filing. The company has expanded rapidly in Florida’s property-insurance market, where legislative reforms introduced in recent years have encouraged insurers to take on policies from the state-backed Citizens Property Insurance Corporation.

Safepoint Insurance Co’s financial-strength rating was downgraded by AM Best in 2021, when the ratings agency cited deterioration in its balance-sheet strength, pressure on surplus and the challenges of operating in Florida’s catastrophe-exposed property market.

The rating was withdrawn at the insurer’s request after it stopped participating in AM Best’s interactive rating process. The action predates Safepoint’s proposed IPO by five years, and AM Best’s notice did not link it to the withdrawal.

The insurer’s business model relies heavily on reinsurance to manage exposure to hurricanes and other catastrophe losses. Its group structure includes Bermudian-based captive reinsurers Pompano Re, Canal Re and Bobcat Re, as well as Tarpon Re.

In a filing last month, Safepoint said it had used Bermuda’s insurance-linked securities market to obtain catastrophe reinsurance capacity. It reported that its affiliated reinsurers had issued catastrophe bonds and collateralised reinsurance arrangements to transfer part of its Florida wind risk to third-party investors.

The Royal Gazette has reached out to Safepoint for more information about the withdrawal and the reasons behind it.