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June 24 (Reuters) - Safepoint has filed to withdraw its initial public offering plans in the U.S., the Florida insurer said on Wednesday.

The withdrawal comes even as the IPO market has picked up pace after a brief lull in March, with companies across sectors moving ahead with listings.

The Tampa, Florida-based Safepoint launched its IPO last month and was expected to go public earlier this month. It was aiming to raise up to $283.3 million by offering 16.7 million ​shares priced between $15 and $17 apiece.

"We believe the withdrawal has nothing to do with the overall excellent state of the IPO market, but points to company-specific factors," IPOX CEO Josef Schuster told Reuters.

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

The reforms have reduced the frequency of litigation, drawing new entrants to the market.

Florida-based companies American Integrity Insurance AII.N, Slide Insurance SLDE.O and Exzeo Group XZO.N went public in New York in 2025.