# EDGAR Filing Document

**Accession Number:** 0001653827
**File Stem:** 0001193125-25-299899
**Filing Date:** 2025-11
**Character Count:** 922909
**Document Hash:** 5066fb5c4aaf9e2a8fa30243324cdd8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-299899.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001193125-25-299899

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Safepoint Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001653827
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 462932025

**FILING VALUES:**
- **FORM TYPE:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08741
- **FILM NUMBER:** 251529602

**BUSINESS ADDRESS:**
- **STREET 1:** 12640 TELECOM DRIVE
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33637
- **BUSINESS PHONE:** 8136513400

**MAIL ADDRESS:**
- **STREET 1:** 12640 TELECOM DRIVE
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33637

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

As filed with the Securities and Exchange Commission on November 26, 2025.

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

**UNDER** 

**THE SECURITIES ACT OF 1933** 

**SAFEPOINT HOLDINGS, INC.** 

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **6331** | **14-1957288** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**Safepoint Holdings, Inc.** 

**12640 Telecom Drive** 

**Temple Terrace, Florida 33637** 

(Address, including zip code, and telephone number, including

area code, of Registrant's principal executive offices)

**David M. Flitman** 

**Chief Executive Officer** 

**Safepoint Holdings, Inc.** 

**12640 Telecom Drive** 

**Temple Terrace, Florida 33637** 

**(877)-858- 7445** 

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to:** 

---

| | |
|:---|:---|
| **Matthew B. Stern**<br> **Willkie Farr & Gallagher LLP**<br> **787 Seventh Avenue**<br> **New York, New York 10019**<br> **(212) 728-8000** | **Marc D. Jaffe**<br> **Jason M. Licht**<br> **R. Charles Cassidy III**<br> **Latham & Watkins LLP**<br> **1271 Avenue of the Americas**<br> **New York, New York 10020**<br> **(212) 906-1200** |

---

**Approximate date of commencement of proposed sale to the public:** 

**As soon as practicable after this registration statement becomes effective.** 

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, Dated [**•**], 2026** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**![LOGO](g73198g22m01.jpg)

**Safepoint Holdings, Inc.** 

**Common Stock** 

This is an initial public offering of shares of common stock of Safepoint Holdings, Inc. We are offering shares of common stock. The selling stockholders identified in this prospectus are offering an additional shares of our common stock. We will not receive any proceeds from the sale of shares of our common stock by the selling stockholders.

Prior to this offering, there has been no public market for our common stock. It is currently estimated that the initial public offering price per share will be between $ and $. We have applied to list our common stock on the New York Stock Exchange (the "NYSE") under the symbol "SFPT." 

We are an "emerging growth company" as defined under U.S. federal securities laws and, as such, will be subject to reduced public company reporting requirements for this prospectus and future filings. See "*Prospectus Summary—Implications of Being an Emerging Growth Company*." 

**See "[Risk Factors](#rom73198_3)" beginning on page 22 to read about factors you should consider before buying shares of our common stock.** 

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriting discount(1) | $| $|
|  Proceeds, before expenses, to Safepoint Holdings, Inc.(2) | $| $|
|  Proceeds, before expenses, to the selling stockholders | $| $|

---

(1) See the section entitled "*Underwriting*" for additional information regarding compensation payable to
the underwriters.

(2) To the extent that the underwriters sell more than     shares of our common stock, the underwriters have
the option to purchase up to an additional     shares of common stock from the selling stockholders at the initial public offering price less the underwriting discount.

The underwriters expect to deliver the shares against payment in New York, New York on , 2026.

*Bookrunning Manager* 

**Deutsche Bank Securities** 

Prospectus dated , 2026.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Prospectus Summary](#rom73198_1) | 1 |
|  [Summary Consolidated Financial and Other Data](#rom73198_2) | 20 |
|  [Risk Factors](#rom73198_3) | 22 |
|  [Special Note Regarding Forward-Looking Statements](#rom73198_4) | 65 |
|  [Use of Proceeds](#rom73198_5) | 67 |
|  [Dividend Policy](#rom73198_6) | 68 |
|  [Capitalization](#rom73198_7) | 69 |
|  [Dilution](#rom73198_8) | 71 |
|  [Management's Discussion and Analysis of Financial Condition And Results of Operations](#rom73198_9) | 73 |
|  [Business](#rom73198_10) | 95 |
|  [Regulation](#rom73198_11) | 121 |
|  [Management](#rom73198_12) | 132 |
|  [Executive Compensation](#rom73198_13) | 140 |
|  [Certain Relationships and Related Party Transactions](#rom73198_14) | 147 |
|  [Principal and Selling Stockholders](#rom73198_15) | 150 |
|  [Description of Capital Stock](#rom73198_16) | 152 |
|  [Description of Certain Indebtedness](#rom73198_17) | 158 |
|  [Shares Eligible for Future Sale](#rom73198_18) | 160 |
|  [Material U.S. Federal Income Tax Consequences to Non-U.S. Holders](#rom73198_19) | 163 |
|  [Underwriting](#rom73198_20) | 168 |
|  [Legal Matters](#rom73198_21) | 178 |
|  [Change In Accountants](#rom73198_22) | 179 |
|  [Experts](#rom73198_23) | 180 |
|  [Where You Can Find Additional Information](#rom73198_24) | 181 |
|  [Index to Consolidated Financial Statements](#rom73198_25) | F-1 |

---

**You should rely only on the information contained in this prospectus and any free writing prospectus that we may provide to you in connection with this offering. We, the selling stockholders and the underwriters have not authorized anyone to provide you with different information or to make any other representations, and we, the selling stockholders and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. We and the selling stockholders are offering to sell, and seeking offers to buy, shares of our common stock only under circumstances and in jurisdictions where it is lawful to do so. Neither we, the selling stockholders nor any of the underwriters are making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than its date. Our business, financial condition, results of operations and prospects may have changed since that date.** 

**For investors outside the United States: Neither we, the selling stockholders nor any of the underwriters have done anything that would permit this offering or the possession or distribution of this prospectus in any jurisdiction where action for those purposes is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our common stock and the distribution of this prospectus outside of the United States.** 

iii

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**TRADEMARKS, SERVICE MARKS AND TRADE NAMES** 

We own or license the trademarks, service marks and trade names that we use in connection with the operation of our business, including our domain names. Solely for convenience, any trademarks, service marks and trade names referred to in this prospectus are presented without the<sup>®</sup>, SM and<sup>™</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. All trademarks, service marks and trade names appearing in this prospectus are the property of their respective owners.

**MARKET, RANKING, INDUSTRY AND OTHER DATA** 

The data included in this prospectus regarding markets, ranking and other industry information are based on published industry sources, and our own internal estimates are based on our management's knowledge and experience in the markets in which we operate. Data regarding the industry in which we compete and our market position and market share within this industry are inherently imprecise and are subject to significant business, economic and competitive uncertainties beyond our control, but we believe they generally indicate size, position and market share within this industry. Our own estimates are based on information obtained from our customers, suppliers, trade and business organizations and other contacts in the markets in which we operate. We are responsible for all of the disclosure in this prospectus, and we believe these estimates to be accurate as of the date of this prospectus or such other date stated in this prospectus. While we believe that each of the publications used throughout this prospectus is prepared by reputable sources, neither we nor the underwriters have independently verified market and industry data from third-party sources. While we believe our internal company research and estimates are reliable, such research and estimates have not been verified by any independent source. In addition, assumptions and estimates of our and our industry's future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "*Risk Factors.*" These and other factors could cause our future performance to differ materially from our assumptions and estimates. See "*Special Note Regarding Forward-Looking Statements.*" As a result, you should be aware that market, ranking, and other similar industry data included in this prospectus, and estimates and beliefs based on that data, may not be reliable. Neither we nor the underwriters can guarantee the accuracy or completeness of any such information contained in this prospectus.

**USE OF NON-GAAP FINANCIAL INFORMATION** 

This prospectus contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). We refer to these measures as "non-GAAP financial measures." We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period.

The non-GAAP financial measures we use herein are defined by us as follows:

*EBITDA* is a non-GAAP financial measure defined as net income before the deduction of interest, taxes, depreciation and amortization. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations-Reconciliation of Non-GAAP Financial Measures*" for a reconciliation of EBITDA in accordance with GAAP.

iv

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

*Adjusted general expense ratio* is a non-GAAP financial measure defined as the ratio of general and administrative expenses net of amortization of stock-based compensation and amortization of intangible assets as a percentage of gross written premiums. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations-Reconciliation of Non-GAAP Financial Measures*" for a reconciliation of adjusted general expense ratio in accordance with GAAP.

While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Reconciliation of Non-GAAP Financial Measures*."

**GLOSSARY OF SELECTED INSURANCE AND OTHER TERMS** 

*Admitted*—Insurance issued by an insurer licensed to do business in the state in which the insured exposure is located. Admitted insurance companies are subject to various state laws that govern organization, capitalization, policy forms, rate approvals and claims handling. 

*Admitted insurer*—Formally licensed to operate by the insurance regulatory authority in the state where the company operates. Admitted insurance companies are subject to various state laws that govern organization, capitalization, policy forms, rate approvals and claims handling.

*AL DOI*—Alabama Department of Insurance, the principal regulator for insurance companies domiciled in the State of Alabama, including Cajun following its redomestication effective July 31, 2025.

*AM Best*—A.M. Best Company, Inc., a nationally recognized statistical rating organization that, among other things, rates the financial strength and claims paying ability of insurance and reinsurance companies.

*Attorneys-in-Fact—Cajun AIF and Manatee AIF, our wholly owned attorneys-in-fact for Cajun and Manatee, respectively.* The primary function of an attorney-in-fact is to manage a reciprocal insurer in exchange for a fee.

*Average annual loss ("AAL")*—A loss statistic that reflects the expected loss per year, averaged over many years.

*Cajun*—Cajun Underwriters Reciprocal Exchange, an Alabama domiciled reciprocal insurer managed by Cajun AIF. Cajun was originally domiciled in the State of Louisiana, and redomesticated to Alabama effective July 31, 2025.

*Cajun AIF*—Cajun Underwriters Risk Management, LLC is the attorney-in-fact for Cajun and is a wholly owned subsidiary of Safepoint Holdings.

*Captives*—Pompano Re Ltd., Canal Re Ltd. and Bobcat Re Ltd. which are our wholly owned Bermuda-based captive insurance companies that provide reinsurance to other members of the Safepoint group, including Safepoint Insurance, Cajun and Manatee. Canal Re Ltd. and

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Bobcat Re Ltd. are currently in the process of being run-off. Pompano Re Ltd. is currently our only Captive writing active business for members of the Safepoint group.

*Carriers*—The U.S. insurance company affiliates of Safepoint Holdings, consisting of Safepoint Insurance, Cajun and Manatee.

*Case reserves*—Losses and loss adjustment expense reserves established with respect to individual reported claims.

*Catastrophe*—A severe loss, typically involving multiple claimants. Commonly known perils include hurricanes, earthquakes, tsunamis, hailstorms, tornados, severe winter weather, floods, fires, explosions, volcanic eruptions, sink holes and other natural or man-made disasters. Catastrophe losses may also arise from acts of war, acts of terrorism and political instability.

*Cede; ceding company*—When an insurance company purchases reinsurance for its liability from another party, it "cedes" business to the reinsurer and is referred to as the "ceding company."

*Certificates of authority*—A license granted by a state insurance department to operate as an admitted insurance company in that state.

*Combined ratio*—The sum of the loss ratio and the expense ratio. The combined ratio of an insurance company is generally viewed as an indication of the underwriting profitability of that insurance company, but does not take into account the effect of investing activities on net income.

*Commissions*—The fee paid to an agent or a broker for placing insurance or reinsurance, generally determined as a percentage (which may be fixed or variable) of the written premium.

*Demotech*—Demotech, Inc., a nationally recognized statistical rating organization that provides financial strength ratings to insurance companies, including each of Safepoint Insurance, Cajun and Manatee.

*Direct premiums written*—Premiums written by an insurer during a given period.

*Dodd-Frank Act*—Dodd-Frank Wall Street Reform and Consumer Protection Act.

*Excess of Loss ("XOL") reinsurance*—Reinsurance that indemnifies the insured against all or a specified portion of losses in excess of a specified dollar or percentage loss ratio amount.

*Excess and surplus*—Excess and surplus lines insurance, which is generally not subject to all of the requirements of admitted insurers, such as policy forms and rates approvals.

*Expense ratio*—The ratio of underwriting, acquisition and other underwriting expenses net of commissions and other income to net earned premiums.

*Facultative reinsurance*—Facultative reinsurance is a specific reinsurance policy for which terms can be negotiated by the insurer and reinsurer on a specific risk.

*FHCF*—Florida Hurricane Catastrophe Fund, a state trust fund that provides reimbursements to residential property insurance companies for a portion of their catastrophic hurricane losses in the State of Florida.

vi

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

*Financial strength rating*—The opinion of rating agencies regarding the financial ability of an insurance or reinsurance company to meet its financial obligations under its policies. It is generally necessary for insurers to maintain certain minimum financial strength ratings to continue writing business in the United States.

*FLOIR*—Florida Office of Insurance Regulation, the principal regulator for insurance companies domiciled in the State of Florida, including Safepoint Insurance and Manatee.

*Florida Citizens*—Florida Citizens Property Insurance Corporation.

*GAAP*—Generally Accepted Accounting Principles in the United States.

*Gross written premiums*—Total premiums recorded on the books of an insurer at the time an insurance policy is issued, before deductions for premiums ceded to reinsurers but excluding policy fees and subscriber contributions.

*IBNR; incurred but not reported*—Reserves for estimated loss and loss adjustment expenses that have been incurred by policyholders but not reported to the insurer or reinsurer, including unknown future developments on loss and loss adjustment expenses which are known to the insurer or reinsurer.

*In-force*—A policy is considered in-force during the entire time between the effective and expiration date. Note that a policy no longer in-force can still have open claims (and in some cases even IBNR claims) after the expiration date.

*In-force premiums*—Gross written premium for active insurance policies with coverage in effect as of the period end date. We view this as an important metric because it is an indicator of the size of our portfolio of in-force policies, as well as an indicator of the expected earned premium over the coming 12 months given our historical retention rates.

*Incurred losses*—The total losses sustained by an insurance company under a policy or policies, whether paid, unpaid or not reported.

*Industry-loss warranties*—Reinsurance contracts that provide coverage when insurance industry losses for a defined event exceed a certain pre-determined threshold.

*KBRA*—Kroll Bond Rating Agency, LLC, a nationally recognized statistical rating organization that provides financial strength ratings to insurance companies, including each of Safepoint Insurance, Cajun and Manatee.

*LDI*—Louisiana Department of Insurance, the principal regulator for insurance companies domiciled in the State of Louisiana, including Cajun until its redomestication from Louisiana to Alabama effective July 31, 2025.

*Loss*—Physical damage to property or bodily injury including loss of use or loss of income.

*Loss adjustment expenses*—The expenses of settling claims, including field adjusting, cost containment, legal defense and other fees and the portion of general expenses allocated to claim settlement costs. Also known as claim adjustment expense.

*Loss development*—Increases or decreases in previously recorded losses and loss adjustment expenses over a given period of time.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

*Loss ratio*—A ratio calculated by dividing losses and loss adjustment expenses by net premiums earned.

*Louisiana Citizens*—Louisiana Citizens Property Insurance Company.

*Managed premiums*—The volume of premium payments we are actively collecting and managing from our current, active customer base, which includes premiums for Safepoint Insurance and the Reciprocal Exchanges.

*Manatee*—Manatee Insurance Exchange, a Florida domiciled reciprocal insurer managed by Manatee AIF.

*Manatee AIF*—Manatee Risk Management LLC is the attorney-in-fact for Manatee and is a wholly owned subsidiary of Safepoint Holdings.

*MGA*—An acronym for a managing general agent, which is a third-party agent that receives delegated underwriting authority from a primary insurance company to write insurance risk on its behalf. As used in this prospectus, the term "MGA" refers generically to agents receiving this delegation of underwriting authority, including MGUs, MGAs, and/or program managers and any other entity in relation to which the term "MGA" is used in this prospectus may not fall within the regulatory definition of a "managing general agent" in the jurisdictions in which it operates.

*Model Holding Company Act and Regulation*—NAIC's Insurance Holding Company System Regulatory Act and Insurance Holding Company System Model Regulation.

*NAIC*—the National Association of Insurance Commissioners.

*Net earned premiums*—The earned portion of gross written premiums less the earned portion that is ceded to reinsurers during such period.

*Net written premiums*—Gross written premiums for a given period less premiums ceded to reinsurers during such period.

*Non-admitted lines* or *excess and surplus lines*—policies generally not subject to regulations governing premium rates or policy language.

*Non-Controlling Interest*—Reflects the portion of income or loss and the corresponding equity that is not attributable to Safepoint under GAAP for certain entities which are consolidated for financial reporting, but are not owned by Safepoint shareholders.

*P&C*—Property and casualty insurance.

*Peak zone*—The specific peril and geographic area that produce the highest concentration of risk for an insurance company.

*Perils*—This term refers to the causes of possible loss in property insurance and reinsurance, such as earthquake, wind-storm, fire, hail, etc.

*Probable maximum loss ("PML")*—The maximum amount of loss that an insurance company would expect to incur on a portfolio of policies under ordinary circumstances, based on computer or actuarial modeling techniques. This is frequently measured as a probability over

viii

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

a given return period. For example, a 1-in-250 year PML represents the loss value that has a 0.4% annual probability of being exceeded, equating to a 1-in-250 year probability.

*Property insurance*—Insurance that covers property when damage, theft or loss occurs.

*Quota share reinsurance*—A form of reinsurance in which the reinsurer assumes an agreed percentage of each risk being reinsured and shares all premiums and losses in accordance with the reinsured.

*Reciprocal Exchanges*—Cajun and Manatee, each of which are reciprocal insurance exchanges, sometimes referred to as a reciprocal insurer. A reciprocal insurance exchange is an insurance company established as an unincorporated association composed of its subscribing policyholders. A reciprocal insurance exchange has no equity securities and, therefore, has no parent company or legal owner. Because of the contractual relationships between Safepoint Holdings and the Reciprocal Exchanges, we consolidate the Reciprocal Exchanges for financial reporting purposes under GAAP as is presented in this prospectus. The equity of the Reciprocal Exchanges is reported separately from our total equity on the consolidated balance sheets in the financial statement line item labeled non-controlling interest, with a refundable portion of the Reciprocal Exchanges' subscriber contributions presented as temporary (mezzanine) equity on our consolidated balance sheet. Accordingly, because we have no direct economic equity interest in the Reciprocal Exchanges our shareholders are largely insulated from the underwriting performance of the Reciprocal Exchanges and, accordingly, there is reduced variability in our financial results relative to a traditional risk-bearing insurance franchise.

*Reinstatement premiums*—A premium charged for the reinstatement of the amount of reinsurance coverage to its full amount reduced as a result of a reinsurance loss payment.

*Reinsurance*—The practice whereby one party, called the reinsurer, in consideration of a premium paid to it, agrees to indemnify another party, called the reinsured, for part or all of the liability assumed by the reinsured under a policy or policies of insurance which it has issued. The reinsured may be referred to as the original or primary insurer, the direct writing company, the ceding company or the cedent.

*Reinsurance retention*—The amount or portion of risk which an insurer or reinsurer retains or assumes for its own account. Losses, or a portion thereof, in excess of the retention level are paid by the reinsurer. In proportional treaties, the retention may be a percentage of the original policy's limit. In excess of loss business, the retention is all or a portion of a dollar amount of loss.

*Return on equity*—Net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

*Safepoint Holdings*—Safepoint Holdings, Inc., a Delaware corporation, which is our ultimate parent company and the registrant under this prospectus.

*Safepoint Insurance*—Safepoint Insurance Company, a Florida domiciled stock insurance company.

*State guaranty funds*—Funding mechanisms that are administered by a U.S. state to protect policyholders in the event that an insurance company defaults on benefit payments or becomes insolvent. The fund only protects beneficiaries of insurance companies that are licensed to sell in that state.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

*SEC*—Securities and Exchange Commission.

*Statutory accounting practices ("SAP")*—Those accounting principles and practices, which provide the framework for the preparation of insurance company financial statements, and the recording of transactions, in accordance with the rules and procedures adopted by regulatory authorities, generally emphasizing solvency considerations rather than a going-concern concept of accounting.

*Surplus Notes*—The outstanding surplus notes issued by Cajun and Manatee with an outstanding aggregate principal amount of $[•] as of December 31, 2025. As of December 31, 2025 we own $[•] aggregate principal amount of the Surplus Notes. See "*Description of Certain Indebtedness—Cajun Surplus Notes*" and "—*Manatee Surplus Notes.*"

*Third-party administrators ("TPAs")*—Organizations that process insurance administration and/or claims for a separate entity.

*Total insured value ("TIV")—*The total insured value of coverage under an insurance policy*.*

*Underwriting*—The process of evaluating, defining, and pricing insurance risks including, where appropriate, the rejection of such risks, and the acceptance of the obligation to pay the policyholder under the terms of the contract.

*Unearned premiums*—The portion of gross written premium that has not been earned.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**PROSPECTUS SUMMARY** 

*This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in our common stock. You should read this entire prospectus carefully, including the sections titled "Risk Factors," "Special Note Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes included elsewhere in this prospectus before making an investment decision. Unless the context otherwise requires, the terms "Safepoint," "we," "us" and "our" refer to Safepoint Holdings, Inc. together with its consolidated subsidiaries. The term "Safepoint Holdings" refers to Safepoint Holdings, Inc., our holding company and the issuer of common stock in this offering, on a stand-alone basis. References to the "selling stockholders" refer to the selling stockholders named in this prospectus.* 

**Safepoint Holdings, Inc.** 

**Who We Are** 

Safepoint is a specialist insurance underwriter with a multidisciplined and capital efficient servicing platform, focused on delivering catastrophe-exposed property insurance in Florida, Louisiana and other U.S. markets. Safepoint is majority-owned by its management, which we believe creates an alignment between the management team and our shareholders. Our management team consists of highly experienced insurance professionals with a shared vision to solve problems for stakeholders in underserved or dislocated property insurance markets. Our business strategy, which has been developed and tested since our founding in 2013, combines sophisticated actuarial analytics, risk management expertise and a low-cost operating model designed to provide better value to our customers across market cycles. We have an innovative organizational structure that combines the benefits of policyholder-owned reciprocal insurance exchanges that we manage for a service fee, referred to as the Reciprocal Exchanges, with our wholly owned insurance company, Safepoint Insurance.

We have prudently grown our business over the last 12 years, while producing attractive risk-adjusted returns, which we believe validates the strength of our business model and risk selection. Many of Safepoint's competitors have not had the staying power to continue writing business in Florida, Louisiana and other U.S. Gulf Coast states, as they have lacked a disciplined approach to underwriting, risk management and cost control. We have organically increased gross written premiums over the five-year period ending December 31, 2025 from $188 million during the year ended December 31, 2021 to $[•] million during the year ended December 31, 2025, a compound annual growth rate of approximately [•]%. During that period, we have transitioned from a risk-bearing balance sheet-owned insurance model to a predominantly insurance services model, whereby we receive fee income from the policyholder-owned Reciprocal Exchanges, Safepoint Insurance and third-party MGAs and insurance companies. As of December 31, 2025, over [•]% of our in-force managed premium was written at the Reciprocal Exchanges. Our return on equity and combined ratio were [•]% and [•]%, respectively, for the year ended December 31, 2025. We believe that, as a result of our strategy of deliberate and profitable growth, we are well positioned to take advantage of increasingly dislocated property insurance markets in the United States.

We are led by an entrepreneurial executive management team, with a focus on data-driven underwriting and prudent risk management. Our founder and chief executive offer,

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

David Flitman, is a credentialed actuary who has held executive roles in large, global insurance and reinsurance companies during his more than 30 years of industry experience. The executive management team's actuarial and reinsurance focus and expertise form the basis of our business strategy, and meaningfully influence all aspects of our operations and culture.

Our approach to insurance underwriting integrates pricing and cost drivers into our products at a policy level to ensure optimal risk-adjusted portfolio profitability. In order to determine whether an underwriting opportunity is attractive to us, our process focuses on evaluating the following three questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Why does Safepoint have this opportunity and why are we best positioned to capitalize on it?* Insurance is very
competitive and commoditized. Focusing on certain overlooked segments increases our ability to effectively execute in the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Do we have the data to properly evaluate the risks?* We must have sufficient data, proper tools, and the
requisite skills to evaluate, price, and hedge the risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Can we make our margins across a wide range of potential scenarios?* By focusing on specialized, less
competitive segments and not compromising on our risk evaluation and thresholds, we are able to achieve attractive profitability. **  

We have developed a highly granular and integrated approach to analyze the profitability of policies at the time of underwriting on an individual risk basis through the allocation of reinsurance costs and other loss and expense assumptions. Safepoint's underwriting and risk management strategy is supported by our use of both proprietary and vendor modeling tools. We actively monitor our portfolio and employ back-testing of past events to effectively evaluate blind spots and discover "unknown unknowns" and systematic parameter risks. One of the critical elements of this approach is to collect and catalog detailed information relating to the individual risk to assess and reveal insights on the overall portfolio. Safepoint believes that the richness of our data warehouse serves as the foundation for our ability to consistently provide our agents and customers with fair pricing for catastrophe prone areas.

A key pillar of our business strategy is risk hedging, where we continuously reassess and syndicate insurance risk to various sources, depending on market conditions, terms, availability and pricing. Safepoint employs catastrophe bonds, industry loss warranties and traditional reinsurance, well in excess of regulatory and rating agency requirements for purchasing protection, to conservatively hedge risk to ensure superior claims-paying resources. Safepoint typically purchases excess of loss reinsurance above a 1-in-250 year probable maximum loss and has never had an event or cluster of events exceed even half of its available reinsurance limit in a given accident year. We have sustained consistent support since inception from our reinsurance relationships and catastrophe bond investors. As of December 31, 2025, all of our reinsurance was purchased from reinsurers rated "A-" or better by AM Best or from capital markets-linked reinsurers, including fully collateralized reinsurers, and through the use of catastrophe bonds. We believe our sustainable risk partnerships are emblematic of our prudent approach to risk management and support our ability to grow in existing and new markets.

