Insurance Firm Safepoint, Backers Seek $283.3 Million in IPO (1)

Safepoint Holdings Inc., an underwriter of specialty homeowners and commercial insurance, and some of its backers are seeking to raise as much as $283.3 million in an US initial public offering.

The Tampa, Florida-based firm plans to market 6.24 million shares for $15 to $17 each, while the selling shareholders are offering 10.42 million shares, according to its filing Tuesday 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. The IPO is expected to price on June ...