Adds background in paragraph 3 and analyst comment in paragraph 4

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.

The post-Memorial Day IPO market is off to a busy start, with a slew of issuers across sectors, from industrials to defense, launching their roadshows on Tuesday ahead of SpaceX's hotly anticipated listing.

"The 16% YTD jump in IPO benchmark IPOX 100 underlines why investor demand for IPOs has been so strong. With 75% of portfolio holdings beating on earnings and sales, market-beating fundamentals are a big part of the story," IPOX CEO Josef Schuster told Reuters.

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.

Safepoint operates in three segments - insurance services, risk-bearing entities and reciprocal exchanges - largely through a fee-based revenue model. Reciprocal exchanges are insurance operations that Safepoint manages for a fee, but does not legally own.

Deutsche Bank ​Securities and Morgan Stanley are among the other bookrunning managers for the offering.

Safepoint will list on the NYSE under the ​symbol "SFPT."