Our evolution into a growing property insurance services company reached a significant inflection point in 2023 with the completion of a management buyout transaction led by David Flitman and other members of our senior management. Management currently owns approximately 77% of Safepoint's equity, before giving effect to the offering contemplated by this prospectus. We believe these transactions have better positioned us to pursue additional growth opportunities in our attractive target markets, while further reinforcing a strong alignment between management

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

and its shareholders. For more information about the ClinchPoint transactions, see "*Certain Relationships and Related Party Transactions—Investment Agreement with ClinchPoint*."

**We are an Insurance Services Platform** 

We operate a full stack insurance and underwriting services platform that combines the benefits of policyholder-owned reciprocal insurance exchanges, which we manage for a service fee, with our wholly owned stock insurance company, Safepoint Insurance. Set forth below is a simplified diagram of our organizational structure, which highlights our fee businesses, derived from our service agreements with both the Reciprocal Exchanges and Safepoint Insurance. For a detailed legal organizational chart of Safepoint, please see "*Regulation*." All companies shown below within the holding company scope are 100% owned subsidiaries of Safepoint. We do not own the Reciprocal Exchanges, but derive an economic benefit from the fee income earned from such Reciprocal Exchanges. 

![LOGO](g73198g90a50.jpg)

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| | |
|:---|:---|
| 1 | We own $36.75 million aggregate principal amount of the Surplus Notes issued by the Reciprocal Exchanges. In addition, our wholly owned Captives provide reinsurance protection to the Reciprocal Exchanges. While we do not own the Reciprocal Exchanges, because of the contractual relationships between Safepoint Holdings and the Reciprocal Exchanges, we consolidate the Reciprocal Exchanges for financial reporting purposes under GAAP as is presented in this prospectus.  |

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As shown in the diagram above, our operating segments are principally comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Insurance Services*: Our insurance services platform is comprised of fee-generative businesses, collectively referred to as the "Safepoint MGA." All of our employees and infrastructure are part of Safepoint MGA. Safepoint MGA earns fee income based on the premium
managed for the Reciprocal Exchanges, as well as premium managed for Safepoint Insurance. The Attorneys-in-Fact provide us the legal basis to manage the insurance
operations on behalf of the Reciprocal Exchanges. We own 100% of the Attorneys-in-Fact.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reciprocal Exchanges*: Insurance operations that we manage for a fee, but do not legally own. Reciprocal
insurance exchanges are different than stock and mutual insurance companies because they are unincorporated and are managed by a services company, referred to as an attorney-in-fact. Reciprocal insurance exchanges are an association of policyholders, referred to as subscribers, who assume liabilities among themselves (subscribers
are essentially both insureds and insurers). Reciprocal insurance exchanges, often referred to simply as reciprocals, have been an important part of the U.S. insurance landscape for nearly 150 years. Today, some of the most recognizable property and
casualty insurance companies in the United States are structured as reciprocals, including Farmers, USAA, Erie Indemnity and PURE. As of December 31, 2025, we owned $[ • ] aggregate principal
amount of the Surplus Notes of the Reciprocal Exchanges and provided excess of loss and quota share reinsurance to the Reciprocal Exchanges through the Captives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk-Bearing Entities:* We also generate income through Safepoint Insurance, which directly assumes insurance
risk, as well as our Bermuda-based reinsurance Captives that provide supplemental reinsurance to Safepoint Insurance and the Reciprocal Exchanges. Beginning in 2023, Safepoint Insurance began renewing the majority of its Florida and Louisiana
insurance business into the Reciprocal Exchanges. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Results by Operating Segment—Risk-bearing Entities Segment*" for more
information.

Our innovative structure allows us to generate significant fee income through underwriting and other insurance services and we believe gives us greater balance sheet flexibility to grow our business in a capital efficient manner. Our capital efficiency is primarily derived from the underwriting capital of the Reciprocal Exchanges, which we do not legally own and which we do not assume direct economic equity risk or direct earnings exposure. The equity of the Reciprocal Exchanges ($[•] as of December 31, 2025) is not included as part of our total stockholders' equity ($[•] as of December 31, 2025), with $[•] of the Reciprocal Exchanges' subscriber contributions included as temporary (mezzanine) equity on our consolidated balance sheet. Although we do not legally own the Reciprocal Exchanges, our fee income is dependent on the premium growth and continued financial strength of the Reciprocal Exchanges. 

**Our Business** 

We write both personal and commercial property insurance and have expanded geographically beyond our initial focus on the Florida market (beginning in 2013) into other states, including Louisiana (beginning in 2015), Texas (beginning in 2015), Mississippi (beginning in 2020) and Alabama (beginning in 2020). We focus principally on writing homeowners, investment properties (dwelling fire), condo, wind-only and commercial coverages to individuals and businesses on an admitted basis. We see our range of product lines as a strength given the needs of property owners and business owners in challenging markets.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The following charts set forth our managed premium by state and class of business for the year ended December 31, 2024:<sup>1</sup>

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| | |
|:---|:---|
| **In-force Managed Premiums by State**<br> **as of December 31, 2024**<br>| **In-force Managed Premiums by Class of Business as of December 31, 2024**<br>|
| ![LOGO](g73198g44m01.jpg) | ![LOGO](g73198g44m02.jpg) |

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The insurance products we write through the Reciprocal Exchanges and Safepoint Insurance principally include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Homeowners insurance*: Provides financial protection to home and properties that are damaged. Homeowner's
insurance policies include protection for both the home and its property, as well as other buildings or structures on the property. Homeowners insurance also provides protection for most items located within the home or other structure. Policies
also provide liability coverage to protect policyholders that are held legally responsible (liable) for the injuries to others or to their property, which has a finite limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investment properties (dwelling fire)*: Provides financial protection to investment properties and to personal
properties that are damaged. Dwelling insurance covers the structure of the property and the personal property within. Dwelling insurance can be purchased to cover a primary residence, or a rental property or vacation property. Dwelling insurance
covers certain and specific perils and hazards that can damage the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commercial insurance*: Provides financial protection to commercial properties that are damaged, as well as
general liability and business interruption insurance to businesses. Safepoint Insurance generally writes commercial risks up to a policy limit of $15 million, gross of any reinsurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Homeowners—Condo insurance*: Provides financial protection to owners of condominium units that are
damaged. Condominium insurance policies include protection for the condominium unit. Condominium insurance also provides protection for most items located within the condominium unit. Policies also provide liability coverage to protect policyholders
that are held legally responsible (liable) for the injuries to others occurring in the condominium unit or to their property. The tables above also include wind-only policies within Homeowners.

Our insurance policies are originated primarily through three channels: (i) policies we assume from Florida Citizens Property Insurance Corporation ("Florida Citizens") and Louisiana

<sup>1</sup> To be updated for 2025 when available.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Citizens Property Insurance Corporation ("Louisiana Citizens"), which are state-sponsored insurers, through participation in their legislatively-established "depopulation programs"; (ii) assuming large portfolios of policies from other private insurers, including from insurers in receivership; and (iii) voluntary policies sold by licensed independent agents. As markets become challenged, a familiar pattern occurs: failing markets rely on residual facilities such as Florida Citizens and Louisiana Citizens, which have grown and depopulated in a cyclical pattern over time. As of December 31, 2025, we had approximately [•] policies in force, [•]% of which were assumed from Florida Citizens and Louisiana Citizens, [•]% of which were assumed from private insurers and [•]% of which were sold by independent agents. Similar challenges are growing in other parts of the country. For example, California (CA FAIR Plan) and Texas (TWIA) have recently experienced significant growth.

We are also focused on growing our voluntary business origination through independent agents, who are not exclusive to Safepoint, and seek to continue to expand and deepen these relationships as a part of our business strategy, particularly in underserved markets where property specialist underwriters like Safepoint are needed and benefit from the lack of capacity in the market. Safepoint's marketing and distribution strategy is to create and sustain relationships with like-minded agents on a selective basis that share our views of pragmatic and conservative underwriting. Safepoint employs a dedicated team of territorial agency managers to develop these successful partnerships, promote sales, and retain policyholders for the long-term. As of December 31, 2025, this agent network consists of approximately [•] non-exclusive independent agents and over [•] limited appointments to sell specific products, primarily consisting of [•].

Our claims administration team operates on the core principle of delivering prompt, fair and professional services to our policyholders in their time of need. Safepoint is able to maintain high quality service and control over the claims process because our claims administration is performed predominantly by an internal field staff of Safepoint employees, with supporting capacity from third-party adjusting firms for large catastrophe events. Our in-house field and desk staff manage the entire lifecycle of a claim and exclusively service Safepoint's customer base allowing the team to build a more intimate knowledge of our policy forms, procedures and guidelines.

**Market Opportunity** 

*Significant Enhancements in Insurance and Reinsurance Markets* 

Over the last 40 years, there have been significant enhancements in the scope and scale of insurance and reinsurance operations, both within the U.S. and globally. Initial drivers, such as the growth of mass tort liability, altered the landscape of capital formation with the emergence of large offshore reinsurers in Bermuda in the 1990s and 2000s, which became a familiar, recurrent pattern for subsequent capital events.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Additional catalysts, including large events like Hurricane Andrew (1992), the September 11<sup>th</sup> Terrorist Attacks (2001) and Hurricanes Katrina, Rita and Wilma (2005), contributed to the growth of the specialist underwriters' market and the formation of new balance sheets; as well as the expanded use of other innovations in the insurance risk transfer space, such as captives,

risk retention groups and the advent of the insurance-linked securities ("ILS") market, such as catastrophe bonds and sidecars.

As a form of risk segmentation and capital efficiency, reciprocal insurance exchanges have become more prevalent in recent company formation. For example, of the new insurance companies formed in Florida in the past three years, the majority are reciprocal insurance exchanges.

We are focused on delivering catastrophe-exposed property insurance in Florida, Louisiana and other markets that we believe are dislocated and present us with underwriting opportunities. As risk has grown, the industry has responded with capital formation and significant investments in analytical resources, including actuaries, data scientists, catastrophe modelers and other product innovators. As risk grows, so does the need for more sophistication to analyze and hedge risks appropriately. Safepoint was founded on these principles, and we believe we have risk professionals who have seen this evolution and contributed to the enhancements in these technologies.

*Depopulation Programs* 

We have taken advantage of opportunities presented by take-out transactions, with Florida Citizens and Louisiana Citizens offering us a large and attractive range of data for policies in Florida and Louisiana to screen and select only the risks that fit our underwriting and rating criteria. For this reason, take-out transactions with Florida Citizens and Louisiana Citizens, as well as policy assumptions from private insurers, have been highly efficient and successful channels of business origination for us. We believe we have a best-in-class underwriting platform for analyzing takeout portfolios and are the industry leader in total takeout policies assumed, with a proven policy assumption process that leads to potential growth opportunities when the Florida and Louisiana markets are most turbulent. For further information regarding take-out transactions with Florida Citizens and Louisiana Citizens, see "*Business—Take-Out Transactions*."

*Florida Market and Impact of Reforms* 

While Safepoint has excelled at managing past natural catastrophes, we and other reinsurers in the industry have been challenged historically by social inflation trends, fraudulent and baseless claims and the proliferation of nuisance lawsuits, particularly in the Florida market. Accordingly, one of the primary challenges for Florida's property market in recent years has been the frequency and severity of litigated claims, particularly following hurricanes and tropical storms. In a January 2023 report, the FLOIR cited 2021 data showing that homeowners' insurance lawsuits in Florida constituted 76.0% of the U.S. national total by count, but homeowners' insurance claims opened in Florida only constituted 6.9% of the U.S. national total by count.

In response to these challenges, the State of Florida has recently enacted key legislative reforms, including restrictions on the assignment of benefits to third parties and repealing Florida's one-way attorney fee statutes. We believe these reforms have significantly altered the litigation environment and will be instrumental for the long-term sustainability and profitability of the Florida property insurance market.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The chart below illustrates the decline in the number of Safepoint Insurance's and Manatee's filed lawsuits for policy claims in Florida (by date of filing), as well as recent industry reforms in Florida, during a period when Safepoint achieved compound annual growth rate in policy count of [•]%.

**Number of filed lawsuits for policy claims—Safepoint Insurance and Manatee**![LOGO](g73198g03y06.jpg)

*Risk Segmentation and Hedging* 

We believe more effective risk management requires better portfolio management and optimization of ILS, use of more sophisticated actuarial techniques, better risk segmentation and the advent and the application of technology to deliver a more effective and nuanced product to the consumer. The use of ILS, such as catastrophe bonds, has been a significant driver for the insurance industry, including Safepoint, to channel risk to new investors outside of the traditional insurance/reinsurance market.

Another element of risk segmentation has been the evolution and growth in excess and surplus lines business. The non-admitted U.S. insurance market, also known as the E&S or excess and surplus lines market, is experiencing a period characterized by surging growth and attractive rates and terms and conditions. E&S insurance focuses on insureds that generally cannot purchase insurance from standard market or admitted market insurers due to perceived risk related to their businesses. E&S carriers are generally permitted to tailor the terms of the insurance contract to suit the particular risk they are assuming. Also, E&S carriers are, for the most part, free of rate regulation. Recently, there has been a persistent and sustainable flow of business from the admitted market into the non-admitted E&S channels, resulting generally in compound rate increases across the E&S market in the United States. In addition, the macroeconomic and social environment continues to drive sustainable demand for specialized insurance solutions due to both increasing and more complex risks.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

We believe Safepoint has well-positioned its insurance portfolios across the nexus of this dynamic risk environment, with our unique combination of an insurance services platform, capital efficient reciprocal insurance exchanges, E&S capabilities and conservative risk hedging.

**Our Competitive Strengths** 

We believe that we have several competitive strengths that allow us to grow our business profitably, including: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Entrepreneurial Problem Solvers*** 

We are entrepreneurial problem solvers who seek to take advantage of the opportunities stemming from the dislocation and lack of capacity in various markets, particularly the coastal U.S. property insurance market. We believe the expansion of our business in Louisiana is a prime example of how we have recently used this problem-solving skill set to grow our business. At the time of our expansion in Louisiana in 2021, the property insurance market in the state was significantly challenged following recent catastrophe events, including the ultimate failure of at least 10 insurance companies following Hurricane Ida. In December 2021, Safepoint assumed personal lines policies in Louisiana from two companies in receivership and one insolvent carrier. Safepoint Insurance assumed the risk on its balance sheet while it established a new venture, Cajun, one of the Reciprocal Exchanges. We raised new surplus from a combination of our own funds and third-party investors and purchased approximately $240.0 million of reinsurance limit in order to significantly increase our claims paying resources in the state. We believe that Safepoint and Cajun ultimately benefited over 50,000 policyholders from ending up in Louisiana Citizens, where they may have been subject to reduced coverage at higher prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Industry-Leading Expense Ratio via Streamlined, Tech-Enabled Processes*** 

We are focused on disciplined internal cost management, which we believe is a critical component of profitability in the property markets in which we operate and we believe differentiates us from many of our peers. Over the last several years, we have developed numerous in-house functions specifically tailored to our processes in order to reduce overall costs and produce better outcomes, including through the expansion of our claims administration and internal litigation teams. In addition, we utilize data-driven, actuarial analytics and advanced technologies, including artificial intelligence ("AI"), to define, measure and manage risk on a policy-by-policy basis. Our use of AI includes a recently designed and implemented Agency Relations Management System, which leverages modern cloud architecture to enhance the ease of doing business with Safepoint by streamlining communications and transactions with its network of independent insurance agencies. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Expense Ratio*" for more information.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Our success with tech-enabled processes has led to a meaningful reduction in our expense ratio over the past two years. The chart below sets forth our adjusted general expense ratio for each of the years ended December 31, 2024 and December 31, 2025, which is the ratio of general and administrative expenses net of amortization of stock-based compensation and amortization of intangible assets as a percentage of gross written premiums.

**Adjusted General Expense Ratio By Year<sup>3</sup>**![LOGO](g73198g00a01.jpg)

(1) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of the
non-GAAP financial measure in accordance with their most applicable U.S. GAAP measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Efficient Capital Structure with Reduced Earnings Volatility*** 

Because of the establishment of the Reciprocal Exchanges, Safepoint has the flexibility to deploy and benefit from third party capital more efficiently relative to a traditional stock or mutual insurance carrier. In addition, we believe that the third-party capital in the form of our Non-Controlling Interest in the Reciprocal Exchanges helps provide us with greater economic insulation from the underwriting performance of the Reciprocal Exchanges and, accordingly, reduces the variability in our financial results. While we have underwriting authority and responsibility for administering policies and claims for the Reciprocal Exchanges, we do not have direct economic equity risk associated with these policies. Such direct economic equity risks are principally borne by the Reciprocal Exchanges, each of which is an association of subscriber policyholders. As part of our insurance services provided to the Reciprocal Exchanges, we purchase third-party reinsurance designed to protect their balance sheets from multiple hurricanes and other tropical storms in any given year. For the risk management and other insurance services we provide the Reciprocal Exchanges, we earn fee income based on a percentage of the managed premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Conservative Risk Management and Reinsurance Strategy*** 

Safepoint maintains multiple layers of risk hedges and protection against catastrophe and attritional losses through traditional reinsurance and alternative risk transfer, such as catastrophe bonds. We believe this disciplined approach has allowed Safepoint to preserve its capital and honor its commitments to policyholders, even following large hurricane events. Unlike many of our competitors, Safepoint has not had any prior year reserve deficiencies over the last five years. Although our approach may result in sacrificing an element of short-term profitability for long-term stability, it is the reason we are in a strong position to pursue hard market opportunities and selectively assume competitor portfolios following catastrophe

<sup>3</sup> Placeholder to be updated for year-end 2025.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

events. The table below sets forth the percentage of our historical third-party reinsurance limit in Florida that was impacted by hurricane or significant tropical storms. The reinsurance limit represents the maximum amount reinsurers are required to pay to the Carriers in the event of loss during any given year, while the historical utilization represents how much of that limit was paid to Safepoint. Safepoint typically purchases excess of loss reinsurance above a 1-in-250 year probable maximum loss and has never had an event or cluster of events exceed even half of its available reinsurance limit in a given accident year. We believe the ratio of the reinsurance limit that we purchase to the total insured value of our Florida policies, which was over 3.7% as of September 30, 2025 (often thought of as peak hurricane season), is materially higher than many of our Florida peers (approximately 1%).

**Reinsurance Limit vs. Historical Utilization ($mm)**![LOGO](g73198g19a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Disciplined Data-Driven Underwriting Approach*** 

We believe that our disciplined and data-driven approach to risk management has been a key driver of our profitability and sustainability in the catastrophe-exposed markets in which we operate. We have made strategic investments in predictive analytics and advanced pricing models, including a state-of-the-art Generalized Linear Modeling ("GLM") software which incorporates modern statistical and machine learning techniques to build pricing structures that are both more accurate and more adaptive. We believe these investments enhance our ability to segment risk, strengthen retention and respond quickly to market changes. By leveraging our differentiated access to unique data and technological innovations in underwriting, we believe we are able to maintain a competitive edge in our target markets and achieve a meaningful reduction in attritional loss ratio over time. Our integrated operations allow us to collaborate seamlessly across key stakeholders (underwriting, products, claims and legal) to proactively

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

address risk exposures, including fraud-related loopholes and evolve policy language in response to market dynamics, enhancing underwriting profitability and process efficiency.

The chart below illustrates the meaningful improvement in Safepoint's ultimate loss ratio (including paid losses, case reserves and IBNR reserves) by accident year as of September 30, 2025, excluding losses from hurricanes and other named storms over the past 10 years.

**Ultimate Loss Ratio By Accident Year Excluding Named Storms**![LOGO](g73198g20a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Strong Claims Administration*** 

We believe that our dedicated claims administration and litigation teams, which have over [•] full-time employees, have been essential to containing our overall loss costs and loss adjustment expenses, and has led to a reduction in both the frequency and severity of claims. Additionally, Safepoint's claims operations are a critical element of our risk management strategy that has enabled us to consistently maintain sufficient reserves, with no adverse prior year development over the last five years. In addition, our in-house legal team, which includes experienced trial attorneys, manages all aspects of the legal process, including pleadings, discovery, mediation and trial. This alignment across claims and legal functions as well as the timely and quality claims services, helps manage litigation and defense costs. For more information on our claim administration, see "*Business—Claims Administration*".

**Our Growth Strategies** 

The key aspects of our business strategy are to: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Geographic Growth Through Diversified Distribution Channels*** 

Safepoint leverages its management team's multi-faceted product underwriting expertise to broaden the scope of policyholder solutions by expanding both our product suite and distribution capabilities. Safepoint is expanding its distribution capabilities via new channels, including wholesalers and MGAs. Safepoint is selective in whom it chooses to partner with to access new markets, which we believe are all fully aligned with our competitive strengths. We continue to capture market share in admitted lines in Florida and Louisiana, while expanding nationally into new states and into the excess and surplus lines market. We have achieved such growth while maintaining our underwriting criteria, rating structure, and reinsurance strategy to

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

adequately protect the Company in excess of a 1-in-250-year catastrophe event. As of [•], 2025, we are licensed to write admitted insurance products in six states, granted approval to write excess and surplus lines products in 39 other states and awaiting approval in five additional states, with the goal of national positioning.

The map below sets forth the U.S. admitted insurance licenses and E&S approvals, held or pending by the Reciprocal Exchanges or Safepoint Insurance as of [•], 2025.

![LOGO](g73198g21a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Capitalize On Our Expertise in Catastrophe-Exposed Property Insurance Markets Through Industry Cycles*** 

Throughout our history, we have focused on deliberate growth in underserved, dislocated U.S. coastal property insurance markets in which we have sufficient expertise to underwrite business that is attractive on a risk-adjusted basis. By prioritizing these underserved, catastrophe-exposed markets, we plan to continue to build a strong presence and reputation as a reliable insurer in underserved segments. We believe this strategic capability enables us to expand our market share while maintaining a strong commitment to customer service and claims support. The foundation for this growth strategy is our risk hedging expertise, where we continuously reassess; for example, each year we evaluate the insurance risk we syndicate to various sources, depending on market conditions, terms, availability and pricing. Safepoint syndicates and conservatively hedges risk to protect its claims-paying resources through catastrophe bonds, industry loss warranties and traditional reinsurance well in excess of regulatory and rating agency requirements for purchasing protection.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Expand Fee Income From Third Parties Leveraging Safepoint ' s Platform*** 

We continue to expand our service relations with third-party MGAs and carriers in exchange for fees. For example, we manage all of the insurance administration functions of a third-party MGA, including writing over $[50] million of business in 2025 primarily with an unaffiliated carrier. This relationship, and others we seek to establish, allows us to leverage our platform to provide services for competitive rates, while achieving a compelling profit margin on the services revenue we receive. In addition, in this context we can benefit from the opportunity to track various markets and determine where it is prudent to deploy additional resources. We believe there is significant opportunity to expand our service offerings to other unaffiliated MGAs and carriers and drive additional growth in high margin fee income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintain High Policyholder Retention*** 

Historically we have enjoyed high levels of policyholder retention, which is defined as the level of policy and premium renewals of existing customers year over year. Set forth below is a diagram showing our policy and premium retention rates since inception, as well as the average annual change in premium rates charged to policyholders. Policy and premium retentions are an important component of maintaining a stable and sustainable book of insurance business and generating sufficient managed premiums for our fee business. We plan to continue to focus on high levels of policyholder retention, while also maintaining the appropriate premium rate.

The following chart sets forth our policy and premium retention rates, as well as our average rate change, for each of the years from January 1, 2014 through August 31, 2025.

![LOGO](g73198g23a01.jpg)

Note: Premium retention in excess of 100% indicates an increase in premium.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Our Corporate Information** 

Safepoint Holdings was formed under the laws of the State of Florida in May 2013 as Safepoint Holdings, LLC and converted to a Florida corporation on July 1, 2015. Prior to the completion of this offering, Safepoint Holdings will redomesticate from a Florida corporation to a Delaware corporation. 

Our principal business office is located at 12640 Telecom Drive, Tampa, Florida 33637. Our website address is www.safepointins.com. Information contained on our website is not incorporated by reference into this prospectus, and such information should not be considered to be part of this prospectus.

Our design logo is owned by us or one of our subsidiaries. All other trademarks, service marks and trade names appearing in this prospectus are the property of their respective owners.

**Summary Risk Factors** 

Investing in our common stock involves risks, which are discussed more fully under "*Risk Factors*." You should carefully consider all the information in this prospectus, including under "*Risk Factors*," before making an investment decision. These risks include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claims arising from unpredictable and severe catastrophe events could reduce our earnings and stockholders' equity
and limit our ability to underwrite new insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to purchase third-party reinsurance or otherwise expand our catastrophe coverage in amounts we desire on
commercially acceptable terms or on terms that adequately protect us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our risk management and loss limitation methods, including estimates and models, may fail to adequately manage our exposure
to losses from catastrophe events and our losses could be material higher than our expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our losses and loss expense reserves may be inadequate to cover our actual losses, which could have a material adverse
effect on our financial condition, results of operations and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decline in our financial strength rating may adversely affect the amount of business we write;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected changes in the interpretation of our coverage or provisions, including loss limitations and exclusions, in our
policies could have a material adverse effect on our financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reinsurers may not reimburse us for claims on a timely basis, or at all, which may materially adversely affect our
business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to accurately and timely pay claims could materially and adversely affect our business, financial condition,
results of operations, and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity could
result in the sale of fewer policies than expected or an increase in the frequency of claims and premium defaults, or a combination of these effects, which, in turn, could affect our growth and profitability;

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the insurance business is historically cyclical in nature and we believe we are currently experiencing a relatively hard
market cycle, which may affect our financial performance and cause our operating results to vary from quarter to quarter and may not be indicative of future performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are subject to extensive regulation, which may adversely affect our ability to achieve our business objectives; failure
to comply with these regulations could subject us to penalties, including fines and suspensions, which may adversely affect our financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we could be adversely affected by the loss of one or more key personnel or by an inability to attract and retain qualified
personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our costs will increase as a result of operating as a public company, and our management will be required to devote
substantial time to complying with public company regulations.

