Add details and background throughout

May 26 (Reuters) - Insurer Safepoint said on Tuesday it was targeting a valuation of up to $1.16 billion in ​its U.S. initial public offering, riding a wave of post-reform Florida insurance growth.

The Tampa, Florida-based company and some of its backers are seeking to raise up to $283.3 million by offering 16.7 million shares priced between $15 and $17 apiece.

Florida, which has been a difficult region for U.S. property insurers due to high litigation and exposure to natural disasters, has seen a more receptive environment following a series of reforms in 2022.

The reforms ​have resulted in a significant drop in litigation claim frequency, drawing new entrants to ​the market.

Founded in 2013, Safepoint is a property and ​casualty insurer focused on delivering insurance in coastal markets such ​as Florida ⁠and Louisiana.