**Implications of Being an Emerging Growth Company** 

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As an emerging growth company, we may, for up to five years, take advantage of specified exemptions from reporting and other regulatory requirements that are otherwise applicable generally to public companies. These exemptions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the presentation in this prospectus includes only two years of audited financial statements and only two years of related
Management's Discussion and Analysis of Financial Condition and Results of Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exception from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of
2002, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration
statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding non-binding advisory votes on executive
compensation or golden parachute arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the
communication of critical audit matters in the auditor's report on financial statements.

We may take advantage of these provisions until we no longer qualify as an emerging growth company. We will cease to qualify as an emerging growth company on the date that is the earliest of: (i) the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering, (ii) the last day of the fiscal year in which we have more than $1.235 billion in total annual gross revenues, (iii) the date on which we are deemed to be a "large accelerated filer" under the rules of the U.S. Securities and Exchange Commission, which means the market value of our common stock that is held by non-affiliates exceeds $700 million as of the prior June 30, or (iv) the date on which we have issued more than $1.0 billion of non-convertible debt over the prior three-year period. We may choose to take advantage of some but not all of these reduced reporting burdens. We have taken advantage of certain reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different than you might obtain from other public companies in which you hold equity interests.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public companies more difficult. As a result of these elections, the information that we provide in this prospectus may be different than the information you may receive from other public companies in which you hold equity interests. In addition, it is possible that some investors will find our common stock less attractive as a result of these elections, which may result in a less active trading market for our common stock and higher volatility in our share price.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**The Offering** 

Common stock offered by us shares

Common stock offered by the selling stockholders shares

Common stock outstanding after this offering shares

Option to purchase additional shares of common stock offered in this offering We have granted the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase from the selling stockholders up to an additional shares.

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|:---|:---|
| Use of proceeds  | We estimate that the net proceeds to us from the sale of shares of our common stock in this offering will be approximately $ million (or approximately $ million if the underwriters' option to purchase additional shares is exercised in full) based upon the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and estimated offering expenses payable by us. We will not receive any of the proceeds from the sale of our common stock in this offering by the selling stockholders. |

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The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our common stock and thereby enable access to the public equity markets for us and our stockholders. See "*Use of Proceeds*" for a more complete description of the intended use of proceeds from this offering.

Proposed NYSE trading symbol "SFPT"

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| | |
|:---|:---|
| Voting  | Each share of our common stock entitles its holder to one vote on all matters to be voted on by stockholders generally. |

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|:---|:---|
| [Registration Rights Agreement  | In connection with the completion of this offering, we intend to enter into a registration rights agreement (the "Registration Rights Agreement") with certain of our current shareholders, which will provide customary demand and piggyback registration rights upon completion of the Reorganization Transactions. See "*Description of Capital Stock*."] |

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Risk factors You should read the section entitled "*Risk Factors*" and the other information included elsewhere in this prospectus for a discussion of some of the risks and uncertainties you should carefully consider before deciding to invest in our common stock.

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| | |
|:---|:---|
| Dividend policy  | We anticipate paying a [quarterly] cash dividend on our common stock of $ per share beginning in the [third] quarter of 2026. We anticipate paying aggregate cash dividends of $ per annum on our common stock, resulting in an annual yield of [•%] based on a price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. Our ability to pay dividends on our common stock may be limited by the terms of any future debt or preferred securities we may issue or any future credit facilities we may enter into. See the section entitled "*Dividend Policy*." |

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The total number of shares of our common stock that will be outstanding after this offering includes [•] shares of common stock outstanding as of [•], 2025 and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[    ] shares of common stock issued pursuant to restricted stock awards under our 2024 Stock
Incentive Plan, or the 2024 Plan];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[    ] shares of common stock reserved for future issuance under our 2026 Stock Incentive
Plan, or the 2026 Plan, which will be increased by any shares of common stock that are underlying awards outstanding under the 2024 Plan (under which we will cease granting awards upon the adoption of the 2026 Plan) that are canceled, forfeited, or
settled in cash]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[    ] shares of common stock reserved for future issuance under our 2026 Employee Stock
Purchase Plan, or the 2026 ESPP and together with the 2026 Plan the "2026 Equity Compensation Plans", which will become effective in connection with this offering.]

Unless otherwise indicated, this prospectus assumes or gives effect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the filing and effectiveness of our amended and restated certificate of incorporation to be effective immediately prior to
the closing of this offering, or our Certificate of Incorporation, and the adoption of our amended and restated bylaws to be effective immediately prior to the closing of this offering, or our Bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise by the underwriters of their option to purchase      additional shares of our common
stock.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA** 

The following tables present our summary consolidated financial and other data as of and for the periods indicated.

The summary consolidated statements of operations data for the years ended December 31, 2024 and 2025, and the summary consolidated balance sheet data as of December 31, 2024 and 2025 are derived from our audited consolidated financial statements included elsewhere in this prospectus.

The summary consolidated statements of operations data for the fiscal years ended December 31, 2024 and 2025, and the summary consolidated balance sheet data as of December 31, 2024 and 2025 are derived from our annual consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that should be expected in any future period.

You should read this data together with our audited consolidated financial statements and related notes, as well as the information under the caption "*Management's Discussion and Analysis of Financial Condition and Results of Operations*," included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
|  | **($ in thousands)** | **($ in thousands)** |
|  Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross written premiums | $— | $642591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in gross unearned premiums |  | (114052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross earned premiums |  | 528539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded earned premiums |  | (289378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums |  | 239161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy fee income |  | 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 14183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment gains |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance related income |  | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues |  | 260298 |
|  Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss adjustment expenses, net |  | 136050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs, net of ceding commissions |  | (6221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses |  | 52202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 4744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 186775 |
|  Income before taxes |  | 73523 |
|  Provision for income tax expense |  | 13243 |
|  Net income |  | 60280 |
|  Net loss attributable to non-controlling interest |  | (17124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income attributable to controlling interest**  | $**—** | $**77404** |

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

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| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
|  | **($ in thousands)** | **($ in thousands)** |
|  Key Operating and Financial Metrics: |  |  |
|  EBITDA<sup>(1)</sup> |  | $90085 |
|  Adjusted general expense ratio<sup>(1)</sup> |  | 6.6% |
|  Selected Segment Data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reciprocal exchange gross written premium |  | $431584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance services revenue |  | $98211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance services income (loss) before taxes |  | $50526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-bearing income (loss) before taxes |  | $47163 |
|  Selected Balance Sheet Data |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | $251269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | $742326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt |  | $31715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | $597142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity |  | $120005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest |  | $(4825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity attributable to controlling interest |  | $124830 |

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(1) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of the non-GAAP financial measure in accordance with their most applicable U.S. GAAP measure.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**RISK FACTORS** 

*An investment in our common stock involves a certain degree of risk. In deciding whether to invest, you should carefully consider the following risk factors, as well as the financial and other information contained in this prospectus, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes. Any of the following risks could have an adverse or material effect on our business, financial condition, results of operations or prospects and cause the value of our stock to decline, which could cause you to lose all or part of your investment. Additional risks and uncertainties of which we are unaware, or that we currently deem immaterial also may become important factors that affect us.* 

**Risks Related to Our Business and Industry** 

**If the management fee rate earned by the Attorneys-in-Fact is reduced or if there is a significant decrease in the amount of premiums written by the Reciprocal Exchanges, our revenues and profitability could be materially adversely affected.** 

We are dependent upon management fees we earn from the Reciprocal Exchanges, which represent a significant source of our revenue. In accordance with the attorney-in-fact agreement with the policyholders of the Reciprocal Exchanges, we currently earn an annual fee equal to 17% of the gross written premiums plus 3% of gross earned premiums of the Reciprocal Exchanges. Any reduction in the gross written premiums of the Reciprocal Exchanges and/or the management fee rate, whether as a result of insurance losses, a loss of financial strength ratings, a regulatory action, change in applicable law, whether or not described herein, could have a negative effect on our revenues and net income.

**We have exposure to unpredictable and severe catastrophes, including those caused by global climate change, which could reduce or eliminate our earnings and stockholders' equity and limit our ability to underwrite new insurance policies.** 

Our insurance operations expose us to claims arising from unpredictable catastrophe events, such as hurricanes, tropical storms, severe thunderstorms, earthquakes, floods, wildfires, sink-holes, hail and other severe events. Furthermore, the actual occurrence, frequency and magnitude of such events are uncertain. Over the past several years, changing weather patterns and climatic conditions, such as rising average global temperatures, have added to the unpredictability and frequency of natural disasters in certain parts of the world, including the markets in which we operate. This may include catastrophes in markets where we have only recently begun to insure against loss, such as in California, where devastating wildfires have become a regular occurrence and have caused a significant amount of residential and commercial property loss and damage. Climate change may increase the frequency and severity of extreme weather events. This effect has led to conditions in the ocean and atmosphere, including warmer-than-average sea-surface temperatures and low wind shear that increase hurricane activity. Hurricane activity typically increases between June and November of each year, though the actual occurrence and magnitude of such events is uncertain. The occurrence of a natural disaster or other catastrophe loss could materially adversely affect our business, financial condition, and results of operations. Additionally, any increased frequency and severity of such weather events, including hurricanes, could have a material adverse effect on our ability to predict, quantify, reinsure and manage catastrophe risk, which may materially increase our losses resulting from such catastrophe events.

The extent of losses from catastrophes is a function of both the frequency and severity of the insured events and the total amount of insured exposure in the areas affected. The

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

frequency and severity of catastrophes are inherently unpredictable and the occurrence of one catastrophe does not make the occurrence of another catastrophe more or less likely. Increases in the replacement cost of insured property due to higher material and labor costs, increases in concentrations of insured property, the effects of inflation, and changes in cyclical weather patterns may increase the severity of claims from catastrophe events in the future. Claims from catastrophe events could reduce our earnings and cause substantial volatility in our results of operations for any fiscal quarter or year, which could materially adversely affect our financial condition, possibly to the extent of eliminating our total stockholders' equity, and/or our financial strength ratings. Our ability to underwrite new insurance policies could also be materially adversely impacted.

**Our loss reserves are estimates and may be inadequate to cover our actual liability for losses, causing our results of operations to be adversely affected.** 

We maintain reserves, also referred to as loss reserves, to cover estimated liabilities for unpaid losses and loss expenses, including legal and other fees as well as other claims settlement costs, for reported and unreported claims incurred as of the end of each accounting period. Loss reserves do not represent an exact calculation of liability. Rather, loss reserves represent an estimate of what the Company's ultimate settlement and administration of claims is expected to cost. These estimates, which generally involve actuarial projections, are based on the assessment of facts and circumstances then known, as well as estimates of future trends in claims severity, frequency, judicial theories of liability and other factors. The variables described above are affected by both internal and external events, such as claims handling procedures, inflation, judicial and litigation trends and legislative changes. Additionally, there may be a significant delay between when a loss event occurs and the time it is reported to us. As a result, estimates of loss associated with specific claims can increase as new information emerges, and our projections and our estimates may be inaccurate, which in turn may cause our actual losses to exceed our loss reserves and cause the reserves for the claim to become inadequate. If our actual losses exceed our loss reserves, our financial results, our ability to expand our business and to compete in the property and casualty insurance industry may be negatively affected.

Factors that affect unpaid losses and loss adjustment expenses include the estimates made on a claim-by-claim basis known as "case reserves" coupled with bulk estimates known as "incurred but not yet reported" (or "IBNR") loss reserves. Periodic estimates by management of the ultimate costs required to resolve all claims are based on our analysis of historical data and estimations of the impact of numerous factors such as (i) factual information for each claim; (ii) industry and company historical loss experience and development patterns; (iii) legislative enactments, judicial decisions, legal developments in the awarding of damages and changes in political attitudes; and (iv) trends in general economic conditions, including the effects of inflation. Management revises its estimates based on the results of its analysis. This process assumes that past experience, adjusted for the effects of current developments and anticipated trends, is an appropriate basis for estimating the ultimate resolution of all claims. There is no precise method for subsequently evaluating the impact of any specific factor on the adequacy of the reserves, because the eventual redundancy or deficiency is affected by multiple factors.

Because of the inherent uncertainties in the reserving process, we cannot be certain that our reserves will be adequate to cover our actual losses and loss adjustment expenses. If our reserves for unpaid losses and loss adjustment expenses are less than actual losses and loss adjustment expenses, we will be required to increase our reserves with a corresponding reduction in our net income in the period in which the deficiency is identified. Future loss experience substantially in excess of our reserves for unpaid losses and loss adjustment expenses could substantially harm our results of operations and financial condition and financial strength ratings.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Our insurance company affiliates are subject to minimum capital and surplus requirements, and our failure to meet these requirements could subject us to regulatory action.** 

Our Carriers are subject to risk-based capital standards and other minimum capital and surplus requirements imposed under applicable state laws, currently the laws of Florida for Safepoint Insurance and Manatee and Alabama for Cajun. Florida's risk-based capital standards, based upon the NAIC's Risk-Based Capital for Insurers Model Act, require Safepoint Insurance to report its results of risk-based capital calculations to the insurance regulatory commission of its state of domicile and the NAIC. These risk-based capital standards provide for different levels of regulatory attention depending upon the ratio of an insurance company's total adjusted capital, as calculated in accordance with NAIC guidelines, to its authorized control level risk-based capital. Authorized control level risk-based capital is determined using the NAIC's risk-based capital formula, which measures the minimum amount of capital that an insurance company needs to support its overall business operations.

An insurance company with total adjusted capital that is less than 200% of its authorized control level risk-based capital is at a company action level, which would require the insurance company to file a risk-based capital plan that, among other things, contains proposals of corrective actions the company intends to take that are reasonably expected to result in the elimination of the company action level event. Additional action level events occur when the insurer's total adjusted capital falls below 150%, 100%, and 70% of its authorized control level risk-based capital. The lower the percentage, the more severe the regulatory response, including, in the event of a mandatory control level event (total adjusted capital falls below 70% of the insurer's authorized control level risk-based capital), placing the insurance company into receivership.

In addition, our Carriers are required to maintain certain minimum capital and surplus and to limit its written premiums to specified multiples of its capital and surplus. Our Carriers could exceed these ratios if its volume increases faster than anticipated or if its surplus declines due to catastrophe or non-catastrophe losses or excessive underwriting and operational expenses.

Florida law requires a residential property writer to maintain surplus of the greater of $15.0 million or 10% of its liabilities. As of December 31, 2025, Safepoint Insurance held surplus of $[•] million. Florida law also restricts the ratio of written premiums to policyholder surplus to 10 to 1 on a gross basis and 4 to 1 on a net of reinsurance basis. For the year ending December 31, 2025, Safepoint Insurance's gross and net written premiums to policyholder surplus ratios were [•] to 1 and [•] to 1, respectively. For the year ending December 31, 2025, Manatee's gross and net written premiums to policyholder surplus ratios were [•] to 1 and [•] to 1, respectively.

Alabama law requires reciprocal insurers domiciled in Alabama and transacting property and casualty insurance for less than five years, to maintain a surplus of at least $1.25 million. As of December 31, 2025, Cajun held surplus of $[•].

Any failure by Safepoint Insurance, Cajun or Manatee to meet the risk-based capital or minimum statutory capital requirements or the writings ratio limitations imposed by applicable state insurance regulations could subject it to further examination or corrective action imposed by state regulators, including limitations on our writing of additional business, state supervision or rehabilitation or liquidation.

Any changes in existing risk-based capital requirements, minimum statutory capital requirements, or applicable writings ratios may require us to increase our statutory capital levels, which we may be unable to do.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Because our insurance operations are geographically concentrated, any single catastrophic event, or a series of such events, or other condition affecting losses in the U.S. coastal states in which we operate could adversely affect our financial condition and results of operations.** 

We currently conduct our insurance business predominantly in Florida, Louisiana, Mississippi, Texas and Alabama. As of December 31, 2025, [•]% of our policies (measured by in-force premium) insured customers in Florida and/or Louisiana. A single catastrophic event, or a series of such events, destructive weather patterns, general economic trends, regulatory developments or other conditions specifically affecting such states, particularly along the coastal areas, could have a disproportionately adverse impact on our business, financial condition and results of operations. Further, as compared to our competitors who operate on a wider geographic scale, any adverse changes in the regulatory environment affecting property and casualty insurance in Florida or Louisiana may expose us to more significant risks. In the event of such catastrophes, the laws and regulations of Florida and Louisiana, as well as of other states where we are regulated to do business, may restrict or prevent us from taking actions to reduce our exposure to losses related to such catastrophes. For example, we may be prevented from using non-renewals or cancellations to limit our exposure following a catastrophe, may be required to provide additional advance notice of non-renewals and cancellations, or may be subject to rate change delays or limits or may be prevented from existing a market that has become unprofitable.

In addition, changes in the prevailing regulatory, legal, economic, political, demographic or competitive environment, and other conditions in such states could also make it less attractive for us to do business in those states and would have a more pronounced effect on our business than it would on other insurance companies that are more geographically diversified than we are.

**Increased competition, competitive pressures, industry developments and market conditions could affect the growth of our business and adversely impact our financial results.** 

The property and casualty insurance industry in U.S. coastal states is highly competitive, and we believe it will remain highly competitive for the foreseeable future. We compete not only with other insurance corporations, but also with Florida Citizens, mutual companies, other underwriting organizations and alternative risk sharing mechanisms. Our principal lines of business are written by numerous other insurance companies. We face competition from national and regional insurers, coastal specialists, new entrants and the residual market, such as Florida Citizens and Louisiana Citizens. Larger and more established national and regional insurance companies may have certain competitive advantages, including increased name recognition, increased loyalty of their customer base and reduced per policy acquisition costs. We compete for business not only on the basis of price, but also on the basis of financial strength, types of coverages offered, availability of coverage desired by customers, commission structure and quality of service to our policyholders and agents. We may have difficulty continuing to compete successfully on any of these bases in the future. Competition could limit our ability to retain existing business or to write new business at adequate rates, and such limitation may cause a material adverse effect on our results of operations and financial position. Because we are smaller than some of our competitors, we may lack the resources to increase or maintain our market share.

Further, the rapid evolution of AI and technology in general may alter the competitive landscape. While we expect to continue leveraging technology, data and analytics efficiently, it is possible that competitors will leverage AI and technology solutions more effectively, which may adversely impact our competitive position. Competitors could enter the insurance market

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

and further accelerate these trends. Our competitive position could be adversely impacted if we are unable to deploy, in a cost effective and competitive manner, technology or if our competitors collect and use data which we do not have the ability or access to utilize.

In addition, industry developments could further increase competition in our industry. These developments could include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an influx of new capital in the marketplace as existing companies attempt to expand their businesses and new companies
attempt to enter the insurance business as a result of better premium pricing and/or policy terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in programs in which state-sponsored entities provide property insurance in catastrophe- prone areas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the regulatory and political climate.

These developments and others could make the property and casualty insurance marketplace more competitive by increasing the supply of insurance available. If competition limits our ability to write new business at adequate rates, our future results of operations would be adversely affected.

**Our success and ability to grow our business depends on retaining and expanding our customer base. If we fail to add new customers or retain current customers, our business, results of operations and financial condition could be harmed.** 

We believe that the growth of our business and revenue depends upon our ability to retain our existing customers and add new customers in our current geographic markets and in the markets in which we expand. While we have experienced significant customer growth since we commenced operations, we may not be able to maintain this growth and our customer base could shrink over time.

Our ability to attract new customers and retain existing customers depends on our ability to continue providing positive insurance-buying and claims-filing customer experiences, competitive pricing and adequate insurance coverage. In order to maintain this reputation, we may be required to incur significantly higher marketing expenses, costs related to improving our service, and lower margins in order to attract new customers and retain existing customers. If we fail to remain competitive on customer experience, pricing and insurance coverage options, our ability to grow our business and generate revenue by attracting and retaining customers may be adversely affected.

There are many factors that could negatively affect our ability to grow our customer base, including if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we fail to effectively use search engines, social media platforms, content-based online advertising and other online
sources for generating traffic to our website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential customers in a particular marketplace or more generally do not meet our underwriting guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our competitors mimic our digital platform or develop other innovative services, causing current and potential customers to
purchase their insurance products instead of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we lose customers to new market entrants and/or existing competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we do not obtain regulatory approvals necessary for expansion into new markets or in relation to our products (such as
line, form, underwriting and rating approvals) or such

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

approvals contain conditions that impose restrictions on our operations (such as limitations on growth);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our digital platform experiences disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we suffer reputational harm to our brand resulting from negative publicity, whether accurate or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we fail to expand geographically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we fail to offer new and competitive products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customers have difficulty installing, updating or otherwise accessing our website on mobile devices or web browsers as a
result of actions by us or third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technical or other problems frustrate the customer experience, particularly if those problems prevent us from generating
quotes or paying claims in a fast and reliable manner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are unable to address customer concerns regarding the content, data privacy and security of our digital platform.

Our inability to overcome these challenges could impair our ability to attract new customers and retain existing customers, and could have a material adverse effect on our business, results of operations and financial condition.

**Reinsurance coverage may not be available to us in the future at favorable rates or at all.** 

We purchase a significant amount of reinsurance from third parties that we believe enhances our business by reducing our exposure to potential catastrophe losses and reducing volatility in our underwriting performance, providing us with greater visibility into our future earnings. Reinsurance involves transferring, or ceding, a portion of our risk exposure on policies that we write to another insurer, the reinsurer, in exchange for a premium.

We primarily use treaty reinsurance, consisting of excess of loss ("XOL") coverage from traditional reinsurers, collateralized reinsurers and capital markets investors, in the form of catastrophe bonds. Additionally, we buy program specific reinsurance coverage on a quota share, property per risk or a facultative basis. Treaty coverage refers to a reinsurance contract that is applied to a group or class of business where all the risks written meet the criteria for that class. Facultative coverage refers to a reinsurance contract on individual risks as opposed to a group or class of business. Our catastrophe XOL treaties are divided into multiple layers.

For the 2025-2026 reinsurance program, we purchased $1.9 billion of limit protection for the first hurricane and other tropical storms and, in the aggregate, we have purchased over $2.9 billion of limit protection for first and subsequent hurricanes and other tropical storms. The majority of the 2025-2026 reinsurance program expires on April 30, 2026, other than our catastrophe bonds, which are multi-year contracts, with the exception of the policies issued pursuant to Florida Hurricane Catastrophe Funds, which expire on June 1, 2026. We typically do not purchase significant amounts of reinsurance coverage for catastrophe events other than hurricanes and other tropical storms, and our XOL coverage is generally purchased on a per occurrence rather than an aggregate basis. Therefore, although we attempt to manage our exposure to catastrophes through our underwriting process and the purchase of reinsurance protection, an especially severe catastrophe or series of catastrophes could exceed our reinsurance protection and would have a material adverse impact on our results of operations and financial condition.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The reinsurance market historically has been a cyclical market characterized by periods of sufficient or excess capital (soft market cycle) as well as shortages of capital (hard market cycle). Market conditions have limited, and in some cases prevented, insurers from obtaining the types and amounts of reinsurance they consider adequate for their business needs. As a result, we may not be able to purchase reinsurance in the areas and for the amounts we desire or on terms we deem acceptable or at all. A hard market cycle may increase our cost of reinsurance, force us to increase our loss retention, or limit the amount of reinsurance we are able to purchase, all of which would have an adverse impact on our business and results of operations. Future catastrophe or other market events can further exacerbate the reinsurance market cycle.

**We may not be able to collect reinsurance amounts due to us from the reinsurers with which we have contracted.** 

Reinsurance is a method of transferring part of an insurance company's risk under an insurance policy to another insurance company. To the extent that our reinsurers are unable to meet the obligations they assume under our reinsurance agreements, we remain liable for the entire insured loss. We use reinsurance arrangements to limit and manage the amount of risk we retain, to stabilize our underwriting results and to increase our underwriting capacity. Our ability to recover amounts due from reinsurers under the reinsurance treaties we currently have in effect is subject to the reinsurance company's ability and willingness to pay and to meet its obligations to us. We attempt to select financially strong reinsurers with an A.M. Best or S&P rating of "A-" or better or we require the reinsurer to fully collateralize its exposure, such as in the case of our previous catastrophe bond issuances. While we monitor from time to time their financial condition, we also rely on our reinsurance broker and rating agencies in evaluating our reinsurers' ability to meet their obligations to us. Any failure on the part of any one reinsurance company to meet its obligations to us could have a material adverse effect on our financial condition or results of operations.

All residential and commercial insurance companies that write property and casualty business in Florida, including Safepoint Insurance and Manatee, are required to obtain reinsurance through the Florida Hurricane Catastrophe Fund ("FHCF"), and this coverage comprises a portion of our reinsurance program. The limit and retention of the FHCF's reinsurance coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. We have also purchased private reinsurance alongside our FHCF layer to fill in gaps in coverage that may result from the adjustment of the limit or retention of our FHCF coverage; however, such private reinsurance will not cover any losses we may incur as a result of FHCF's inability to pay the full amount of our claims. If a catastrophic event occurs in Florida, FHCF may not have sufficient funds to pay all of its claims from insurance companies in full or in a timely manner. This could result in significant financial, legal and operational challenges to our Company. In the event of a catastrophic loss, FHCF's ability to pay may be dependent upon its ability to issue bonds in amounts that would be required to meet its reinsurance obligations. There can be no assurance that FHCF will be able to do this. While we believe FHCF currently has adequate capital and financing capacity to meet its reinsurance obligations, there can be no assurance that it will be able to meet its obligations in the future, and any failure to do so could have a material adverse effect on our liquidity, financial condition and results of operations.

**The "Safepoint" brand may not become as widely known as incumbents' brands or the brand may become tarnished.** 

Many of our competitors have brands that are well recognized. Since inception, we have spent a considerable amount of money and other resources to create brand awareness and build our reputation.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

We may not be able to build brand awareness, and our efforts at building, maintaining and enhancing our reputation could fail. There are many factors that, whether valid or not, could diminish confidence in our brand, which could adversely affect our reputation, business, results of operations and financial condition, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complaints or negative publicity about our business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our marketing and advertising campaigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our compliance with applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the integrity of the data that we provide to customers or business partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• data privacy and security issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business practices or adverse financial developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• perceptions of our corporate governance or social responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conduct of our officers or employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the actions of a significant customer or other business with which we do business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other aspects of our business.

As we expand our product offerings and enter new markets, we must continue to establish our reputation in an expanded marketplace, and to the extent we are not successful in this endeavor, our business, results of operations and financial condition could be adversely affected. There can be no assurance that we will be able to maintain or enhance our reputation, and failure to do so could materially adversely affect our business, results of operations and financial condition. If we are unable to maintain or enhance consumer awareness of our brand cost-effectively, our business, results of operations and financial condition could be materially adversely affected.

The negative impacts of these or other events may be aggravated as consumers and other stakeholders increase their expectations regarding corporate conduct and responsibility. These impacts may be further complicated by the fact that their perceptions are formed through rapid and broad interactions using modern communication and social media tools over which we have no control. Any such event could decrease demand for our products, reduce our ability to recruit and retain employees and lead to greater regulatory scrutiny of our businesses.

**We may not be able to manage our growth effectively.** 

We intend to grow our business in the future, which could require additional capital, technology development, and skilled personnel. To grow effectively, we must be able to meet our capital needs and expand our systems, technology, and internal controls effectively. We also must allocate our human resources optimally, including identifying, hiring, and retaining qualified employees, and effectively incorporating the components of any businesses we may acquire in our effort to achieve growth. The failure to manage our growth effectively could have a material adverse effect on our business, financial condition and results of operations.

**Our success depends on our ability to accurately price the risks we underwrite.** 

Our results of operations and financial condition depend on our ability to underwrite and set premium rates accurately for a wide variety of risks. Rate adequacy is necessary to generate sufficient premiums to pay losses, loss adjustment expenses, reinsurance costs and underwriting expenses and to earn a profit. In order to price our products accurately, we must

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

collect and properly analyze a substantial amount of data; develop, test and apply appropriate rating formulas; closely monitor and timely recognize changes in trends; and project both severity and frequency of losses with reasonable accuracy. Our ability to successfully perform these tasks, and as a result price our products accurately, is subject to a number of risks and uncertainties, some of which are outside our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of sufficient reliable data and our ability to properly analyze available data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory delays in approving filed rate changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainties that inherently characterize estimates and assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our selection and application of appropriate rating and pricing techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in legal standards, claim resolution practices, and restoration costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legislatively imposed consumer initiatives.

In addition, we could underprice risks, which would negatively affect our profit margins. We could also overprice risks, which could reduce the number of policies we write and our competitiveness. In either event, our profitability could be materially and adversely affected.

**If our customers were to claim that the policies they purchased failed to provide adequate or appropriate coverage, we could face claims that could harm our business, results of operations and financial condition.** 

Although we aim to provide adequate and appropriate coverage under each of our policies, customers could purchase policies that prove to be inadequate or inappropriate. If such customers were to bring a claim or claims alleging that we failed in our responsibilities to provide them with the type or amount of coverage that they sought to purchase, referred to as error and omission claims ("E&O claims"), we could be found liable, resulting in an adverse effect on our business, results of operations and financial condition. Errors and omissions could include failure, whether negligently or intentionally, to place coverage on behalf of clients, to provide complete and accurate information relating to the risks being insured against or to appropriately apply funds that we hold on a fiduciary basis. It is not always possible to prevent or detect errors and omissions, and the precautions we take may not be effective in all cases. E&O claims often involve substantial amounts of money and, accordingly, can involve significant defense costs. While we maintain insurance coverage to protect us against liability from E&O claims, such coverage may be insufficient or inadequate. Additionally, prices for this insurance and the scope and limits of the coverage terms available are dependent on our claims history as well as market conditions that are outside of our control. While we endeavor to purchase coverage that is appropriate to our assessment of our risk, we are unable to predict with certainty the frequency, nature or magnitude of claims for direct or consequential damages or whether our errors and omissions insurance will cover such claims. In establishing liabilities for E&O claims, we utilize case level reviews by inside and outside counsel and an internal analysis to estimate potential losses. Liability for E&O claims is reviewed and adjusted as new developments warrant. Given the unpredictability of E&O claims and of litigation that could flow from them, it is possible that an adverse outcome in a particular matter could have a material adverse effect on our business, results of operations and financial condition or cash flow in a given quarterly or annual period.

**The inherent uncertainty of models and our reliance on such models as a tool to evaluate risk may have an adverse effect on our financial results.** 

We license analytic and modeling software from third parties to facilitate our pricing, assess our risk exposure and determine our reinsurance needs. Given the inherent uncertainty of

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

modeling techniques and the application of such techniques, these models and databases may not accurately address the emergence of a variety of matters which might impact our exposure to losses. These models may understate the exposures we are assuming and our financial results may be adversely impacted, perhaps significantly.

These uncertainties can include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the models do not address all the possible hazard characteristics of a catastrophe peril (e.g., the precise path and wind
speed of a hurricane);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the models may not accurately reflect the true frequency or severity of events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the models may not accurately reflect a risk's vulnerability or susceptibility to damage for a given event
characteristic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the models may not account for unusual or unprecedented catastrophe events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the models may not adequately consider the impact of current inflation on the magnitude of modeled losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the models may not accurately represent loss potential to insurance or reinsurance contract coverage limits, terms and
conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the models may not accurately reflect the impact on the economy of the area affected or the financial, judicial, political,
or regulatory impacts on insurance claim payments during or following a catastrophe event.

As a result of these factors and contingencies, our reliance on assumptions and data used to evaluate our entire risk portfolio is subject to a high degree of uncertainty that could result in actual losses that are materially different from our modeled estimates and could adversely impact our financial results.

**The inability of our claims department to effectively manage or remediate claims could adversely affect our insurance business, financial results and capital requirements.** 

We rely on our claims department to facilitate and oversee the claims adjustment process for our policyholders. Many factors could affect the ability of our claims department to effectively manage claims by our policyholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy of our adjusters as they make their assessments and submit their estimates of damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the training, background and experience of our claims representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our claims department to ensure consistent, timely and accurate claims handling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our claims department to translate the information provided by adjusters into acceptable claims resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our claims department to detect fraudulent claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our claims department to maintain and update its claims handling procedures and systems as they evolve over
time based on claims and geographical trends in claims reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our claims department to contract capable third-party adjusters.

Any failure to effectively manage the claims adjustment process, including failure to pay claims accurately and timely, could lead to material litigation, undermine our reputation in the

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

marketplace, impair our corporate image and negatively affect our financial results. In addition, if we do not train new claims adjusting employees effectively or if we lose a significant number of experienced claims adjusting employees, our claims department's ability to handle an increasing workload as we grow could be adversely affected. In addition to potentially slowing growth in the affected markets, we could suffer decreased quality of claims work, which in turn could lower our operating margins.

**The failure of third-party adjusters and claims administrators to properly evaluate claims could result in additional policy losses that affects our financial condition or damage our reputation.** 

Although the majority of our claims are administered in-house by our employees, we have outsourced certain aspects our claims adjustment function to third-party adjusters and claims administrators, such as following large catastrophe events and for complex commercial claims. We therefore rely on these third-party adjusters to accurately evaluate claims that are made under policies that we underwrite. Many factors affect the ability of these third-party firms to adjust claims accurately, including the training and experience of their claims representatives, the culture of their respective claims organizations, the effectiveness of their management and their ability to develop or select and implement appropriate procedures and systems to support their claims functions. The actions of these third parties could result in additional losses being suffered by our insurance company subsidiaries or damage our reputation.

Any significant increase in the average time we process claims could undermine our reputation and position in the insurance marketplace. Any failure to pay claims accurately or timely could also lead to regulatory and administrative actions or material litigation, or result in damage to our reputation, any one of which could materially and adversely affect our business, results of operations and financial condition.

If our claims adjusting employees or third-party claims administrators are unable to effectively process our volume of our customers' claims, our ability to grow our business while maintaining high levels of customer satisfaction could be compromised, which in turn could adversely affect our business, results of operations and financial condition.

**If renewals of our existing policies or new business from repeat insureds do not meet expectations, our premiums written in future years and our future results of operations could be materially adversely affected.** 

Our insurance policies are written for a one-year term and are renewable. We make assumptions about the renewal of our prior year's contracts and business from repeat insureds, including for purposes of determining the amount of reinsurance we purchase. If actual renewals and repeat business do not meet expectations or if we choose not to write on a renewal basis or accept repeat business because of pricing conditions, our premiums written in future years and our future operations would be materially adversely affected, and we may purchase reinsurance above the amount that we actually need.

**We are exposed to the litigation environment in the State of Florida.** 

For many years, property insurers operating in Florida have faced a disproportionately high volume of litigated claims compared to other states. Several factors have contributed to this challenging environment, including the widespread use of "assignment of benefits" ("AOB"), a practice that allowed policyholders to transfer all or part of their insurance claim to contractors

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

or other third parties, and the application of "one-way attorney fees," which required insurers to pay the policyholder's legal fees if the insured prevailed in litigation, even by a nominal amount.

In addition to AOB-related litigation and the one-way attorney fee statute, the Florida insurance market has been burdened by claims inflation, fraud, and an overall elevated level of litigation. Fraudulent roofing claims, in particular, have significantly contributed to industry losses. As a result of these ongoing challenges, several insurers have ceased writing new homeowners policies in Florida, and others have encountered financial distress, leading some to enter liquidation, rehabilitation, or conservatorship.

Florida began addressing these issues with initial AOB reforms in 2019, culminating in the passage of Senate Bill 2-A in December 2022. These legislative changes represent meaningful progress in tackling long-standing industry concerns. The key provisions of the reforms include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a mandatory 10-day notice period before initiating litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. elimination of the one-way attorney fee statute for policyholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. prohibition of post-loss benefit assignments for residential and commercial property insurance policies issued on or
after January 1, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a requirement that policyholders demonstrate a breach of contract before filing bad faith claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a reduction in the initial claim filing deadline to one year from the date of loss.

When combined with proactive measures previously implemented by Safepoint, these reforms have started to yield positive short-term results, particularly in improving our loss experience. However, the long-term success of these changes will depend on several factors, including whether the reforms remain intact, how they are interpreted by the courts and enforced by regulators, and how effectively we adapt our operational and procedural practices to align with the new legal framework. Additional considerations include the response of policyholders, public adjusters, vendors, and attorneys, as well as the impact of macroeconomic conditions—such as inflation—on claims costs and related expenses.

While we are encouraged by early indicators such as a reduction in litigation rates and view the reforms as a significant step toward stabilizing Florida's property insurance market, the full medium- and long-term effects remain to be seen. Only time will reveal the extent of their impact on reducing litigation, fraud, and other systemic issues in the Florida insurance landscape.

**Our successful participation in the Florida Citizens and Louisiana Citizens depopulation programs depends on the continuation of such programs and our ability to select favorable policies to assume.** 

An important element of our strategy involves our continued participation in the Florida Citizens and Louisiana Citizens depopulation programs. As of [•], 2025, approximately [•]% and [•]% of our approximately [•] policies in force were assumed from Florida Citizens and Louisiana Citizens, respectively, including renewals. Our ability to participate in these programs is subject to a variety of factors, including continuation of such programs. There can be no assurance that Florida Citizens or Louisiana Citizens will decide to continue the depopulation program for a significant period of time, or at all. Any changes to curtail the depopulation programs, materially modify the terms of the programs as it relates to residential policies, or restrict our participation in the programs would hurt our growth prospects and will adversely impair our financial condition and results of operations.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

When we enter into a take-out transaction with Florida Citizens or Louisiana Citizens, we have the opportunity to review information about the policies available for assumption. We undertake a robust selection process in which we analyze various aspects of each policy's risk profile and, based on the results, select the policies we would like to assume. In this selection process, we review and rely upon the information collected by Florida Citizens or Louisiana Citizens, as applicable, when it initially wrote the policy and therefore, we are subject to the risk that such information is inaccurate, incomplete or fraudulent. Our successful participation in the depopulation program depends on our ability to select policies that will be accretive to our financial results. However, our selection process involves many different considerations and uncertainties, and there can be no assurances that we will appropriately assess the risks associated with each policy. As a result, we may select unfavorable policies that could result in substantial losses, which may in turn adversely impact our financial condition and results of operations.

While we have experienced growth from Florida Citizens assumption transactions in the last few years, we do not anticipate significant growth remaining over the next 12 months. Florida Citizens maintained over 1.4 million policies in October 2023 and as of December 31, 2025 they have [Š] policies. The availability of assumption transactions from Florida Citizens tends to be cyclical in accordance with depopulation efforts and named storm frequency.

**Our expansion within the United States will subject us to additional costs and risks and our plans may not be successful.** 

Our success depends in significant part on our ability to expand into additional markets in the United States. We have historically only had operations in the U.S. Gulf Coast states, and only in the year ended December 31, 2025 have started operating outside of this region. As of the date hereof, we are legally permitted to write excess and surplus insurance in 36 states and are admitted to write insurance in 6 states. We have targeted expansion to more states, but we cannot guarantee that we will be able to provide coverage in other states in the near term or at all. Moreover, one or more states could revoke our ability to operate, or implement additional regulatory hurdles that could inhibit our ability to obtain or maintain our ability to operate in such states. In addition to requiring additional management attention to operations over a broad geographic area, operating in additional states may place strain on our finance, analytics, compliance, legal, engineering and operations teams. We may incur significant operating expenses and may not be successful in our expansion for a variety of reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The inability to obtain any required government approvals, licenses or other authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulty with complying with varying laws and regulatory standards, including with respect to the insurance business and
insurance distribution, capital and outsourcing requirements, data privacy, tax and local regulatory restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from local incumbents that better understand the local market, may market and operate more effectively and may
enjoy greater local affinity or awareness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• differing demand dynamics, which may make our product offerings less successful.

If we invest substantial time and resources to expand our operations and are unable to manage these risks effectively, our business, results of operations and financial condition could be adversely affected.

Expansion into new markets will require additional investments by us in both regulatory approvals and marketing. These incremental costs may include hiring additional personnel, as

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

well as engaging third-party service providers and other research and development costs. If we fail to grow our geographic footprint or if geographic growth occurs at a slower rate than expected, our business, results of operations and financial condition could be materially and adversely affected.

**If we are unable to expand our product offerings, our prospects for future growth may be adversely affected.** 

Our ability to attract and retain customers and therefore increase our revenue depends in part on our ability to successfully expand our product offerings. We have historically concentrated our efforts exclusively on the excess and surplus and casualty insurance markets in order to achieve our long-term goals. Our success in the excess and surplus and casualty insurance market depends on our deep understanding of this industry. To penetrate new vertical markets, we will need to develop a similar understanding of those new markets and products and the associated business challenges faced by participants in them. Developing this level of understanding may require substantial investments of time and resources, and we may not be successful. In addition to the need for substantial resources, insurance regulation could limit our ability to introduce new product offerings. Additionally, any new insurance products could take months to be approved by regulatory authorities, or may not be approved at all. If we fail to penetrate new vertical markets successfully, our revenue may grow at a slower rate than we anticipate and our business, results of operations and financial condition could be materially and adversely affected. In addition, our decision to expand our insurance product offerings beyond the excess and surplus and casualty insurance market would subject us to additional regulatory requirements specific to such insurance products, which, in turn, could require us to incur additional costs or devote additional resources to compliance.

**Loss of key vendor relationships or failure of a vendor to protect personal information of our customers, claimants or employees could affect our operations.** 

We rely on services and products provided by many vendors. These include, for example, vendors of computer hardware and software and vendors of human resource benefits management services. There can be no assurance that any monitoring we have for general vendor risk, including with regard to the security and stability of our critical vendors will be successful, and we may fail to properly address and understand the risks and costs involved in the third-party relationships. In the event that one or more of our vendors suffers a bankruptcy or otherwise becomes unable to continue to provide products or services, or fails to protect the personal information of our customers, claimants or employees which is held by or accessible to such vendors, we may suffer operational impairments, financial losses and other liabilities.

**We may be unable to attract and retain qualified employees.** 

We depend on our ability to attract and retain experienced underwriting and claims administration talent and other skilled employees who are knowledgeable about our business. If the quality of our underwriters, analysts and other personnel decreases, we may be unable to maintain our current competitive position in the specialized markets in which we operate and be unable to expand our operations, which could adversely affect our results. Greater computing power, machine learning, and artificial intelligence are driving change in the insurance industry, which may also require us to attract and maintain talent with expertise in such areas.

We believe that our ability to grow and fully execute our business plan will depend in large part on our ability to attract and retain additional skilled and qualified personnel and to expand, train and manage our employees. We may not be successful in doing so, because the

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

competition for experienced personnel in the insurance industry is intense due to the limited number of individuals who possess the skills and experience required by our industry.

**We are dependent on key executives, the loss of whom could adversely affect our business.** 

Our future success depends to a significant extent on the efforts of our senior management, and we are highly dependent on the services of our founder and chief executive officer, David Flitman. We believe there are only a limited number of available and qualified executives with substantial experience in our industry. If we were to lose the services of one or more members of our senior management, there can be no assurance that we will be able to hire an adequate replacement to manage and operate our business within a reasonable period of time and on terms that are acceptable to us. Accordingly, the loss of the services of Mr. Flitman or one or more members of our senior management could delay or prevent us from fully implementing our business strategy and, consequently, significantly and negatively affect our business.

Additionally, we will be in default under our Credit Agreement in the event that Mr. Flitman is no longer the chief executive officer of the Company.

**Our company culture has contributed to our success and if we cannot maintain this culture as we grow, our business could be harmed.** 

We believe that our company culture has been critical to our success. We not only seek to engender a trusting relationship between our brand and our customers, but also among our employees. Our ability to continue to cultivate and maintain this culture is essential to our growth and continued success. We face a number of challenges that may affect our ability to sustain our corporate culture, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to identify, attract, reward and retain people in leadership positions in our organization who share and further
our culture, values and mission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the increasing size and geographic diversity of our workforce, and our ability to promote a uniform and consistent culture
across all our offices and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market perception about our charitable contributions and social and political stances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive pressures to move in directions that may divert us from our mission, vision and values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued challenges of a rapidly evolving industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the increasing need to develop expertise in new areas of business that affect us.

Our unique culture is one of our core characteristics that helps us to attract and retain key personnel. If we are not able to maintain our culture, we might have to incur additional costs and find alternative methods to recruit key employees, which in turn could cause our business, results of operations and financial condition to be adversely affected.

**We may require additional capital in the future, which may not be available or may only be available on unfavorable terms.** 

Our future capital requirements depend on many factors, including our ability to write new business successfully and to establish premium rates and reserves at levels sufficient to cover losses. Many factors will affect the amount and timing of our capital needs, including our growth rate and profitability, changes to capital and surplus requirements, our claims experience, the

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

availability and cost of reinsurance, market disruptions, and other unforeseeable developments. If we need to raise additional capital, equity or debt financing may not be available at all or may be available only on terms that are not favorable to us. In the case of equity financings, dilution to our stockholders could result. In the case of debt financings, we would be subject to covenants that restrict our ability to freely operate our business. If we cannot obtain adequate capital on favorable terms or at all, we may not have sufficient funds to implement our operating plans and our business, financial condition or results of operations could be materially adversely affected.

**Our Credit Agreement contains restrictions and covenants that limit our flexibility in operating our business and expose us to additional risk and may adversely affect our financial condition and future financial results.** 

On February 18, 2025, Safepoint Holdings (as the borrower thereunder) and certain of its subsidiaries (as guarantors thereunder) entered into a Credit Agreement, which was subsequently amended (as amended, the "Credit Agreement") with the lenders from time to time party thereto, and Regions Bank as the administrative agent, pursuant to which we entered into a $100 million term loan, as well as commitments in respect of a delayed draw term loan facility (the "DDTL Facility") and a revolving credit facility (the "Revolving Credit Facility"). As of December 31, 2025, there was approximately $[•] million in outstanding borrowings under the Credit Agreement, and there remained available for future drawings $[•] million under the DDTL Facility and $[•] million under the Revolving Credit Facility.

The Credit Agreement contains financial covenants, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends and other distributions, and is secured by liens and security interests on substantially all of our assets (subject to customary exceptions) (such assets, collectively, the "collateral"). All of these covenants, restrictions, liens and security interests impact how we operate our business and may limit our flexibility in planning for, or reacting to, changes in our business and industry. Our ability to comply with these covenants may be affected by events beyond our control. If we breach any of the covenants and do not obtain a waiver from the lenders, then, subject to applicable cure periods, any outstanding debt under the Credit Agreement may be declared immediately due and payable. Our assets or cash flow may not be sufficient to fully repay outstanding borrowings if accelerated upon an event of default. Furthermore, if we are unable to repay, refinance, or restructure the Credit Agreement and the outstanding borrowings thereunder, the lenders could proceed against the collateral granted to them to secure such indebtedness, which could force us into bankruptcy or liquidation. As a result, any default by us on our debt could have a materially adverse effect on our business, financial condition, and results of operations.

Any future financing arrangements entered into by us or any of our subsidiaries may contain similar restrictions or maintenance covenants. As a result of these covenants and restrictions, we and our subsidiaries are, and will be, limited in how we conduct our business, and we may be unable to raise additional debt or equity financing to compete effectively or to take advantage of new business opportunities. The terms of any future indebtedness we or our subsidiaries may incur could include more restrictive covenants. We cannot guarantee that we will be able to maintain compliance with these covenants in the future and, if we fail to do so, that we will be able to obtain waivers from the lenders and/or amend the covenants.

Additionally, we will be in default under our Credit Agreement, in the event that Mr. Flitman and Mr. Hoffman cease to beneficially own at least 44% of the outstanding voting stock of the Company. Following the completion of this offering, David Flitman and Steven Hoffman will collectively own % of our common stock.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Our inability to maintain our financial stability ratings may have a material adverse effect on our competitive position, the marketability of our product offerings, and our liquidity, operating results and financial condition.** 

Financial stability ratings are important factors in establishing the competitive position of insurance companies and can have a significant effect on an insurance company's business. Many insurance buyers, agents, brokers and secured lenders use the ratings assigned by rating agencies to assist them in assessing the financial stability and overall quality of the companies from which they are considering purchasing insurance or in determining the financial stability of the company that provides insurance. As of the date hereof, Safepoint Insurance has a financial stability rating of "A (Exceptional)" by Demotech, Inc. ("Demotech") and "BBB+" by Kroll Bond Rating Agency ("KBRA"); Cajun and Manatee each have a financial stability rating of "A (Exceptional)" by Demotech and "BBB" by KBRA. Demotech's financial stability ratings range from "A (unsurpassed)" to "M (moderate)." The Demotech ratings for each of Safepoint Insurance, Cajun and Manatee are the third highest financial stability rating of the four financial stability ratings utilized by Demotech. KBRA's financial stability ratings range from "AAA" to "R." The KBRA rating for Safepoint Insurance, Cajun and Manatee is the fourth highest financial stability rating of the 11 financial stability ratings utilized by KBRA. KBRA may append—or + modifiers to ratings in categories "AA" through "CCC" to indicate, respectively, upper and lower risk levels within the broader category. These financial stability ratings provide an objective baseline for assessing solvency and should not be interpreted as (and are not intended to serve as) an assessment of, a recommendation to buy, sell, or hold, any securities of an insurance company or its parent holding company, including the shares of our common stock being offered by this prospectus.

Demotech and KBRA assign ratings that are intended to provide an independent opinion of an insurance company's ability to meet its obligations to policyholders and such ratings are not evaluations directed to investors. Demotech and KBRA each periodically review our ratings and may revise them downward or revoke them at their sole discretion based primarily on their analyses of our balance sheet strength (including capital adequacy and loss and loss adjustment expense reserve adequacy), gross premium leverage, operating performance and business profile. Factors that could affect such analyses include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we change our business practices from our organizational business plan in a manner that no longer supports
Demotech's and/or KBRA's rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if unfavorable financial, regulatory or market trends affect us, including excess market capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if our losses exceed our loss reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we reduce our levels of capital or reinsurance or increase our gross premium leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we have unresolved issues with government regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we are unable to retain our senior management or other key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if our investment portfolio incurs significant losses; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if Demotech and/or KBRA alters their respective capital adequacy assessment methodology in a manner that would adversely
affect our ratings.

These and other factors could result in a downgrade of our rating. A downgrade of our rating could cause our current and future agents, retail brokers and insureds to choose other, more highly-rated competitors. A downgrade of this rating could also increase the cost or reduce the availability of reinsurance to us.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

In addition, in view of the earnings and capital pressures recently experienced by many financial institutions, including insurance companies, it is possible that rating organizations will heighten the level of scrutiny that they apply to such institutions, will increase the frequency and scope of their credit reviews, will request additional information from the companies that they rate and may increase the capital and other requirements employed in the rating organizations' models for maintenance of certain ratings levels. It is possible that such reviews of us may result in adverse ratings consequences, which could have a material adverse effect on our financial condition and results of operations. A downgrade or withdrawal of any rating could severely limit or prevent us from writing new and renewal insurance policies.

**The effects of emerging claim and coverage issues on our business are uncertain.** 

Loss severity in the property and casualty insurance industry has continued to increase in recent years, principally driven by larger court judgments. In addition, many legal actions and proceedings have been brought on behalf of classes of complainants, which can increase the size of judgments. The propensity of policyholders and third-party claimants to litigate and the willingness of courts to expand causes of loss and the size of awards may render the loss reserves of Safepoint Insurance inadequate for current and future losses. In addition, as industry practices and social and other environmental conditions change, unexpected and unintended issues related to claims and coverage may emerge. These issues may adversely affect our business by either extending coverage beyond our underwriting intent or by increasing the number or size of claims. In some instances, these changes may not become apparent until sometime after we have issued insurance policies that are affected by the changes. As a result, the full extent of liability under our insurance policies may not be known at the time such policies are issued or renewed, and our financial position and results of operations may be adversely affected.

**The failure of the risk mitigation strategies we utilize could have a material adverse effect on our financial condition or results of operations.** 

We utilize a number of strategies to mitigate our risk exposure including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employing proper underwriting procedures to accurately define, measure and manage risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• carefully evaluating the terms and conditions of our policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undertaking geographic diversification within states and regions in which we operate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining higher levels of capital, ceding higher levels of insurance risk to reinsurance companies that we believe are
financially stable and writing lower levels of gross premium leverage.

Our failure to properly execute any of the above risk mitigation strategies could have a material adverse effect on our financial condition and results of operations. Furthermore, there are inherent limitations in all of these strategies and even if we successfully execute all of the above risk mitigations strategies, no assurance can be given that one or more catastrophic event or series of unanticipated events will not result in loss levels which could have a material adverse effect on our financial condition or results of operations.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Lack of effectiveness of exclusions and other loss limitation methods in the insurance policies we assume or write could have a material adverse effect on our financial condition or our results of operations.** 

Various provisions of our policies, such as limitations or exclusions from coverage which are designed to limit our risks, may not be enforceable in the manner we intend. In addition, the policies we issue contain conditions requiring the prompt reporting of claims to us and our right to decline coverage in the event of a violation of that condition. While our insurance product exclusions and limitations reduce the loss exposure to us and help eliminate known exposures to certain risks, it is possible that a court or regulatory authority could nullify or void an exclusion or limitation, or legislation could be enacted modifying or barring the use of such endorsements and limitations in a way that would adversely affect our loss experience, which could have a material adverse effect on our financial condition or results of operations.

**We rely on non-exclusive independent agents to write voluntary insurance policies for us, and if we are not able to attract and retain independent agents, our revenues would be negatively affected.** 

We write voluntary insurance policies through a network of independent agents, who are not exclusive to Safepoint. As of [•], 2025, voluntary policies written through independent agents constituted approximately [•]% of our total policies in force and represented approximately $[•] million in annualized premiums. We expect to increase the number of voluntary policies we write as our business expands, which will further increase our reliance on our network of independent agents. In fact, in the future, we may rely on independent agents to be the primary source for our property insurance policies. If any of our independent agents cease writing policies for us, or if any of our master agency agreements are terminated, we may suffer a reduction in the amount of products we are able to sell, which would negatively impact our results.

Many of our competitors also rely on non-exclusive independent agents. As a result, we must compete with other insurers for independent agents' business. Our competitors may offer a greater variety of insurance products, higher financial strength ratings, lower premiums for insurance coverage, or higher commissions to their agents. If our products, pricing and commissions do not remain competitive, we may find it more difficult to attract business from independent agents to sell our products.

**We may use AI in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.** 

Safepoint may utilize AI and machine learning in its business or incorporate AI into its products and services. The AI used by Safepoint may not operate properly or as expected, which could cause Safepoint to write policies it may not have otherwise written, misprice policies, assume greater risks, or overpay customer claims, among other potential negative impacts on its business and operations. Safepoint's existing competitors, new entrants, technology companies or other third parties may leverage AI to the benefit of their business or operations or may incorporate AI into their products and services more quickly or successfully than Safepoint, which could make Safepoint less competitive and negatively impact its results of operations. In addition, if the content, analyses, output or recommendations produced by or with the assistance of AI are unintentionally, or are alleged to be, deficient, inaccurate or misleading, Safepoint's business, financial condition and results of operation may be adversely impacted. Further, the deployment of AI could pose the risk of misuse and exacerbate our

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

information technology and cybersecurity risks. The relative newness of the technology, the speed at which it is being adopted, and the absence of laws, regulations or standards expressly governing its use increases this risk. Any such misuse could expose us to legal or regulatory risk, damage customer relationships, or cause reputational harm.

**Increased public attention to environmental, social and governance matters ("ESG") may expose us to negative public perception, cause reputational harm, impose additional costs on our business or impact our share price.** 

In recent years, there has been an increased focus from shareholders, business partners, cedants, regulators, politicians, and the public in general on environmental, social and governance, or ESG, matters, including greenhouse gas emissions, carbon footprint and climate-related risks, renewable energy, fossil fuels, diversity, equity and inclusion, responsible sourcing and supply chain, human rights, and social responsibility. Increasing attention is being directed towards publicly-traded companies in particular regarding ESG matters. A failure, or perceived failure, to respond to investor or customer expectations related to ESG concerns, including negative perceptions regarding the scope or sufficiency and transparency of our ESG approach and reporting on ESG matters, could cause harm to our business and reputation. Alternatively, there could be investor or customer backlash relating to ESG-related topics, which could cause harm to our business and reputation. Damage to our reputation as a result of our provision of policies to certain insureds or investments relating to certain industries could result in decreased demand for our insurance products and could have a material adverse effect on our business, operational results and financial results, as well as require additional resources to rebuild our reputation, competitive position and brand strength. Additionally, while we strive to manage our invested capital in a manner consistent with publicly-established ESG guidelines, we may not meet certain shareholders' criteria for such investments or the performance of such investments may be adversely impacted by laws (including certain U.S. state laws) that limit or discourage government-affiliated asset managers from ESG-driven investments or differ from what it may have been if not managed in a manner consistent with ESG guidelines.

**We will be required by Section 404 of the Sarbanes-Oxley Act to evaluate the effectiveness of our internal control over financial reporting. If we are unable to implement and maintain effective internal controls, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may be negatively affected.** 

As a public company with SEC reporting obligations, we will be required to document and test our internal control procedure over financial reporting and to report any material weaknesses in such internal controls. A material weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's annual or interim financial statements would not have been prevented or detected on a timely basis. Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") requires that we evaluate and determine the effectiveness of our internal controls over financial reporting and, beginning with our annual report for the fiscal year ending December 31, 2027, provide a management report on the internal controls over financial reporting. If we have a material weakness in our internal controls over financial reporting, we may not detect errors on a timely basis and our financial statements may be materially misstated. We are in the process of designing, implementing and testing the internal controls over financial reporting required to comply with this obligation, which will be time consuming, costly, and complicated.

The occurrence of any of the following may cause investors to lose confidence in the accuracy and completeness of our financial reports and could negatively impact the price of our common stock:

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identification of material weaknesses in our internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to comply with the requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to assert that our internal controls over financial reporting are effective; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when we are no longer an emerging growth company, our independent registered public accounting firm's inability to
express an opinion as to the effectiveness of our internal controls over financial reporting.

If any of the foregoing occurs, we may also become subject to investigations by the stock exchange on which our common stock is listed, the Securities and Exchange Commission ("SEC") or other regulatory authorities, as well as lawsuits by private plaintiffs.

**Risks Related to the Economic Environment** 

**Adverse economic factors, including recession, tariffs, inflation, periods of high unemployment or lower economic activity could result in the sale of fewer policies than expected or an increase in the frequency of claims and premium defaults, and even the falsification of claims, or a combination of these effects, which, in turn, could affect our growth and profitability.** 

Factors, such as general economic conditions, the volatility and strength of the capital markets, trade disputes, including the imposition of new or increased tariffs, and inflation can affect the business and economic environment. These same factors affect our ability to generate revenue and profits. In an economic downturn that is characterized by higher unemployment, declining spending, and reduced corporate revenue, the demand for insurance products is generally adversely affected, which directly affects our premium levels and profitability. Negative economic factors may also affect our ability to receive the appropriate rate for the risk we insure with our policyholders and may adversely affect the number of policies we can write, and our opportunities to underwrite profitable business. In an economic downturn, our customers may have a lower appetite for insurance coverage, cancel or cease payment on existing insurance policies, modify their coverage, or not renew the policies they hold with us. Existing policyholders may exaggerate or even falsify claims to obtain higher claims payments. These outcomes would reduce our underwriting profit to the extent these factors are not reflected in the rates we charge.

We underwrite a significant portion of our insurance in Florida, Louisiana and the other U.S. Gulf Coast states. An economic downturn that particularly impacts such states could have an adverse effect on our financial condition and results of operations.

**Actual or perceived changes in general economic, market and political conditions and policies and interest rates could impact our ability to sell its products and its results of operations.** 

Actual or perceived stressed conditions, volatility and disruptions in financial asset classes or various capital markets and complications in international trade flows can have an adverse effect on our Company, both because such conditions may decrease the returns on, and value of, its investment portfolio and because its benefit and claim liabilities are sensitive to changing market factors. Market factors include interest rates, credit spreads, equity and commodity prices, economic uncertainty, derivative prices and availability, real estate markets, trade barriers (including tariffs imposed or threatened by the current U.S. presidential administration and any retaliation by affected countries), supply chain disruption, inflation, foreign exchange rates and controls and national and international political circumstances (including governmental instability,

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

wars, terrorist acts or security operations, and other geopolitical events) and the volatility and returns in capital markets. Disruptions in one market or asset class can also spread to other markets or asset classes. The current U.S. presidential administration's tendency to depart from previous U.S. policy without following normal processes creates uncertainty about future U.S. government actions, which may result in new economic and geopolitical risks that cannot be accurately predicted. Our business operations and results may also be affected by economic activity, such as the level of employment, business investment and spending, consumer spending and savings and the impact on the economy of epidemics and pandemics, and monetary and fiscal policies, such as U.S. fiscal imbalances and changes in U.S. trade policies, or of a prolonged shutdown of the U.S. government, or the failure to reach an agreement on federal debt limits from time to time.

**Performance of our investment portfolio is subject to a variety of investment risks that may adversely affect our financial results.** 

Our results of operations depend, in part, on the performance of our investment portfolio. We seek to hold a diversified portfolio of investments that is managed by a professional investment advisory management firm in accordance with our investment policy and routinely reviewed by our Board of Directors. Our investments are subject to general economic conditions and market risks as well as risks inherent to particular securities.

Our primary market risk exposures relate to changes in interest rates and credit quality considerations. Although interest rates have slightly decreased with recent rate cuts instituted by the Board of Governors of the Federal Reserve System (the "Federal Reserve"), and further cuts are expected to interest rates, they remain significantly elevated compared to its levels in 2021. Future increases in interest rates could cause the values of our fixed maturity securities portfolios to decline, with the magnitude of the decline depending on the duration of securities included in our portfolio and the amount by which interest rates increase. Some fixed maturity securities have call or prepayment options, which create possible reinvestment risk in declining rate environments. Other fixed maturity securities, such as mortgage-backed and asset-backed securities, carry prepayment risk or, in a rising interest rate environment, may not prepay as quickly as expected.

The value of our investment portfolio is subject to the risk that certain investments may default or become impaired due to deterioration in the financial condition of one or more issuers of the securities we hold, or due to deterioration in the financial condition of an insurer that guarantees an issuer's payments on such investments. Downgrades in the credit ratings of fixed maturities also have a significant negative effect on the market valuation of such securities.

Such factors could reduce our net investment income and result in realized investment losses. Our investment portfolio is subject to increased valuation uncertainties when investment markets are illiquid. The valuation of investments is more subjective when markets are illiquid, thereby increasing the risk that the estimated fair value of the securities we hold in our portfolio does not reflect prices at which actual transactions would occur.

We also invest in marketable equity securities. These securities are carried on our balance sheet at fair market value and are subject to potential losses and declines in market value based on the performance of equity markets. Our equity invested assets totaled $[•] million as of [•], 2025. 

Risks for all types of securities are managed through the application of our investment policy, which establishes investment parameters that include but are not limited to, maximum

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

percentages of investment in certain types of securities and minimum levels of credit quality, which we believe are within applicable guidelines established by the National Association of Insurance Commissioners ("NAIC"), applicable insurance investment laws and regulations, and applicable insurance regulatory authorities.

Although we seek to preserve our capital, we cannot be certain that our investment objectives will be achieved, and results may vary substantially over time. In addition, although we seek to employ investment strategies that are not correlated with our insurance and reinsurance exposures, losses in our investment portfolio may occur at the same time as underwriting losses and, therefore, exacerbate the adverse effect of the losses on us.

Our investment portfolio could also be adversely impacted by ratings downgrades, increased bankruptcies and credit spread widening caused by economic downturns or other events. Severe economic downturns could cause impairments in our fixed income portfolio. In addition, declines in fixed income yields would result in decreases in net investment income from future investment activity, including re-investments.

**We could be forced to sell investments to meet our liquidity requirements.** 

We invest the premiums we receive from our insureds until they are needed to pay policyholder claims or other expenses. Consequently, we seek to manage the duration of our investment portfolio based on the duration of our loss and loss adjustment expense reserves to ensure sufficient liquidity and avoid having to liquidate securities to fund claims. Risks such as inadequate loss and loss adjustment reserves, significant losses arising from catastrophic events or unfavorable trends in litigation could potentially result in the need to sell investments to fund these liabilities. Such sales could result in significant realized losses depending on the conditions of the general market, interest rates and credit issues with individual securities existing at the time of the sale.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Risks Related to Regulation of our Insurance Operations** 

**We are subject to extensive regulation which may reduce our profitability or limit our growth. Moreover, if we fail to comply with these regulations, we may be subject to penalties, including fines and suspensions, which may adversely affect our financial condition and results of operations.** 

We are subject to extensive state regulation. Each of our affiliated insurance companies (Safepoint Insurance, Cajun and Manatee) is subject to supervision and regulation that is primarily designed to protect their respective policyholders rather than our stockholders, and such regulation is imposed by both the state in which it is domiciled and the states in which it does business. In addition, our Bermuda-based captives, Pompano Re Ltd., Canal Re Ltd. and Bobcat Re Ltd., are subject to regulation in Bermuda.

State insurance regulations relate to, among other things, the approval of policy forms and premium rates, our conduct in the marketplace, our compliance with solvency and financial reporting requirements, certain transactions with our affiliates, and limitations on the amount of business we can write, the amount of dividends we can pay to stockholders, and the types of investments we can make. Insurance holding company regulations generally provide that transactions between an insurance company and its affiliates must be fair and reasonable, and, if material or in a specified category, they require prior notice and approval or non-disapproval by the insurance company's domiciliary state regulator. Affiliate transactions must also be clearly and accurately disclosed in the records of the respective parties, with expenses and payments allocated between the parties in accordance with customary accounting practices. Many types of affiliate transactions are subject to these requirements, including transfers of assets, loans, agreements between a reciprocal insurer and its attorney-in-fact, reinsurance agreements, service and management agreements, certain dividend payments by the insurance company and certain other material transactions. If we are unable to obtain the requisite prior approval for a specific affiliate transaction, we would be precluded from taking the action, which could adversely affect our operations. These regulatory requirements may adversely affect or inhibit our ability to achieve some or all of our business objectives. In addition, regulatory authorities may conduct periodic examinations into insurers' business practices. These reviews may reveal deficiencies in our insurance operations or differences between our interpretations of regulatory requirements and those of the regulators.

Insurance holding company laws and regulations also impose approval requirements for the acquisition of control of a domestic insurance company or its controlling person. Any person or entity desiring to acquire control of a U.S. domestic insurer, or a U.S. reciprocal insurer through the control of its attorney-in-fact, must generally receive prior approval from the insurer's domestic regulator. State insurance laws typically include a rebuttable presumption that such control exists if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten percent or more (or, under Alabama law, five percent or more) of the voting securities of a domestic stock insurer or a controlling company, such as a reciprocal insurer's attorney-in-fact. Moreover, state regulators may find that control exists in circumstances in which a person owns or controls less than such percentage of the voting securities and require regulatory approval in such circumstances as well. This restriction on acquisitions of control may inhibit our ability to grow our business or achieve our business objectives. These laws may discourage potential acquisition proposals for our company and may delay, deter or prevent a change of control of us, including through transactions, and in particular unsolicited transactions, that some or all of our stockholders might consider to be desirable.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Further, regulatory authorities have relatively broad discretion to deny or revoke licenses for various reasons, including the violation of insurance laws and regulations. In some instances, we follow practices based on our interpretations of laws or regulations or practices that we believe may be generally followed by the industry. These practices may turn out to be different from the interpretations of regulatory authorities. If we do not have the requisite licenses and approvals or do not comply with applicable regulatory requirements, insurance regulatory authorities could preclude or temporarily suspend us from carrying on some or all of our activities or otherwise penalize us, which could adversely affect our ability to operate our business and could have a material adverse effect on our financial condition and results of operations.

At any given time, a number of financial, market conduct or other examinations or audits of the Carriers may be ongoing. It is possible that any examination or audit may result in payments of fines and penalties, payments to policyholders, or both, as well as changes in systems or procedures, or restrictions on business activities, any of which could have a material adverse effect on our business, financial condition and results of operations.

**Changes in regulation may reduce our profitability and limit our growth.** 

As an insurance company, each of the Carriers is subject to the laws and regulations of the states in which it does business, including Florida and Alabama. The NAIC and state insurance regulators, as well as state legislatures, regularly reexamine existing laws and regulations, generally focusing on modifications to holding company and solvency regulations, interpretations of existing laws and the development of new laws. Compliance with solvency standards or financial condition regulations may increase our capital and reserve requirements, risk management costs, and reporting costs. State legislatures and insurance regulators may also change licensing, permit, or approval requirements, or take other actions harmful to us. They may also take actions that harm our customers and independent agents or their operations, which may affect our business relationship with them and their ability to purchase or distribute our products.

From time to time, states consider and/or enact laws that may alter or increase state authority to regulate insurance companies and insurance holding companies. States also consider and/or enact laws that impact the competitive environment and marketplace for property and casualty insurance. Safepoint Insurance and Manatee currently transact insurance in Florida, where the recent political environment has led to aggressive regulation of property and casualty insurance companies. We expect this to continue for the foreseeable future. These and other aspects of the political environment in jurisdictions where we operate may reduce our profitability, limit our growth, or otherwise adversely affect our operations.

We may incur costs to comply with laws and regulations and changes to these laws and regulations may increase our expenses and regulatory capital charges. Our failure to comply with our own policies or with regulatory requirements may harm our reputation or result in sanctions or legal claims.

During the past several years, various regulatory and legislative bodies have adopted or proposed new laws or regulations to address the cyclical nature of the insurance industry, catastrophic events and insurance capacity and pricing. These regulations include (i) the creation of "market assistance plans" under which insurers are induced to provide certain coverages, (ii) restrictions on the ability of insurers to rescind or otherwise cancel certain policies in mid-term or to non-renew policies at their scheduled expirations, (iii) advance notice requirements or limitations imposed for certain policy non-renewals, (iv) limitations upon or

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

decreases in rates permitted to be charged, (v) expansion of governmental involvement in the insurance market and (vi) increased regulation of insurers' policy administration and claims handling practices.

In August 2025, the NAIC's Financial Condition (E) Committee agreed to form a new Reciprocal Exchanges (E) Working Group to be charged with clarifying the applicability of fair and reasonable standards under the Model Holding Company Act and Regulation to reciprocals. This initiative arose out of regulator discussions in 2024 about the recent increase in the number of reciprocal exchanges being formed and regulators' observation that many new exchanges seemed unfamiliar with the Model Holding Company Act and Regulation requirements and states' authority to assess the fairness and reasonableness of attorney-in-fact management fees.

Currently, the federal government does not directly regulate the insurance business. However, in recent years the state insurance regulatory framework has come under increased federal scrutiny. Congress and some federal agencies from time to time investigate the current condition of insurance regulation in the United States to determine whether to impose federal regulation or to allow an optional federal charter, similar to banks. In addition, changes in federal legislation and administrative policies in several areas, including changes in the Gramm-Leach-Bliley Act, financial services regulation and federal taxation, can significantly impact the insurance industry and us.

We cannot predict with certainty the effect any enacted, proposed or future state or federal legislation or NAIC initiatives may have on the conduct of our business. Furthermore, there can be no assurance that the regulatory requirements applicable to our business will not become more stringent in the future or result in materially higher costs than current requirements, or that creation of a federal insurance regulatory system will not adversely affect our business or disproportionately benefit our competitors. Changes in the regulation of our business may reduce our profitability, limit our growth or otherwise adversely affect our operations.

**We are periodically subject to examinations by our state insurance regulators, which could result in adverse examination findings and necessitate remedial actions.** 

The insurance regulators primarily responsible for the supervision and examination of the Carriers are FLOIR (as the domestic regular of Safepoint Insurance and Manatee) and the AL DOI (as the domestic regulator of Cajun). Periodically, a domestic state regulator performs examinations of insurance companies under its jurisdiction to assess compliance with applicable laws and regulations, financial condition and the conduct of regulated activities. These examinations provide a significant opportunity for such regulators to review and scrutinize our business. If, as a result of an examination, the regulatory authority determines that our financial condition, capital resources or other aspects of any of our operations are less than satisfactory, or that we are in violation of applicable laws or regulations, it may require us to take one or more remedial actions or otherwise subject us to regulatory scrutiny, such as pursuant to an enforcement action. We cannot predict with precision the likelihood, nature or extent of any necessary remedial actions, if any, resulting from an examination, or the associated costs of such remedial actions or regulatory scrutiny. In addition, insurance regulators of other states in which we are licensed to operate may also conduct periodic financial examinations or other targeted investigations. Any regulatory or enforcement action or any regulatory order imposing remedial, injunctive or other corrective action against us resulting from these examinations could have a material adverse effect on our business, results of operations and financial condition.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**State regulations limiting rate increases and requiring us to underwrite business in certain areas are beyond our control and may adversely affect our results of operation and financial condition.** 

From time-to-time states have passed legislation, and regulators have taken action, that has had the effect of limiting the ability of insurers to manage catastrophe risk, such as legislation prohibiting insurers from reducing exposures or withdrawing from catastrophe-prone areas, or mandating that insurers participate in residual markets. In addition, following catastrophes, there are sometimes legislative initiatives and court decisions which seek to expand insurance coverage for catastrophe claims beyond the original intent of the policies. Further, our ability to increase pricing to the extent necessary to offset rising costs of catastrophes requires approval of insurance regulatory authorities.

Our ability or willingness to manage our catastrophe exposure by raising prices, modifying underwriting terms or reducing exposure to certain geographies may be limited due to considerations of public policy, the evolving political environment and our ability to penetrate other geographic markets, which may have a material adverse effect on our results of operations, financial condition and cash flows. We cannot predict whether and to what extent new legislation and regulations that would affect our ability to manage our exposure to catastrophic events will be adopted, the timing of adoption or the effects, if any, they would have on our ability to manage our exposure to catastrophic events.

Additionally, we are required to participate in guaranty funds for insolvent insurance companies. The funds periodically assess losses against all insurance companies doing business in the state. Our operating results and financial condition could be adversely affected by any of these factors.

**We rely on the use of credit scoring in pricing and underwriting certain of our insurance policies and any legal or regulatory requirements that restrict our ability to access credit score information could decrease the accuracy of our pricing and underwriting process and thus decrease our ability to be profitable.** 

We use credit scoring as a factor in pricing and underwriting decisions where allowed by state law. Consumer groups and regulators have questioned whether the use of credit scoring unfairly discriminates against some groups of people and are calling for laws and regulations to prohibit or restrict the use of credit scoring in underwriting and pricing. Laws or regulations that significantly curtail or regulate the use of credit scoring, if enacted in any of the states in which we operate, could impact the integrity of our pricing and underwriting processes, which could, in turn, materially and adversely affect our business, financial condition, results of operations and prospects, and make it harder for us to be profitable over time.

**Litigation and legal proceedings filed by or against us could have a material adverse effect on our business, results of operations and financial condition.** 

Litigation and other proceedings may include, but are not limited to, complaints from or litigation by customers or reinsurers, related to alleged breaches of contract or otherwise. As our market share increases, competitors may pursue litigation to require us to change our business practices or offerings and limit our ability to compete effectively. As is typical in the insurance industry, we continually face risks associated with litigation of various types arising in the normal course of our business operations, including disputes relating to insurance claims under our policies as well as other general commercial and corporate litigation. Although we are not currently involved in any material litigation with our customers, members of the

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

insurance industry are often the target of class action lawsuits and other types of litigation, some of which involve claims for substantial amounts, and the outcomes of which are unpredictable. This litigation is based on a variety of issues, including insurance and claim settlement practices. In addition, because we use sophisticated data collection and analysis technologies, it is possible that customers or consumer groups could bring individual or class action claims alleging that our methods of collecting data and pricing risk are impermissibly discriminatory. We cannot predict with any certainty whether we will be involved in such litigation in the future or what impact such litigation would have on our business. If we were to be involved in litigation and it was determined adversely, it could require us to pay significant damages or to change aspects of our operations, either of which could have a material adverse effect on our financial results. Even claims without merit can be time-consuming and costly to defend and may divert management's attention and resources away from our business and adversely affect our business, results of operations and financial condition. Additionally, routine lawsuits over claims that are not individually material could in the future become material if aggregated with a substantial number of similar lawsuits. In addition to increasing costs, a significant volume of customer complaints or litigation could adversely affect our brand and reputation, regardless of whether such allegations are valid or whether we are liable. We cannot predict with certainty the costs of defense, the costs of prosecution, insurance coverage or the ultimate outcome of litigation or other proceedings filed by or against us, including remedies or damage awards, and adverse results in such litigation, and other proceedings, may harm our business and financial condition.

**We expect our results of operations to fluctuate on a quarterly and annual basis. In addition, our operating results and operating metrics are subject to seasonality and volatility, which could result in fluctuations in our quarterly revenues and operating results or in perceptions of our business prospects.** 

Our revenue and results of operations could vary significantly from period to period and may fail to match expectations as a result of a variety of factors, some of which are outside of our control. Our results may vary as a result of fluctuations in the number of customers purchasing our insurance products and fluctuations in the timing and amount of our expenses. In addition, the insurance industry, and particularly homeowners and commercial residential insurance, are subject to their own cyclical trends and uncertainties, including extreme weather which is often seasonal and may result in volatility in claims reporting and payment patterns. Fluctuations and variability across the industry may affect our revenue. As a result of the potential variations in our revenue and results of operations, period-to-period comparisons may not be meaningful and the results of any one period should not be relied on as an indication of future performance. In addition, our results of operations may not meet the expectations of investors or public market analysts who follow us, which may adversely affect our stock price.

We may experience seasonal fluctuations in our revenues and resulting fluctuations in our rate of growth as a result of insurance spending patterns. Volatility in our key operating metrics or their rates of growth could have a negative impact on our financial results and investor perceptions of our business prospects and a failure to achieve our quarterly forecasts or to meet or exceed the expectations of research analysts or investors will cause our stock price to decline.

**Changes in accounting practices and future pronouncements may materially affect our reported financial results.** 

Various authoritative accounting or regulatory entities, including the Financial Accounting Standards Board ("FASB") and the SEC, may amend, expand and/or eliminate the financial

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

accounting or reporting standards that govern the preparation of our consolidated financial statements or could reverse their previous interpretations or positions on how various financial accounting and/or reporting standards should be applied. Various FASB and SEC proposals are pending and subject to change. Developments in accounting practices may require us to incur considerable additional expenses to comply, particularly if we are required to prepare information relating to prior periods for comparative purposes or to apply the new requirements retroactively. Our consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). The impact of changes in GAAP cannot be predicted but may affect the calculation of net income, stockholders' equity, and other relevant financial statement line items.

In addition to compliance with GAAP on a consolidated basis, each of Safepoint Insurance and the Reciprocal Exchanges is required to comply with statutory accounting principles ("SAP"). SAP and various components of SAP are subject to constant review by the NAIC, its committees and their subgroups, and state insurance departments to address emerging issues and otherwise improve financial reporting. Various proposals are pending before NAIC committees or their subgroups, some of which, if enacted, could have negative effects on insurance industry participants. The NAIC continuously examines existing laws and regulations. We cannot predict whether or in what form such reforms will be enacted and, if so, whether the enacted reforms will positively or negatively affect us.

**Changes to the U.S. tax laws and implementation of new tax policies could have a significant negative impact on the overall economy and our business.** 

Legislative or other actions related to taxes could have a negative effect on us, our investments, or our stockholders. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. We cannot predict with certainty how any changes in the tax laws might affect us, our stockholders, or our portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have other adverse consequences. Stockholders are urged to consult with their tax advisors regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.

Furthermore, the current administration has included as part of its agenda a potential reform of U.S. tax laws, including reducing the corporate tax rate, extending certain provisions of the Tax Cuts and Jobs Act of 2017 (the "TCJA"), and imposing new tariffs. The combined impact of extension certain tax benefits pursuant to the TCJA and the implementation of new tariffs could potentially lead to increases in the U.S. deficit, inflation, and interest rates, all of which could contribute to increases in market interest rates and a decrease in U.S. economic growth with a possibility of a recession, all of which could negatively impact our business.

**Applicable insurance laws may make it difficult to effect a change of control.** 

Under Florida and Alabama insurance holding company laws and regulations, no person may acquire control of a domestic insurer, such as a reciprocal insurer through the control of its attorney-in-fact, until written approval is obtained from the domiciliary state insurance commissioner, which in some states, including Alabama, requires a public hearing on the proposed acquisition. Such approval would be contingent upon the state insurance commissioner's consideration of a number of factors including, among others, the financial strength of the proposed acquiror, the acquiror's plans for the future operations of the domestic insurer and any anti-competitive results that may arise from the consummation of the

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

acquisition of control. Florida and Alabama insurance laws and regulations pertaining to changes of control apply to both the direct and indirect acquisition of ten percent (under Florida law) or five percent (under Alabama law) or more of the voting stock of a domestic insurer or its controlling person. Accordingly, the acquisition of such percentage or more of our common stock would be considered a change of control of Safepoint Holdings and would trigger the applicable change of control filing requirements under state insurance holding company laws and regulations, absent a disclaimer of control filing and its acceptance by the domestic insurance regulator. These requirements may discourage potential acquisition proposals and may delay, deter or prevent a change of control of Safepoint Holdings, including through transactions that some or all of the stockholders of Safepoint Holdings might consider to be desirable.

**Safepoint Holdings and its subsidiaries own approximately $47.0 million of surplus notes of Cajun and Manatee, and consequently, Safepoint Holdings is exposed to the ability of Manatee and Cajun to pay principal and interest on the surplus notes and to obtain regulatory approval to do so.** 

As of September 30, 2025, Safepoint Holdings and its subsidiaries own approximately $47.0 million of the total $67.0 million outstanding principal amount of surplus notes issued by Cajun and Manatee (the "Surplus Notes") that is treated as equity on an insurance company's balance sheet under statutory accounting principles. A surplus note is a type of subordinated debt security issued by a U.S-regulated insurance company. Cajun and Manatee issued the Surplus Notes in order to raise capital to commence their respective insurance operations.

Each payment of interest on, principal of, and any redemption amount with respect to, the Surplus Notes by Cajun and Manatee, as applicable, requires the prior approval of the AL DOI (in the case of Cajun) and FLOIR (in the case of Manatee). The AL DOI and FLOIR have broad discretion to disapprove surplus note payments to protect the capital and surplus of the insurance company. If a payment of interest, principal or other amount due on the Surplus Notes is deferred, no interest will accrue on the deferred amount. As a result of our ownership of the Surplus Notes, we are exposed to the ability of Manatee and Cajun to pay principal and interest on the surplus notes and to obtain regulatory approval to do so.

The Surplus Notes are unsecured general obligations that are expressly subordinated in their right of payment to policyholders and other obligations of Cajun and Manatee, as applicable. As reciprocal insurers, Cajun and Manatee have no equity capital that is subordinated to (and therefore provides credit enhancement for) the Surplus Notes.

No public market exists for the Surplus Notes and none is expected to develop. In addition, the Surplus Notes have a fixed coupon rate that could be viewed as below the market rate for similar securities. As a result, if we are required to sell our interest in the Surplus Notes, the resulting price could be at a discount to our original purchase price, which could be significant.

**Risks Related to Technology** 

**Operational risk exposures, including with respect to our technology and telecommunications systems could adversely affect our business.** 

Operational exposures and losses can result from, among other things, errors, failure to document transactions properly or to obtain proper internal authorization, failure to comply with regulatory requirements, telecommunication and critical infrastructure or information technology failures, bad faith delayed claims payment, fraud and external events, such as

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

political unrest, state emergency or industrial actions which could result in operational outage. Any such outage could have a material adverse effect on our business, financial condition, results of operations or prospects.

Our business is also highly dependent upon our information technology and telecommunications systems, including our commercial and personal underwriting systems. We rely on these systems to interact with brokers and insureds, to underwrite business, to prepare policies and process premiums, to perform actuarial and other modeling functions, to process claims and make claims payments, and to prepare internal and external financial statements and information. Some of these systems may include or rely on third-party systems not under our control or located on our premises. Events such as natural catastrophes, pandemics, terrorist attacks, industrial accidents, cyber-attacks or computer viruses may cause our systems to fail or be inaccessible for extended periods of time. While we have implemented business contingency plans and other reasonable plans to mitigate such risks to our systems, sustained or repeated system failures or service denials could severely limit our ability to write and process new and renewal business, provide customer service, pay claims in a timely manner or otherwise operate in the ordinary course of business.

A significant portion of our employees work remotely and travel outside of our primary offices on a regular basis. We believe remote work increases the need for our information technology and telecommunications systems to work properly and creates additional operational risk and difficulty should these systems fail.

**Security breaches or cyber-attacks could expose the Company to liability and damage its reputation and business.** 

Our operations depend on the reliable and secure processing, storage, and transmission of confidential and other sensitive information, including personal information, in our computer systems and networks. Computer viruses, hackers, employee misconduct or malfeasance, and other hazards could expose our systems to security breaches, cyber-attacks or other disruptions.

Cyberthreats are constantly evolving and becoming more sophisticated and complex, making it increasingly difficult to detect and successfully defend against them. In addition, cyber-attackers (which may include individuals or groups, as well as nation-state and state-sponsored attackers, which can deploy significant resources to plan and carry out exploits) also develop and deploy viruses, worms, credential stuffing attack tools and other malicious software programs, some of which may be specifically designed to attack our products, information systems or networks. Outside parties have in the past and may in the future attempt to fraudulently induce our employees or users of our products or services to disclose sensitive, personal or confidential information via electronic spamming, phishing, social engineering or other tactics.

While we have implemented what we believe to be reasonable security measures and employee training designed to protect against breaches of security and other interference with our systems and networks, our systems and networks may be, and at times are, subject to breaches or interference. Any such event may result in operational disruptions as well as unauthorized access to or the disclosure or loss of our proprietary information or our customers' data and information, which in turn may result in legal claims, regulatory scrutiny and liability, the incurrence of costs to eliminate or mitigate further exposure, the loss of customers or affiliated advisors, reputational harm or other damage to our business. While we maintain insurance coverage that may, subject to policy terms and conditions, cover certain aspects of cyber risks, such insurance coverage may be insufficient to cover all related losses.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

In addition, the trend toward general public notification of such incidents could exacerbate the harm to our business, financial condition and results of operations. Even if we successfully protect our technology infrastructure and the confidentiality of the sensitive data we hold, we could suffer harm to our business and reputation if attempted security breaches are publicized. We cannot be certain that advances in criminal capabilities, discovery of new vulnerabilities, attempts to exploit vulnerabilities in our systems or within the supply chain, data thefts, physical system or network break-ins or unauthorized access, or other developments will not compromise or breach the technology or other security measures protecting the networks and systems used in connection with our business, or the sensitive information stored thereon.

The Underwriting and Risk Committee of our Board of Directors reviews our cybersecurity and technology policies on at least an annual basis.

**We employ third-party licensed software for use in our business, and the inability to maintain these licenses, problems with the software we license, or increases to the cost of software licenses could adversely affect our business.** 

Multiple areas of our business rely on certain third-party software obtained under licenses from other companies. We anticipate that we will continue to rely on such third-party software in the future. Unforeseen issues may arise in third-party software platforms which may have an adverse impact on our operations. Integration of new third-party software or modifications to our existing third-party software may require substantial investment of our time and resources. The inability to integrate or operate third-party software successfully or the inadequacy of third-party software may have a material adverse impact on our operations. In addition, the cost of third-party software is significant and we expect it to increase in the future. If we have issues with the functionality or expense of third-party software, we may not be able to find acceptable alternatives in a timely manner or at all. Many of the risks associated with the use of third-party software cannot be eliminated, and these risks could negatively affect our business.

Additionally, the software powering our technology systems incorporates software covered by open-source licenses. The terms of many open-source licenses have not been interpreted by U.S. courts, and there is a risk that the licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to operate our systems. In the event that portions of our proprietary software are determined to be subject to an open-source license, we could be required to publicly release the affected portions of our source code or re-engineer all or a portion of our technology systems, each of which could reduce or eliminate the value of our technology systems. Such risk could be difficult or impossible to eliminate and could adversely affect our business, financial condition, and results of operations.

**Any failure to protect our intellectual property rights could impair our ability to protect our intellectual property, proprietary technology platform and brand, or we may be sued by third parties for alleged infringement of their proprietary rights.** 

Our success and ability to compete depend in part on our intellectual property, which includes our rights in our proprietary technology platform and our brand. We primarily rely on copyright, trade secret and trademark laws, and confidentiality agreements with our employees, customers, service providers, partners and others to protect our intellectual property rights. However, the steps we take to protect our intellectual property may be inadequate. Litigation brought to protect and enforce our intellectual property rights could be costly, time-consuming and distracting to management and could result in the impairment or loss of portions of our intellectual property. Additionally, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability and

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

scope of our intellectual property rights. Our failure to secure, protect and enforce our intellectual property rights could adversely affect our brand and adversely impact our business.

Our success depends also in part on our not infringing on the intellectual property rights of others. Our competitors, as well as a number of other entities and individuals, may own or claim to own intellectual property relating to our industry. In the future, third parties may claim that we are infringing on their intellectual property rights, and we may be found to be infringing on such rights. Any claims or litigation could cause us to incur significant expenses and, if successfully asserted against us, could require that we pay substantial damages or ongoing royalty payments, prevent us from offering our services, or require that we comply with other unfavorable terms. Even if we were to prevail in such a dispute, any litigation could be costly and time-consuming and divert the attention of our management and key personnel from our business operations.

**Any cloud provider service failure or control weakness could adversely affect our business.** 

We employ cloud-based services to host our applications and intend to expand our use. As we expand our use of cloud-based services, we will increasingly rely on third-party cloud providers to maintain appropriate controls and safeguards to protect confidential information we receive, including personal, personally identifiable, sensitive, confidential or proprietary data, and the integrity and continuous operation of our proprietary technology platform. While we conduct due diligence on these cloud providers with respect to their security and business controls, we may not have the visibility to effectively monitor the implementation and efficacy of these controls. Outside parties may be able to circumvent controls or exploit vulnerabilities, resulting in operational disruption, data loss, defects or a security event. Migrating to the cloud increases the risk of operational disruption should internet service be interrupted. While we have implemented business contingency and other plans to facilitate continuous internet access, sustained or concurrent service denials or similar failures could limit our ability to write and process new and renewal business, provide customer service, pay claims in a timely manner or otherwise operate our business. Any such event or failure could have a material adverse effect on our business, financial condition and results of operations.

**Risks Related to This Offering and Ownership of Our Common Stock** 

**Our costs will increase significantly as a result of operating as a public company, and our management will be required to devote substantial time to complying with public company regulations.** 

As a public company, we expect to incur significant legal, accounting and other expenses that we did not incur as a private company. After completion of this offering, we will be subject to the reporting requirements of the Exchange Act, which will require, among other things, that we file with the SEC annual, quarterly and current reports with respect to our business and financial condition and therefore we will need to have the ability to prepare financial statements that comply with all SEC reporting requirements on a timely basis. In addition, we will be subject to other reporting and corporate governance requirements, including certain requirements of and certain provisions of the Sarbanes-Oxley Act and the regulations promulgated thereunder, which will impose significant compliance obligations upon us. In particular, we must perform system and process evaluation and testing of our internal control over financial reporting to allow management and, to the extent that we are no longer an "emerging growth company" as defined in the JOBS Act, our independent registered public accounting firm to report on the effectiveness of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act. Our compliance with Section 404 will

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

require that we incur substantial accounting expense and expend significant management efforts.

The Sarbanes-Oxley Act and the Dodd-Frank Act, as well as related rules subsequently implemented by the SEC and the NYSE, have increased regulation of, and imposed enhanced disclosure and corporate governance requirements on, public companies. Our efforts to comply with these evolving laws, regulations and standards will increase our operating costs and divert management's time and attention from revenue-generating activities. Further, if these laws, regulations are rules were to change substantially in the future, we might be unable to meet new requirements.

These changes will also place significant additional demands on our finance and accounting staff and on our financial accounting and information systems. We may need to hire additional legal, accounting and financial staff with appropriate public company reporting experience and technical accounting knowledge. Other expenses associated with being a public company include increases in auditing, accounting and legal fees and expenses; investor relations expenses; increased directors' fees and director and officer liability insurance costs; registrar and transfer agent fees and listing fees; as well as other expenses. As a public company, we will be required, among other things, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepare and file periodic reports and distribute other stockholder communications, in compliance with the federal
securities laws and requirements of the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• define and expand the roles and the duties of our board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• institute more comprehensive compliance and investor relations functions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluate and maintain our system of internal control over financial reporting, and report on management's assessment
thereof, in compliance with rules and regulations of the SEC and the Public Company Accounting Oversight Board.

We may not be successful in implementing these requirements and implementing them could materially adversely affect our business. The increased costs will decrease our net income and may require us to reduce costs in other areas of our business or increase the prices of our products or services. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to incur substantial costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors or board committees or as executive officers.

In addition, if we fail to implement the required controls with respect to our internal accounting and audit functions, our ability to report our results of operations on a timely and accurate basis could be impaired. If we do not implement the required controls in a timely manner or with adequate compliance, we may be subject to sanctions or investigation by regulatory authorities, such as the SEC or the NYSE. Any such action could harm our reputation and the confidence of investors in, and clients of, our Company and could negatively affect our business and cause the price of our shares of common stock to decline.

**An active trading market for our common stock may not develop and the market price for our common stock may decline below the initial public offering price.** 

Prior to this offering, there has not been a public market for our common stock. An active trading market for our common stock may never develop or be sustained, which could

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

adversely impact your ability to sell your shares and could depress the market price of your shares. In addition, the public offering price for our common stock has been determined through negotiations among us and the representative of the underwriters and may not be indicative of prices that will prevail in the open market upon completion of this offering. Consequently, you may be unable to sell your shares of our common stock at prices equal to or greater than the price you paid for them.

**Our operating results and stock price may be volatile, or may decline regardless of our operating performance, and you could lose all or part of your investment.** 

Our quarterly operating results are likely to fluctuate in the future as a publicly-traded company. In addition, securities markets worldwide have experienced, and are likely to continue to experience, significant price and volume fluctuations. This market volatility, as well as general economic, market or political conditions, could subject the market price of our shares to wide price fluctuations regardless of our operating performance. You should consider an investment in our common stock to be risky, and you should invest in our common stock only if you can withstand a significant loss and wide fluctuation in the market value of your investment. The market price of our common stock could be subject to significant fluctuations after this offering in response to the factors described in this "*Risk Factors*" section and other factors, many of which are beyond our control. Among the factors that could affect our stock price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions in the broader stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly financial and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• introduction of new products or services by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance of new or changed securities analysts' reports or recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• results of operations that vary from expectations of securities analysts and investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• short sales, hedging and other derivative transactions in our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guidance, if any, that we provide to the public, any changes in this guidance or our failure to meet this guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcement by us, our competitors or our acquisition targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales, or anticipated sales, of large blocks of our stock, including by our directors, executive officers and principal
stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures in our Board or Directors, senior management or other key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory, legal or political developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public response to press releases or other public announcements by us or third parties, including our filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation and governmental investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any indebtedness we may incur or securities we may issue in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default under agreements governing our indebtedness;

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to capital and credit market risks that adversely affect our investment portfolio or our capital resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our financial strength and credit ratings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those from natural disasters, war, actors of terrorism or responses to these events.

The securities markets have from time-to-time experienced extreme price and volume fluctuations that often have been unrelated or disproportionate to the operating performance of particular companies. As a result of these factors, investors in our common stock may not be able to resell their shares at or above the initial offering price. These broad market fluctuations, as well as general market, economic and political conditions, such as recessions, loss of investor confidence or interest rate changes, may negatively affect the market price of our common stock.

In addition, the stock markets, including the NYSE, have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. If any of the foregoing occurs, it could cause our stock price to fall and may expose us to securities class action litigation that, even if unsuccessful, could be costly to defend, divert management's attention and resources or harm our business.

**Our Pre-IPO Significant Stockholders may exert significant influence over us, their interests in our business may be different than yours, and certain statutory provisions afforded to stockholders are not applicable to us.** 

ClinchPoint Holdings, LLC, David Flitman and Steven Hoffman (the "Pre-IPO Significant Stockholders") will control approximately [•]% of the combined voting power of our common stock (or [•]% if the underwriters exercise their option to purchase additional shares of common stock in full) after the completion of this offering and the application of the net proceeds from this offering. This concentration of voting power with the Pre-IPO Significant Stockholders may have a negative impact on the price of our common stock. The Pre-IPO Significant Stockholders' interests may not be fully aligned with yours, which could lead to actions that are not in your best interests. In addition, the Pre-IPO Significant Stockholders' significant influence over us may discourage someone from making a significant equity investment in us, or could discourage transactions involving a change in control, including transactions in which you as a holder of shares of our common stock might otherwise receive a premium for your shares over the then-current market price. Moreover, the Pre-IPO Significant Stockholders could seek to sell a significant amount of stock after the expiration of the 180-day lock-up period, which could negatively impact our stock price.

**If you purchase shares of our common stock in our initial public offering, you will experience substantial and immediate dilution.** 

If you purchase shares of our common stock in our initial public offering, you will experience substantial and immediate dilution in the as adjusted net tangible book value per share because the price that you pay will be substantially greater than the as adjusted net tangible book value per share of the common stock that you acquire. This dilution is due in large part to the fact that our earlier investors paid substantially less than the initial public offering price when they purchased their shares of our capital stock. You will experience additional dilution upon exercise of outstanding warrants to purchase our common stock or upon the issuance of stock awards or in connection with other employee offerings made under the 2026 Equity Compensation Plans (which we intend to adopt in connection with this offering), as applicable.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Because we are a holding company and substantially all or a substantial portion of our operations are conducted by our insurance and service company subsidiaries, our ability to achieve liquidity at the holding company, including the ability to pay dividends and service our debt obligations, depends on our ability to obtain cash dividends or other permitted payments from our insurance and service company subsidiaries.** 

Because we are a holding company with no substantial business operations of our own, our ability to pay dividends to stockholders and meet our debt payment obligations is largely dependent on dividends and other distributions from Safepoint Insurance, the Captives and our other operating companies. Applicable state insurance laws restrict Safepoint Insurance's ability to declare stockholder dividends and require insurance companies to maintain specified levels of statutory capital and surplus. Dividend payments are further limited to that part of available policyholder surplus which is derived from net profits on an insurer's business. Insurance regulators have broad powers to prevent reduction of statutory surplus to inadequate levels, and there is no assurance that dividends of the maximum amounts calculated under any applicable formula would be permitted. State insurance regulatory authorities that have jurisdiction over the payment of dividends by Safepoint Insurance may in the future adopt statutory provisions more restrictive than those currently in effect. We also rely on fees from Cajun and Manatee that are paid to our Attorneys-in-Fact and our agencies. From time to time these fees may be subject to examination and increased scrutiny by relevant regulators.

Any determination to pay dividends in the future will be at the discretion of our board of directors and will depend upon our financial condition, results of operations, capital requirements, general business conditions, legal, tax and regulatory limitations, contractual restrictions and other factors that our board of directors considers relevant. Consequently, in order for investors to realize any future gains on their investment, they may need to sell all or part of their holdings of our common stock after price appreciation, which may never occur.

Therefore, you may not receive a return on your investment in our common stock by receiving a payment of dividends. See "*Dividend Policy*."

**Substantial future sales of shares of our common stock by existing stockholders, or the perception that those sales may occur, could cause the market price of our common stock to decline.** 

Sales of substantial amounts of our common stock in the public market following this offering, or the perception that these sales could occur, could cause the market price of our common stock to decline. Based on shares outstanding as of [•], 2025, upon completion of this offering, we will have shares of our common stock outstanding (or shares, assuming full exercise of the underwriters' option to purchase additional shares). All of the shares sold pursuant to this offering will be immediately tradable without restriction under the Securities Act unless held by "affiliates", as that term is defined in Rule 144 under the Securities Act. The remaining shares outstanding will be restricted securities within the meaning of Rule 144 under the Securities Act, but will be eligible for resale subject to applicable volume, manner of sale, holding period and other limitations of Rule 144 or pursuant to an exception from registration under Rule 701 under the Securities Act, subject in certain cases to the terms of lock-up agreements described below. Upon completion of this offering, we intend to file one or more registration statements under the Securities Act to register the shares of our common stock to be issued under our 2026 Equity Compensation Plans and, as a result, all shares of our common stock acquired the grant of restricted stock, settlement of restricted stock units or upon exercise of options granted under our 2026 Plan or the purchase of securities pursuant to an offering made under the 2026 ESPP will also be freely tradable under the Securities Act, subject

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

to the terms of the lock-up agreements, unless purchased by our affiliates. A total of shares of common stock are reserved for issuance under 2026 Equity Compensation Plans.

In connection with this offering, we, our executive officers, the selling stockholders and certain other stockholders holding in the aggregate shares of our common stock, have entered into lock-up agreements pursuant to which we and they have agreed not to sell any shares without the prior consent of [ ] for 180 days after the date of this prospectus, subject to certain exceptions. [ ] may, in its sole discretion and at any time without notice, release all or any portion of the securities subject to lock-up agreements entered into in connection with this offering. See "*Underwriting*." Following the expiration of this 180-day lock-up period, these shares will be eligible for future sale, subject to the applicable volume, manner of sale, holding period and other limitations of Rule 144. See "*Shares Eligible for Future Sale*" for a discussion of the shares of our common stock that may be sold into the public market in the future. As lock-up restrictions end, the market price of our common stock could decline if the holders of those shares sell them or are perceived by the market as intending to sell them.

In the future, we may issue additional shares of common stock or other equity or debt securities convertible into common stock in connection with a financing, acquisition and litigation settlement or employee arrangement or otherwise. Any of these issuances could result in substantial dilution to our existing stockholders and could cause the trading price of our common stock to decline.

**If securities or industry analysts do not publish research or publish misleading or unfavorable research about our business, our stock price and trading volume could decline.** 

The market price for our common stock will depend in part on the research and reports that securities or industry analysts publish about us or our business. We do not currently have and may never obtain research coverage by securities and industry analysts. If there is no coverage of our company by securities or industry analysts, the trading price for our shares would be negatively impacted. In the event we obtain securities or industry analyst coverage or if one or more of these analysts downgrades our shares or publishes misleading or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly, demand for our shares could decrease, which could cause our stock price or trading volume to decline.

**We could be subject to securities class action litigation.** 

In the past, securities class action litigation has often been brought against a company following a decline in the market price of its securities. This risk is especially relevant for us because insurance companies have experienced significant stock price volatility in recent years. If we face such litigation, it could result in substantial costs and a diversion of management's attention and resources, which could harm our business.

**We are an "emerging growth company" and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our common stock may be less attractive to investors.** 

We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or JOBS Act, and we intend to take advantage of some of the exemptions from

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

reporting requirements that are applicable to other public companies that are not emerging growth companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the auditor attestation requirements in the assessment of our internal control over
financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board
regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration
statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to hold a nonbinding advisory vote on executive compensation and stockholder approval of any golden
parachute payments not previously approved.

We cannot predict if investors will find our common stock less attractive because we will rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile. We may take advantage of these reporting exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the last day of the fiscal year ending after the fifth anniversary of this offering, or, if earlier, (i) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (ii) the date on which we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates exceeds $700 million as of the prior June 30, or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.

In addition, we have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public companies more difficult. As a result of these elections, the information that we provide in this prospectus may be different than the information investors may receive from other public companies in which they hold equity interests. In addition, it is possible that some investors will find our common stock less attractive as a result of these elections, which may result in a less active trading market for our common stock and higher volatility in our share price.

**The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business, particularly after we are no longer an "emerging growth company."** 

We have historically operated as a private company and have not been subject to the same financial and other reporting and corporate governance requirements as a public company. After this offering, we will be required to file annual, quarterly and other reports with the SEC. We will need to prepare and timely file financial statements that comply with SEC reporting requirements. We will also be subject to other reporting and corporate governance requirements, under the listing standards of the NYSE and the Sarbanes-Oxley Act, which will impose significant compliance costs and obligations upon us. The changes necessitated by becoming a public company will require a significant commitment of additional resources and management oversight, which will increase our operating costs. These changes will also place

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

significant additional demands on our finance and accounting staff, some of whom may not have prior public company experience or experience working for a newly public company, and on our financial accounting and information systems. We may need to hire additional accounting and financial staff with appropriate public company reporting experience and technical accounting knowledge. Other expenses associated with being a public company include increases in auditing, accounting and legal fees and expenses, investor relations expenses, increased directors' fees and director and officer liability insurance costs, registrar and transfer agent fees and listing fees, as well as other expenses. As a public company, we will be required, among other things, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepare and file periodic reports, and distribute other stockholder communications, in compliance with the federal
securities laws and the NYSE rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• define and expand the roles and the duties of our board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• institute more comprehensive compliance, investor relations and internal audit functions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain effective disclosure controls and procedures and evaluate and maintain our system of internal control over
financial reporting, and report on management's assessment thereof, in compliance with rules and regulations of the SEC and the Public Company Accounting Oversight Board.

In particular, upon completion of this offering, the Sarbanes-Oxley Act will require us to document and test the effectiveness of our internal control over financial reporting in accordance with an established internal control framework, and to report on our conclusions as to the effectiveness of our internal controls. Likewise, once we are no longer an emerging growth company, our independent registered public accounting firm will be required to provide an attestation report on the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act. In addition, upon completion of this offering, we will be required under the Securities Exchange Act of 1934, as amended, or the Exchange Act, to maintain disclosure controls and procedures and internal control over financial reporting. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm our operating results or cause us to fail to meet our reporting obligations. If we are unable to conclude that we have effective disclosure controls and procedures or internal control over financial reporting, investors could lose confidence in the reliability of our financial statements. This could result in a decrease in the market price of our common stock. Failure to comply with the Sarbanes-Oxley Act could potentially subject us to sanctions or investigations by the SEC or other regulatory authorities.

Beginning with our annual report for the fiscal year ending December 31, 2027, we expect to incur significant additional expenses and devote substantial management effort toward ensuring compliance with those requirements applicable to companies that are not "emerging growth companies," including Section 404 of the Sarbanes-Oxley Act.

**Our management will have broad discretion over the use of the proceeds we receive in this offering and might not apply the proceeds in ways that increase the value of your investment.** 

Our management will have broad discretion in the application of the net proceeds from the sale of shares by us in this offering, including for any of the purposes described in the section entitled "*Use of Proceeds*," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from the sale of shares by us in this offering, their ultimate use may vary substantially from their currently

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

intended use. Our management may not apply our net proceeds in ways that ultimately increase the value of your investment. The failure by our management to apply these funds effectively could harm our business. If we do not invest or apply the net proceeds from the sale of shares by us in this offering in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause our stock price to decline.

**We may change our underwriting guidelines or our strategy without stockholder approval.** 

Our management has the authority to change our underwriting guidelines or our strategy without notice to our stockholders and without stockholder approval. As a result, we may make fundamental changes to our operations without stockholder approval, which could result in our pursuing a strategy or implementing underwriting guidelines that may be materially different from the strategy or underwriting guidelines described in the section entitled "*Business*" or elsewhere in this prospectus.

**Future offerings of debt or equity securities, which may rank senior to our common stock, may adversely affect the market price of our common stock.** 

If we decide to issue debt securities in the future, which would rank senior to shares of our common stock, it is likely that they will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, any equity securities or convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock and may result in dilution to owners of our common stock. We and, indirectly, our stockholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, holders of our common stock will bear the risk of our future offerings reducing the market price of our common stock and diluting the value of their share holdings in us.

**Anti-takeover provisions in our organizational documents could delay a change in management and limit our share price.** 

Provisions of our certificate of incorporation and bylaws could make it more difficult for a third party to acquire control of us even if such a change in control would increase the value of our common stock and prevent attempts by our stockholders to replace or remove our current Board of Directors or management.

We will have a number of anti-takeover devices that will be in place prior to the completion of this offering that will hinder takeover attempts and could reduce the market value of our common stock or prevent sale at a premium. Our anti-takeover provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will permit the Board of Directors to establish the number of directors and fill any vacancies and newly created
directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will provide that our Board of Directors will be classified into three classes with staggered, three-year terms and that
directors may only be removed for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will require super-majority voting to amend provisions in our certificate of incorporation and bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will include blank-check preferred stock, the preference rights and other terms of which may be set by the Board of
Directors and could delay or prevent a transaction or a change in control that might involve a premium price for our common stock or otherwise benefit our stockholders;

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will eliminate the ability of our stockholders to call special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will specify that special meetings of our stockholders can be called only by our Board of Directors, the chairman of our
Board of Directors, or our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will prohibit stockholder consent action by other than unanimous written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will provide that vacancies on our Board of Directors may be filled only by a majority of directors then in office, even
though less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will prohibit cumulative voting in the election of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will establish advance notice requirements for nominations for election to our Board of Directors or for proposing matters
that can be acted upon by stockholders at annual stockholder meetings.

In addition, as a Delaware corporation, we will be subject to Section 203 of the Delaware General Corporation Law. These provisions may prohibit large stockholders, in particular those owning 15% or more of our outstanding voting stock, from merging or combining with us for a period of time.

**Our certificate of incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.** 

Our certificate of incorporation and bylaws provide that the Court of Chancery of the State of Delaware is the exclusive forum for the following civil actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any derivative action or proceeding brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim of breach of a fiduciary duty by any of our directors, officers, employees or agents or our
stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim arising pursuant to any provision of the DGCL or our certificate of incorporation or bylaws or
as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action to interpret, apply, enforce or determine the validity of our certificate of incorporation or our bylaws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim governed by the internal affairs doctrine.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

against us and our directors, officers and other employees, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. Alternatively, if a court were to find the choice of forum provision contained in our certificate of incorporation and bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could have a material adverse effect on our business, financial condition or results of operations.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements within the meaning of the federal securities laws that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this prospectus, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "would," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements include, among others, statements relating to our future financial performance, our business prospects and strategy, our market opportunity and the potential growth of that market, our anticipated financial position, our liquidity and capital needs and other similar matters. These forward-looking statements are based on management's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict.

Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this prospectus as a result of various factors, including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our exposure to catastrophic events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that actual losses may exceed reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the concentration of our business in Florida and Louisiana;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to execute our growth strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased competition, competitive pressures, and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fluctuation in our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased costs of reinsurance, non-availability of reinsurance, and non-collectability of reinsurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to accurately price the risks we underwrite;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of our claims department to effectively manage or remediate claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower policy renewal rates and failure of such renewals to meet our expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modification of the Florida Citizens and Louisiana Citizens depopulation program and our inability to select favorable
Florida Citizens and Louisiana Citizens policies to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties with technology, data security and/or outsourcing relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lack of significant redundancy in our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of key vendor relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to attract and retain qualified employees and independent agents or our loss of key personnel;

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of third-party adjusters and administrators to properly evaluate claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to generate investment income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to maintain our ratings with Demotech or KBRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of emerging claim and coverage issues relating to legal, judicial, environmental and social conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of our risk mitigation strategies or loss limitation methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to attract and retain independent agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulations and our failure to meet increased regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased costs as a result of being a public company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to maintain effective internal controls in accordance with Sarbanes-Oxley.

We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions and other factors described in the section captioned "Risk Factors" and elsewhere in this prospectus. These risks are not exhaustive. Other sections of this prospectus include additional factors that could adversely impact our business and financial performance. Furthermore, new risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this prospectus forms a part with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

The forward-looking statements made in this prospectus relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this prospectus or to conform such statements to actual results or revised expectations, except as required by law.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**USE OF PROCEEDS** 

We estimate that the net proceeds to us from the sale of shares of our common stock in this offering will be approximately $ million, based upon the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and estimated offering expenses payable by us. If the underwriters' option to purchase additional shares is exercised in full, we estimate that the net proceeds to be received by us will be approximately $ million, after deducting the estimated underwriting discounts and estimated offering expenses payable by us. We will not receive any of the proceeds from the sale of our common stock in this offering by the selling stockholders.

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share would increase (decrease) the net proceeds that we receive from this offering by approximately $ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1.0 million in the number of shares offered by us would increase (decrease) the net proceeds that we receive from this offering by approximately $ million, assuming that the assumed initial public offering price remains the same and after deducting the estimated underwriting discounts and estimated offering expenses payable by us.

The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our common stock and thereby enable access to the public equity markets for us and our stockholders.

This expected use of net proceeds from this offering represents our intentions based on our current plans and business conditions, which could change in the future as our plans and business conditions evolve. As a result, our management will have broad discretion over the uses of the net proceeds from this offering and investors will be relying on the judgement of our management regarding the application of the net proceeds from this offering.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**DIVIDEND POLICY** 

We anticipate paying a [quarterly] cash dividend on our common stock of $ per share beginning in the third quarter of 2026. We anticipate paying aggregate cash dividends of $ million per annum on our common stock, resulting in an annual yield of [•]% based on a price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. The declaration, amount and payment of any future dividends on our capital stock will be at the discretion of our board of directors, subject to applicable laws, and will depend on our financial condition, results of operations, capital requirements, general business conditions, and other factors that our board of directors considers relevant. Our future ability to pay cash dividends on our common stock may also be limited by the terms of any future debt securities, preferred stock or credit facility.

Our status as a holding company and a legal entity separate and distinct from our subsidiaries affects our ability to pay dividends and make other payments. As a holding company without substantial operations of our own, the principal sources of our funds are dividends and other payments from our subsidiaries. The ability of our insurance company subsidiary, Safepoint Insurance, to pay dividends to us is subject to dividend limits and minimum capital requirements under Florida insurance law. See "*Risk Factors—Because we are a holding company and substantially all or a substantial portion of our operations are conducted by our insurance and service company subsidiaries, our ability to achieve liquidity at the holding company, including the ability to pay dividends and service our debt obligations, depends on our ability to obtain cash dividends or other permitted payments from our insurance and service company subsidiaries*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*" and "*Regulation*." In addition, we do not own any equity securities in Cajun and Manatee and, therefore, are not entitled to dividends from such companies. Furthermore, our future ability to pay cash dividends may also be limited by the terms of the Credit Agreement and any future debt or preferred securities or future credit facility.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**CAPITALIZATION** 

The following table sets forth our cash and cash equivalents and our capitalization as of [•], 2025 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis<sup></sup>to give effect to (1) the items described
immediately above and (2) our issuance and sale of     shares of common stock in this offering at an assumed initial public offering price of $ per share, the midpoint of the price range
set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and estimated offering expenses payable by us.

The as adjusted information below is illustrative only, and our capitalization following the closing of this offering will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this information in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus, the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and other financial information contained in this prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Actual** | **As Adjusted** |
|  | **(In thousands,**<br> **except per share data)** | **(In thousands,**<br> **except per share data)** |
|  Cash and cash equivalents | $— | $— |
|  Long-term debt | $— | $— |
|  Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value per share, [•] shares authorized, [•] shares issued and outstanding as of December 31, 2025, actual; [•] shares authorized, [•] shares issued or outstanding; [•] shares authorized, [•] shares issued and outstanding, as adjusted |  |  |
|  Additional paid-in capital |  |  |
|  Accumulated other comprehensive income, net of taxes |  |  |
|  Retained earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $— |  |

---

(1) Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share of
common stock, the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the as adjusted amount of each of total stockholders' equity and total capitalization by approximately
$ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated
offering expenses payable by us. Similarly, each increase (decrease) of 1.0 million shares in the number of shares offered by us at the assumed initial public offering price per share would increase (decrease) the proforma as adjusted amount of
each of total stockholders' equity and total capitalization by approximately $ million, assuming that the assumed initial public offering price remains the same and after deducting the estimated underwriting
discounts and commissions and estimated offering expenses payable by us.

The outstanding share information in the table above is based on [•] shares of our common stock immediately prior to the closing of this offering and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[ • ] shares of common stock issued pursuant to restricted stock
awards under our 2024 Stock Incentive Plan, or the 2024 Plan];

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[ • ] shares of common stock reserved for future issuance under our
2026 Plan, which will be increased by any shares of common stock that are underlying awards outstanding under the 2024 Plan (under which we will cease granting awards upon the adoption of the 2026 Plan) that are canceled, forfeited, or settled in
cash]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[ • ] shares of common stock reserved for future issuance under our
2026 ESPP and together with the 2026 Plan, which will become effective in connection with this offering.]

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**DILUTION** 

If you invest in our common stock in this offering, your interest will be immediately diluted to the extent of the difference between the initial public offering price per share of our common stock in this offering and the as adjusted net tangible book value per share of our common stock after this offering. As of [•], 2025, we had a historical net tangible book value of million, or $ per share of common stock. Our net tangible book value represents total tangible assets less total liabilities, all divided by the number of shares of common stock outstanding on such date. Our as adjusted net tangible book value (deficit) as of was $ million, or $ per share.

[As adjusted net tangible book value per share represents the amount of our net tangible book value divided by the number of shares of our common stock outstanding as of [•], 2025, after giving effect to the filing of our Certificate of Incorporation immediately prior to the closing of this offering.]

After giving further effect to the sale of shares of common stock in this offering at an assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus and after deducting the estimated underwriting discounts and estimated offering expenses payable by us, our as adjusted net tangible book value as of [•], 2025 would have been approximately $ million, or approximately $ per share. This represents an immediate increase in as adjusted net tangible book value of $ per share to existing stockholders and an immediate dilution in as adjusted net tangible book value of $ per share to new investors purchasing shares of common stock in this offering. Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share after this offering from the initial public offering price per share paid by new investors. The following table illustrates this per share dilution:

---

| | | |
|:---|:---|:---|
|  Assumed initial public offering price per share |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tangible book value per share as of December 31, 2025 | [•] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in net tangible book value per share attributable to this offering | [•] |  |
|  As adjusted net tangible book value per share after this offering | [•] |  |
|  Dilution per share to new investors in this offering |  | [•] |

---

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease), our as adjusted net tangible book value per share after this offering by $, and would increase (decrease) dilution per share to new investors in this offering by $, in each case assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1.0 million shares in the number of shares offered by us would increase (decrease) our as adjusted net tangible book value per share after this offering by approximately $ per share and decrease (increase) the dilution to new investors by approximately $ per share, in each case assuming that the assumed initial public offering price remains the same, and after deducting the estimated underwriting discounts and estimated offering expenses payable by us.

The following table summarizes, on an as adjusted basis as of [•], 2025, the differences between the number of shares of common stock purchased from us, the total consideration paid

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

and the average price per share paid by existing stockholders and to be paid by the new investors purchasing shares of common stock in this offering, at the assumed initial public offering price of common stock of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, before deducting the estimated underwriting discounts and estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average<br>Price Per<br>Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average<br>Price Per<br>Share** |
|  Existing Stockholders | [•] | [•] | [•] | [•] | [•] |
|  Investors purchasing shares in this offering | [•] | [•] | [•] | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | [•] | [•] | [•] | [•] | [•] |

---

Sales by the selling stockholders in this offering will reduce the number of shares held by existing stockholders to , or approximately % of the total shares of common stock outstanding after this offering, and will increase the number of shares held by new investors to , or approximately % of the total shares of common stock outstanding after this offering.

The table above assumes no exercise of the underwriters' option to purchase additional shares in this offering. If the underwriters' option to purchase additional shares is exercised in full, the number of shares of our common stock held by existing stockholders would be reduced to % of the total number of shares of our common stock outstanding after this offering, and the number of shares of common stock held by new investors purchasing common stock in this offering would be increased to % of the total number of shares of our common stock outstanding after this offering.

The number of shares of our common stock that will be outstanding after this offering is based on [•] shares of our common stock immediately prior to the closing of this offering and excludes: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[ • ] shares of common stock issued pursuant to restricted stock
awards under our 2024 Stock Incentive Plan, or the 2024 Plan];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[ • ] shares of common stock reserved for future issuance under our
2026 Plan, which will be increased by any shares of common stock that are underlying awards outstanding under the 2024 Plan (under which we will cease granting awards upon the adoption of the 2026 Plan) that are canceled, forfeited, or settled in
cash]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [[ • ] shares of common stock reserved for future issuance under our
2026 ESPP and together with the 2026 Plan, which will become effective in connection with this offering.]

To the extent any securities are issued under our equity incentive plans, you will experience further dilution as a new investor in this offering. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. Furthermore, we may choose to issue common stock as part or all of the consideration in acquisitions as part of our planned growth strategy. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION** 

**AND RESULTS OF OPERATIONS** 

*The following discussion of our historical results of operations and our liquidity and capital resources should be read together with the section entitled "Prospectus Summary—Summary Historical Consolidated Financial and Other Data" and the consolidated financial statements and related notes that appear elsewhere in this prospectus. In addition to historical financial information, this prospectus contains "forward-looking statements." You should review the "Special Note Regarding Forward-Looking Statements" and "Risk Factors" sections of this prospectus for factors and uncertainties that may cause our actual future results to be materially different from those in our forward-looking statements. Forward-looking statements in this prospectus are based on information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statements.* 

*The results of operations for the periods presented are not necessarily indicative of the results that may be expected for any other future period. The following discussion should be read in conjunction with the annual consolidated financial statements and the notes thereto included in this prospectus. Unless the context indicates otherwise, the terms the "Company," "we," "our" or "us" are used to refer to Safepoint Holdings, Inc. and its subsidiaries, collectively.* 

**Overview** 

Safepoint is an insurance underwriting services platform, focused on delivering catastrophe-exposed property insurance predominantly in Florida, Louisiana and other U.S. Gulf Coast states. Safepoint is operated by highly experienced insurance professionals with a shared vision to solve problems for stakeholders in underserved or dislocated property insurance markets. Our business strategy, which has been developed and tested since our founding in 2013, combines sophisticated actuarial analytics, risk management expertise and a low-cost operating model to provide better value to our customers across market cycles. We also generate income through Safepoint Insurance, which directly assumes insurance risk as well as Bermuda-based reinsurance Captives that provide supplemental reinsurance to Safepoint Insurance and the Reciprocal Exchanges.**** 

Our company is organized into the following three operating segments: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insurance Services—The Insurance Services segment mainly consists of Cajun AIF and Manatee AIF, as the attorneys-in-fact of Cajun and Manatee, respectively, which manage the reciprocals' operations in exchange for a management fee. The Insurance Services segment also
generates fee income from our wholly owned insurers and by delivering services to other unaffiliated MGAs and carriers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk-bearing Entities—The Risk-bearing Entities segment consists of business written and assumed on entities owned by
Safepoint shareholders, including Safepoint Insurance Company and our Captives. The Risk-bearing Entities segment opportunistically writes insurance and reinsurance to drive additional profitability for the Safepoint shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reciprocal Exchanges—The Reciprocal Exchanges segment consists of the operations of Cajun and Manatee. Cajun and
Manatee are unincorporated groups of members, called subscribers, licensed to write insurance and not owned by the Safepoint shareholders. As a result of meeting the power and economic criterion under *ASC 805—Consolidation*, we
consolidate Cajun and Manatee in our financial statements. The economic outcomes

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

of the reciprocals are classified as one-hundred percent non-controlling interests. For example, if one of these entities were to generate underwriting losses due to a natural catastrophe, the full amount would be reflected in net income on our consolidated statements of comprehensive income, but ultimately, Safepoint shareholders would retain none of that amount in our net income attributable to controlling interests. See *Note 10*—*Variable Interest Entities* to our consolidated financial statements for additional information regarding our non-controlling interests and how this accounting treatment impacts our financial results. <br>

**Components of Our Results of Operations** 

**Gross written premiums** 

Gross written premiums are the amounts received, or to be received, for insurance policies written or assumed by us during a specific period of time, without reduction for policy acquisition costs, reinsurance costs or other deductions. The volume of our gross written premiums in any given period is generally influenced by new business submissions, binding of new business submissions into policies, renewals of existing policies and average size and premium rate of bound policies.

**Gross earned premiums** 

Gross earned premiums represent the portion of our gross written premiums earned during a fiscal period from assumed, direct policies written (including those assumed from Florida Citizens and Louisiana Citizens), and subsequent renewals of such policies. Gross written premiums associated with assumed policies from Florida Citizens and Louisiana Citizens and gross written premium associated with voluntary and renewal policies are earned ratably over the remaining term of the policy. All such new and renewal policies currently have a term of twelve months from date of issuance.

**Ceded earned premiums** 

Ceded earned premiums are the amount of gross earned premiums ceded to reinsurers. We enter into reinsurance agreements to limit our exposure to potential losses. The volume of our ceded earned premiums is impacted by the level of our gross earned premiums and any decision we make to increase or decrease retention levels and policy limits. We recognize the cost of our reinsurance program ratably over the term of the reinsurance agreement, which is typically twelve months. Our ceded earned premiums represent the costs of reinsurance to cover losses from catastrophes that exceed the retention levels defined by our catastrophe excess of loss reinsurance contracts. The rates we pay for reinsurance are based primarily on policy exposures reflected in gross earned premiums.

**Net earned premiums** 

Net earned premiums represent the earned portion of our net written premiums. Our insurance policies generally have a term of one year, and premiums are earned pro rata over the term of the policy.

**Losses and loss adjustment expenses** 

Losses and loss adjustment expenses represent the costs incurred for insured losses. This includes losses under a claims made or occurrence policy (whether paid or unpaid), expenses

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

for settling claims (such as attorneys' fees, investigation, appraisal, adjustment and defense costs) and a portion of operating expenses allocated to claim resolution, net of any losses ceded to reinsurers. Losses and loss adjustment expenses also include a provision for claims that have occurred but have not yet been reported to the insurer. These expenses are a function of the amount and type of insurance contracts the Company writes and the loss experience associated with the underlying coverage. In general, our net losses and loss adjustment expenses are affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence, frequency and severity of claims associated with the particular types of insurance contracts that we write;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the mix of business we write;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the legal or regulatory environment related to the business we write;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trends in legal defense costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inflation in the cost of claims, including inflation related to wages, medical costs and building materials, as well as
inflation related to the increase in the severity of claims above general economic inflation (i.e., social inflation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reinsurance agreements we have in place at the time of a loss.

Losses and loss adjustment expenses are based on actual losses and expenses, as well as an actuarial analysis of the estimated losses, including losses incurred during the period and changes in estimates from prior periods. Losses and loss adjustment expenses may be paid out over multiple years.

**Policy acquisition costs** 

Policy acquisition costs are principally comprised of commissions we pay to our brokers and premium-related taxes, which are net of any ceding commissions we receive on business ceded through our reinsurance agreements. Policy acquisition costs are deferred and amortized ratably over the terms of the related agreements.

**General and administrative expenses** 

General and administrative expenses include employee compensation and related expenses, system and technology costs, depreciation and amortization, professional service fees (such as legal, accounting and actuarial services) and all other general expenses of the Company.

**Net investment income** 

We earn interest income on our portfolio of invested assets, which are comprised of fixed maturity securities and cash and cash equivalents.

**Net realized investment gains** 

Net realized investment gains are a function of the difference between the amortized cost of securities sold and the proceeds received by the Company upon the sale of such security. Unrealized investment gains (losses) on fixed maturity securities are recorded within accumulated other comprehensive income on the consolidated balance sheet.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Policy fee income** 

Policy fee income represents nonrefundable fees for insurance coverage, which are intended to reimburse a portion of the costs incurred to underwrite the policy. Policy fees revenue is recognized ratably over the term of the insurance contracts.

**Other insurance-related income** 

Other insurance-related income represents revenue we receive for providing insurance-related services.

**Interest expense** 

Interest expense consists of interest paid on our commercial loans and Credit Facility (as defined below) and amortization of debt issuance costs.

**Provision for income tax expense** 

Income tax expense primarily relates to federal income taxes. The amount of income tax expense or benefit recorded in future periods will depend on the jurisdictions in which we operate and the tax laws and regulations in effect.

**Key Operating and Financial Metrics** 

We discuss certain key metrics, described below, which provide useful information about our business and the operational factors underlying our financial performance.

*Loss ratio*, expressed as a percentage, is the ratio of net losses and loss adjustment expenses to net earned premiums.

*Expense ratio*, expressed as a percentage, is the ratio of total expenses excluding losses and loss adjustment expenses to net earned premiums.

*Combined ratio*, expressed as a percentage, is the sum of loss ratio and expense ratio. A combined ratio under 100.0% indicates an underwriting profit. A combined ratio over 100.0% indicates an underwriting loss.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Results of Operations** 

**Year Ended December 31, 2025 Compared to Year Ended December 31, 2024** 

The following table summarizes our results of operations for the years ended December 31, 2025 and 2024: 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **$ Change** | **% Change** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross written premiums | $— | $642591 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in gross unearned premiums |  | (114052) | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross earned premiums |  | 528539 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded earned premiums |  | (289378) | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums |  | 239161 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy fee income |  | 5992 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 14183 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment gains |  | 177 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance related income |  | 785 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues |  | 260298 | [•] | [•] |
|  Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss adjustment expenses, net |  | 136050 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs, net of ceding commissions |  | (6221) | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses |  | 52202 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 4744 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 186775 | [•] | [•] |
|  Income (loss) before taxes |  | 73523 | [•] | [•] |
|  Provision for income tax expense |  | 13243 | [•] | [•] |
|  Net income |  | 60280 | [•] | [•] |
|  Net loss attributable to non-controlling interest |  | (17124) | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income attributable to controlling interest** | $— | $**77404** | **[**•**]** | **[**•**]** |
|  Key Operating and Financial Metrics: |  |  |  |  |
|  EBITDA<sup>(1)</sup> |  | $90085 |  |  |
|  Adjusted general expense ratio<sup>(1)</sup> |  | 6.6% |  |  |

---

(1) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of the non-GAAP financial measure in accordance with their most applicable U.S. GAAP measure.

Our net income was $[•] million for the year ended December 31, 2025 compared to $60.3 million for the year ended December 31, 2024, a [•] of $[•] million. The [•] of [•] was primarily attributable to a [•]. See *"Results by Operating Segment*" for further discussion of our operations.

The Company is required to consolidate the operations of its Reciprocal Exchange segment, as the Company is deemed to have a controlling interest in Cajun and Manatee through its role as attorney-in-fact, although it does not have any equity ownership over these reciprocal exchanges. The portion of the reciprocals' earnings or losses attributable to subscribers is reflected as a non-controlling interest in the Company's consolidated statements of comprehensive income.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Premiums** 

The following table shows the gross written premiums during the years ended December 31, 2025 and 2024 broken out by segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **$ Change** | **% Change** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Gross written premium |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reciprocal Exchanges | $— | $431584 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-bearing Entities |  | 211008 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross written premium | $— | $642591 | [•] | [•] |

---

The Insurance Services segment did not have gross written premiums for the years ended December 31, 2025 and 2024.

*Gross Written Premiums* on a consolidated basis for the years ended December 31, 2025 and 2024 was approximately $[•] and $642.6 million, respectively. The $[•] [•] was primarily attributable to [•].

*Gross Earned Premiums* on a consolidated basis for the years ended December 31, 2025 and 2024 was approximately $[•] million and $528.5 million, respectively. The $[•] million [•] was primarily attributable to [•].

*Ceded Earned Premiums* for the years ended December 31, 2025 and 2024 was $[•] million and $289.4 million, respectively, representing [•]% and 54.8%, respectively, of gross premiums earned. Our premiums ceded represent costs of reinsurance to cover losses from catastrophes that exceed retention levels up to a stated limit defined by our catastrophe excess of loss, catastrophe bond reinsurance agreements, and reinsurance quota share agreements. The rates we pay for catastrophe reinsurance are based primarily on policy exposures reflected in gross premiums earned. The $[•] million [•] was primarily attributable to [•].

*Net Earned Premiums* for the years ended December 31, 2025 and 2024 was $[•] million and $239.2 million, respectively, and reflect the gross premiums earned less ceded earned premium as described above. The $[•] million [•] was primarily attributable to [•].

*Policy Fee Income* for the years ended December 31, 2025 and 2024 was $[•] million and $6.0 million, respectively. The $[•] million [•]was primarily attributable to [•].

*Net Investment Income* for the years ended December 31, 2025 and 2024 was $[•] million and $14.2 million, respectively. The $[•] million [•] was primarily attributable to [•]. See *Note 2*—*Investments* to our consolidated financial statements for more information.

*Net Realized Investment Gains* for the years ended December 31, 2025 and 2024 were $[•] million and $0.2 million, respectively. The $[•] million [•] was primarily attributable to [•].

*Other Insurance Related Income* for the years ended December 31, 2025 and 2024 was $[•] million and $0.8 million, respectively. The $[•] million [•] was primarily attributable to [•].

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Losses** 

Our consolidated Losses and Loss Adjustment Expenses amounted to $[•] million and $136.1 million for the years ended December 31, 2025 and 2024, respectively. Loss and Loss Adjustment Expenses include our costs to settle claims and the salaries and compensation expenses of our claims desk, field and litigation teams. The $[•] million [•] was primarily attributable to [•]. See *"—Critical Accounting Policies and Estimates—Reserves for Losses and Loss Adjustment Expenses*" for further information.

*Policy Acquisition Costs* for the years ended December 31, 2025 and 2024 were $([•]) million and $(6.2) million, respectively, and primarily reflect the amortization of deferred acquisition costs, which include commissions payable to agents and premium taxes, offset by the accretion of ceding commission income received from our quota share reinsurance agreements. During the year ended December 31, 2024, the Company had several ceded reinsurance quota share agreements in-force, which led to substantially high earned ceded premiums. The earned ceding commissions for these contracts were greater than the overall gross acquisition costs which resulted in a net policy acquisition benefit for the period. The $[•] million [•] was primarily attributable to [•].

*General and Administrative Expenses* for the years ended December 31, 2025 and 2024 were approximately $[•] million and $52.2 million, respectively. The $[•] million [•] was primarily attributable to [•].

*Interest Expense* for the years ended December 31, 2025 and 2024 was approximately $[•] million and $4.7 million, respectively. The $[•] million [•] was primarily attributable to [•].

*Provision for Income Tax Expense* for the years ended December 31, 2025 and 2024 was approximately $[•] million and $13.2 million for federal and state income taxes resulting in an effective tax rate of [•]% and 18.0%, respectively. The $[•] million [•] was primarily attributable to [•].

**Loss ratio** 

The loss ratio applicable for the years ended December 31, 2025 and 2024 was [•]% and 56.9%, respectively. This [•] in the loss ratio was due primarily to [•].

**Expense ratio** 

The expense ratio applicable for the years ended December 31, 2025 and 2024 was [•]% and 21.2%, respectively. The [•] in expense ratio was due to [•].

The following table summarizes the components of the expense ratio for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Expenses** | **% of Net<br>Earned<br>Premium** | **Expenses** | **% of Net<br>Earned<br>Premium** |
|  | **($ in thousands, except percentages)** | **($ in thousands, except percentages)** | **($ in thousands, except percentages)** | **($ in thousands, except percentages)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs, net of ceding commissions | $— | [•] | $(6221) | -2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses |  | [•] | 52202 | 21.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | [•] | 4744 | 2.0% |
|  **Total** | $— | [•] | $50724 | 21.2% |

---

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

We use our adjusted general expense ratio to evaluate our expense ratio. Our adjusted general expense ratio was [•]% for the year ended December 31, 2025, and 6.9% for the year ended December 31, 2024. This [•]% decrease was due to [•]. This decrease resulted from [•]. Please see "*—Reconciliation of Non-GAAP Metrics–Adjusted general expense ratio*" for further information.

**Combined ratio** 

The combined ratio is the measure of overall underwriting profitability before other income. Our combined ratio for the years ended December 31, 2025 and 2024 was [•]%, and 78.1%, respectively. The [•] in combined ratio was due to [•].

**Results by Operating Segment** 

**Insurance Services Segment** 

The following table summarizes the results of the Insurance Services segment for each of the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Insurance Services** | **Insurance Services** | **Insurance Services** | **Insurance Services** | **Insurance Services** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **$ Change** | **% Change** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Earned revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy fee income | $— | $5244 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy administration income |  | 74102 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims management income |  | 18583 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 265 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance related income |  | 17 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue |  | 98211 | [•] | [•] |
|  Expenses: |  |  |  |  |
|  Loss adjustment expenses |  | 7744 | [•] | [•] |
|  Policy acquisition costs, net of ceding commission |  | 10888 | [•] | [•] |
|  General and administrative expenses |  | 29053 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 47685 | [•] | [•] |
|  Income (loss) before taxes | $— | $50526 | [•] | [•] |

---

The Insurance Services segment revenue for the years ended December 31, 2025 and 2024 was $[•] million and $98.2 million, respectively, representing a [•] of $[•], or [•]%. The increase in total revenue for the Insurance Services segment was primarily due to [•].

The Insurance Services segment income (loss) before taxes for the years ended December 31, 2025 and 2024 was $[•] million and $50.5 million, respectively, representing a [•] of $[•], or [•]%. The increase in total Income (loss) before taxes for the Insurance Services segment was primarily due to [•].

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Risk-bearing Entities Segment** 

The following table summarizes the results of the Risk-bearing Entities segment for each of the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk-bearing Entities** | **Risk-bearing Entities** | **Risk-bearing Entities** | **Risk-bearing Entities** | **Risk-bearing Entities** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **$ Change** | **% Change** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Gross written premium | $— | $469486 | [•] | [•] |
|  Earned revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums | $— | $242216 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy fee income |  | 2948 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 9940 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance related income |  | 2883 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue |  | 257987 | [•] | [•] |
|  Expenses: |  |  |  |  |
|  Losses and loss adjustment expenses |  | 115193 | [•] | [•] |
|  Policy acquisition costs, net of ceding commission |  | 85333 | [•] | [•] |
|  General and administrative expenses |  | 10298 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 210824 | [•] | [•] |
|  Income (loss) before taxes | $— | $47163 | [•] | [•] |

---

The Risk-bearing Entities segment revenue for the years ended December 31, 2025 and 2024 was $[•] million and $258.0 million, respectively, representing a [•] of $[•], or [•]%. The increase in total revenue for the Risk-bearing Entities segment was primarily due to [•].

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Reciprocal Exchanges Segment** 

The following table summarizes the results of the Reciprocal Exchanges segment for each of the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reciprocal Exchanges*<sup>1</sup>*** | **Reciprocal Exchanges*<sup>1</sup>*** | **Reciprocal Exchanges*<sup>1</sup>*** | **Reciprocal Exchanges*<sup>1</sup>*** | **Reciprocal Exchanges*<sup>1</sup>*** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **$ Change** | **% Change** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Gross written premium | $— | $431584 | [•] | [•] |
|  Earned revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums | $— | $(3055) | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy fee income |  | 3044 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 4381 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance related income |  | 1836 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue |  | 6206 | [•] | [•] |
|  Expenses: |  |  |  |  |
|  Losses and loss adjustment expenses |  | 31696 | [•] | [•] |
|  Policy acquisition costs, net of ceding commission |  | (23221) | [•] | [•] |
|  General and administrative expenses |  | 11093 | [•] | [•] |
|  Interest expense |  | 3768 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 23336 | [•] | [•] |
|  Income (loss) before taxes |  | (17130) | [•] | [•] |
|  Loss attributable to non-controlling interest | $— | $(17130) | [•] | [•] |

---

---

| | |
|:---|:---|
| ***1*** = | The reciprocal exchanges receive a subscriber contribution of 10% in addition to the policy premium which is recorded to additional paid-in capital as received. The exchanges received $[•] and $26,975, respectively, during the years ended December 31, 2025 and 2024. |

---

The Reciprocal Exchanges segment revenue for the years ended December 31, 2025 and 2024 is $[•] million and $6.2 million, respectively, representing a [•] of $[•], or [•]%. The increase in total revenue for the Reciprocal Exchanges segment was primarily due to [•].

The Reciprocal Exchanges segment income (loss) before taxes for the years ended December 31, 2025 and 2024 is $[•] million and $17.1 million, respectively, and is fully attributable to non-controlling interests in the Company's consolidated statements of comprehensive income.

**Reconciliation of Non-GAAP Financial Measures** 

We include non-GAAP financial measures in this prospectus, including EBITDA, because our management uses them to assess our performance. We believe they reflect the underlying trends and indicators of our business and allow management to evaluate our business performance, make budgeting decisions and compare our performance against other peer companies using similar measures. While we believe organic net sales and EBITDA are useful for investors for the same reasons, readers of the financial statements should note that these measures are not a substitute for GAAP financial measures or disclosures and should be read in conjunction with those GAAP results. We have provided reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Adjusted general expense ratio** 

Adjusted general and administrative expense ratio is calculated by excluding the amortization of stock-based compensation and the amortization of intangible assets from general and administrative expenses and dividing by gross written premium. We believe this ratio gives greater insight into our cost structure.

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
|  | **($ in thousands)** | **($ in thousands)** |
|  Gross written premium | $— | $642591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expense |  | 52202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of equity-based compensation |  | (2538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets |  | (7132) |
|  Adjusted general and administrative expense | $— | $42532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted general expense ratio (Adjusted general and administrative expense divided by Gross written premium) | [•] | 6.6% |

---

**EBITDA** 

EBITDA is a non-GAAP metric used by management to evaluate the operating strength and efficiency of the Company by excluding the impact of differences in tax jurisdictions and structures, debt levels and capital investment. They facilitate comparisons between peer companies since interest, taxes, depreciation, and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP.

The following table provides a reconciliation of net income to EBITDA for the years ended December 31, 2025 and 2024: 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
|  | **($ in thousands)** | **($ in thousands)** |
|  Net income | $— | $60280 |
|  Interest expense |  | 4744 |
|  Provision for income tax expense |  | 13243 |
|  Depreciation and amortization of property and equipment |  | 2148 |
|  Amortization of equity-based compensation |  | 2538 |
|  Amortization of intangible assets |  | 7132 |
|  EBITDA | $— | $90085 |

---

**Liquidity and Capital Resources** 

**Sources and Uses of Funds** 

We file a consolidated U.S. federal income tax return with our subsidiaries, and under our tax allocation agreement, each participant is charged or refunded taxes according to the amount that the participant would have paid or received had it filed on a separate return basis with the Internal Revenue Service. Cajun and Manatee file separate income tax returns in their respective jurisdictions.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

We believe we have sufficient liquidity available to meet our operating cash needs and obligations for the next 12 months. As of December 31, 2025 and December 31, 2024, we had $[•] million and $262.8 million, respectively, in cash, cash equivalents and restricted cash, which primarily consisted of cash, money market accounts, and U.S. Treasury bills. We intend to maintain substantial cash or cash-equivalent balances during hurricane season to meet seasonal liquidity needs relating to potential catastrophic losses.

The Company was required to maintain capital and surplus of $[•] million and $15.0 million as of December 31, 2025 and 2024, respectively, for Safepoint Insurance and $[•] million and $15.0 million as of December 31, 2025 and 2024, respectively, for Manatee.

During the year ended December 31, 2024, Cajun was domiciled in Louisiana and was required to have initial minimum surplus of $5.0 million. Following Cajun's redomiciliation to Alabama in 2025, Cajun is required to maintain capital and surplus of $1.0 million in order to obtain and maintain licensure in Alabama.

We believe our current cash and cash equivalents will be sufficient to meet our working capital and capital expenditure requirements for at least the next twelve months. Over the longer term, we may explore refinancing options to reduce interest costs or raise equity to accelerate growth or reduce leverage and, depending on interest rates and market conditions, may from time to time consider distributing dividends or engaging in stock repurchases.

**Cash Flows** 

Our most significant source of cash is from premiums received, which, for most policies, we receive at the beginning of the coverage period. Our most significant cash outflows are claims that arise when a policyholder incurs an insured loss and the payment of reinsurance premiums, net of any ceding commissions received. Because the payment of claims occurs after the receipt of the premium, we invest the cash in various investment securities that generally earn interest. We also use cash for the payment of ongoing operating expenses, such as employee compensation and benefits, technology costs, office rent and professional service fees.

The timing of our cash flows from operating activities can vary among periods due to the timing by which payments are made or received. Some of our payments and receipts, including loss settlements and subsequent reinsurance receipts, can be significant, and as a result their timing can influence cash flows from operating activities in any given period. We believe that cash receipts from premiums and proceeds from net investment income are sufficient to cover cash outflows in the foreseeable future.

Our cash flows for the years ended December 31, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **$ Change** | **%<br>Change** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | $— | $119929 | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  | (26125) | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities |  | 35621 | [•] | [•] |
|  **Net change in cash and cash equivalents** | $— | $129425 | [•] | [•] |

---

Net cash provided by operating activities for the years ended December 31, 2025 and 2024 was approximately $[•] million and $119.9 million, respectively. The $[•] million [•] was primarily attributable to [•]<sup>.</sup>

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Net cash provided by investing activities for the years ended December 31, 2025 and 2024 was approximately $[•] million and $(26.1) million, respectively. The $[•] million [•] was primarily attributable to [•]. For the year ended December 31, 2024, funds from operations were used to purchase fixed-maturity securities of $32.5 million. During the year ended December 31, 2024, we received proceeds of $9.9 million from sales of fixed-maturity securities. Net cash used in investing activities also includes purchases of property and equipment of $3.6 million.

Net cash provided by financing activities for the years ended December 31, 2025 and 2024 was approximately $[•] million and $35.6 million, respectively. The $[•] million [•] was primarily attributable to [•].

**Reinsurance** 

We purchase various forms of reinsurance to manage loss exposures and safeguard our capital. Through reinsurance, we transfer certain exposures to a reinsurer, and in return the reinsurer receives a portion of the premium. We strategically use a combination of quota share and excess of loss reinsurance treaties to retain risk and premium we underwrite while providing balance sheet protection from larger losses.

A quota share reinsurance treaty is an agreement where reinsurers assume a percentage of the company's losses in exchange for a negotiated percentage of premium. An excess of loss reinsurance treaty is an agreement where reinsurers agree to assume a portion of losses for a specific event in excess of a specified amount in return for a negotiated premium. Reinsurance needs are determined with principal input from our Chief Executive Officer based on a multitude of factors, including risk appetite, market conditions, loss history and reinsurance capacity.

For the 2023-2024 treaty year (June 1, 2023 – May 31, 2024), the catastrophe excess of loss coverage is provided by agreements with reinsurers and by the FHCF. The excess of loss treaties generally provide coverage on ultimate net losses of $556.9 million in excess of $5.0 million for the first occurrence ($891.9 million for all occurrences) with the FHCF providing coverage for losses from qualifying catastrophic events in excess of $45.5 million up to a maximum payout of $87.9 million.

For the 2024-2025 treaty year (June 1, 2024 – May 31, 2025), the catastrophe excess of loss coverage is provided by agreements with reinsurers and by the FHCF. The excess of loss treaties generally provide coverage on ultimate net losses of $1,205.9 million in excess of $10.0 million for the first occurrence ($1,798.6 million for all occurrences) with the FHCF providing coverage for losses from qualifying catastrophic events in excess of $72.4 million up to a maximum payout of $128.4 million.

For the 2025-2026 treaty year (June 1, 2025 – May 31, 2026), the catastrophe excess of loss coverage is provided by agreements with reinsurers and by the Florida Hurricane Catastrophe Fund ("FHCF"). The excess of loss treaties generally provide coverage on ultimate net losses of $[•] million in excess of $100.0 million for the first occurrence ($[•] million for all occurrences) with the FHCF providing coverage for losses from qualifying catastrophic events in excess of $[•] million up to a maximum payout of $[•] million.

The Company executed a facultative reinsurance agreement with coverage of $[•] million in excess of $[•] million for personal lines and $[•] million in excess of $[•] million for commercial lines. The agreement is subject to a $[•] million per occurrence limit with no aggregate limit. In addition to the facultative agreement, the Company entered into a per risk excess of loss agreement for personal lines which provides coverage for $[•] million in excess of $[•] million.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Our reinsurance treaties typically have a 12-month term. During each renewal cycle, we may change our coverage terms or the composition of our reinsurance panel. Currently, the quota share and many of the reinsurance treaties expire on May 31, 2026, while certain treaties such as the FHCF and Catastrophe Bonds renew at dates other than May 31, 2026. Although exact cession percentages and specific coverage terms may vary at each treaty renewal, we intend to renew on similar terms as expiring to maintain our desired level of net risk appetite.

The following table summarizes the Company's top five reinsurers, their A.M. Best financial strength rating and percent of total reinsurance recoverable as of December 31, 2025:

[Reinsurer table]

**Contractual Obligations and Commitments** 

In 2024, we entered into an amended lease agreement for our Tampa office, which expires in January 2028. The Company also maintains office facilities in Metairie, Louisiana and Pembroke Pines, Florida. These leases are classified as operating leases on our consolidated balance sheets. As of December 31, 2025 and 2024, total discounted operating lease liabilities were $[•] million and $1.7 million, respectively.

*Credit Facility* 

In February 2025, the Company entered into a credit agreement comprising of a $100.0 million term loan, a $25.0 million revolving loan facility and a $15.0 million delayed draw term loan. During August 2025, the Company entered into an amendment to its existing credit agreement. The total borrowing capacity under the amended credit agreement increased to $287.5 million, consisting of a $97.5 million term loan, a $75.0 million revolving loan facility, and a $115.0 million delayed draw term loan. As of December 31, 2025, $[•] million was outstanding under the term loan, $[•] million was drawn under the revolving loan facility, and no amount was drawn for the delayed draw term loan. The term loan bears interest at Secured Overnight Financing Rate plus 3.5% and matures on February 18, 2030. The agreement includes customary covenants and conditions. For more information, see "*Description of Material Indebtedness*."

*Catastrophe Bonds* 

In June 2024, the Company entered into a reinsurance agreement with Nature Coast Re, Ltd. ("Nature Coast Re") in the form of catastrophe bonds, which covers Safepoint Insurance, Manatee and Cajun. Nature Coast Re issued one note in the amount of $50.0 million in total as collateral for the reinsurance coverage provided above the Florida attachment level of $429.0 million. This coverage is effective from June 2024 through June 2028 and covers named storms in the states of Florida, Louisiana, Alabama, Mississippi and Texas.

In January 2025, the Company entered into a reinsurance agreement with Nature Coast Re in the form of catastrophe bonds, which cover Safepoint Insurance, Manatee and Cajun. Nature Coast Re issued one class of notes in the amount of $200.0 million in total as collateral for the reinsurance coverage provided above the attachment level of $475.0 million. This coverage is effective from January 2025 through January 2029 and covers named storms in the states of Florida, Louisiana, Alabama, Mississippi and Texas.

In April 2025, the Company entered into a reinsurance agreement with Nature Coast Re in the form of Catastrophe Bonds, which cover Safepoint Insurance, Manatee and Cajun. Nature Coast Re issued one class of notes in the amount of $150.0 million in total as collateral for the

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

reinsurance coverage provided above the attachment level of $600.0 million. This coverage is effective from April 2025 through April 2029 and covers named storms in the states of Florida, Louisiana, Alabama, Mississippi, and Texas.

**Financial Condition** 

*Stockholders' Equity* 

As of December 31, 2025, total stockholders' equity was $[•] million compared to total stockholders' equity of $120.0 million as of December 31, 2024. The [•] in total stockholders' equity was primarily due to [•]. As of December 31, 2025 and 2024, the Reciprocal Exchanges equity was $[•] and $(4.8) million, respectively, but is not included in stockholder's equity attributable to Safepoint shareholders.

*Dividend Declarations* 

During the year ended December 31, 2025, the Company's Board of Directors declared a dividend of $25 per common share, totaling $31.8 million, payable to shareholders of record as of January 31, 2025. The dividend was paid in cash on February 12, 2025. The Company did not declare any dividends during the year ended December 31, 2024.

**Investment Portfolio** 

We seek to maintain a diversified portfolio of investments that prioritize invested capital preservation, with a secondary focus on generating predictable and stable returns. Our investment portfolio is tailored to align with the characteristics of the underlying insurance liabilities. Our asset allocation strategy focuses on high-quality fixed-income instruments, and deemphasizes equity or alternative investment risk. One of the primary features of our asset allocation is maintaining sufficient readily available funds to pay claims and expenses. Consequently, the bulk of our reserves are invested in securities which can be expected to maintain a close relationship between market and statement values, under most conditions. Our portfolio therefore consists entirely of cash, cash equivalents, short-term investments and investment-grade fixed-income securities.

We actively manage and monitor our investment risk to balance the goals of stable growth and liquidity with our need to comply with the insurance regulatory frameworks within which we operate as well as the capital framework agreements with AmFam. Our board of directors reviews and approves our investment policy and strategy on a regular basis.

As of December 31, 2025 and 2024, $[•] million and $62.1 million, respectively, was comprised of fixed maturity securities, which represents the majority of our portfolio. We classify these assets as available-for-sale and they are carried at fair value with unrealized gains (losses) recognized in accumulated other comprehensive income. Also included in our investment portfolio was $251.3 million of cash and cash equivalents. Our fixed maturity securities had a weighted average effective duration of [•] years and 3.41 years and an average credit rating of [•] and [•] as of December 31, 2025 and 2024, respectively. Our fixed income investment portfolio had an weighted average book yield of [•]% as of December 31, 2025, compared to 3.86% as of December 31, 2024.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

As of December 31, 2025 and 2024, the amortized cost and estimated fair value of our fixed-maturity and equity securities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **% of**<br>**Total Fair<br>Value** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Fixed maturity securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S Government and government agencies | $8048 | $8375 | 13.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 31103 | 31791 | 51.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-back securities | 5495 | 5703 | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; States, municipalities, and political subdivisions | 16327 | 16184 | 26.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total fixed-maturity securities** | $60973 | $62053 | 99.8% |
|  Equity securities | 118 | 118 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investments** | $61091 | $62171 | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **% of**<br>**Total Fair<br>Value** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Fixed maturity securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S Government and government agencies | $— | $— | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-back securities |  |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; States, municipalities, and political subdivisions |  |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total fixed-maturity securities** | $— | $— | [•] |
|  Equity securities |  |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investments** | $— | $— | [•] |

---

The table below summarizes the credit quality of our fixed maturity securities as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **As of December 31, 2024** | **Fair<br>Value** | **% of**<br>**Total Fair<br>Value** |
|  **Rating** | **($ in thousands)** | **($ in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $3157 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 23964 | 38.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | 12011 | 19.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | 22492 | 36.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Below BBB | 429 | 0.7% |
|  **Total** | $62053 | 100.0% |
| **As of December 31, 2025** | **Fair<br>Value** | **% of<br>Total Fair<br>Value** |
|  **Rating** | **Rating** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $— | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Below BBB |  | [•] |
|  **Total** | $— | [•] |

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The amortized cost and estimated fair value of our available-for-sale investments in fixed-maturity securities summarized by contractual maturity as of December 31, 2025 and 2024, were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **% of**<br>**Total Fair<br>Value** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Fixed maturity securities | Fixed maturity securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due in one year or less | $21901 | $21903 | 35.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after one year through five years | 12481 | 12836 | 20.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after five years through ten years | 6330 | 6648 | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after ten years | 14766 | 14963 | 24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed securities | 5495 | 5703 | 9.2% |
|  **Total investments** | $60973 | $62053 | 100.0% |
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **% of<br>Total Fair<br>Value** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Fixed maturity securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due in one year or less | $— | $— | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after one year through five years |  |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after five years through ten years |  |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after ten years |  |  | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed securities |  |  | [•] |
|  **Total investments** | $— | $— | [•] |

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Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower.

**Quantitative and Qualitative Disclosures about Market Risk** 

Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in interest rates, equity prices, foreign currency exchange rates and commodity prices. The primary component of market risk affecting us is interest rate risk associated with our investments in fixed maturity securities. We do not have material exposure to equity prices, foreign currency exchange rate risk or commodity risk.

**Credit Risk** 

Credit risk is the potential loss resulting from adverse changes in an issuer's ability to repay its debt obligations. We have exposure to credit risk as a holder of fixed maturity securities. Our investment policy is designed to primarily invest in debt instruments of high credit quality issuers and to manage the amount of credit exposure with limits on particular rating categories, limits for any one issuer and limits for sectors and regions. We monitor our investment portfolio to ensure that credit risk does not exceed prudent levels. The majority of our investment portfolio is invested in high credit quality, investment grade, fixed maturity securities. As of December 31, 2025 our fixed maturity portfolio has an average rating by at least one nationally recognized rating organization of [•].

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

In addition, we are subject to credit risk as we cede a portion of our risks to reinsurers. Although our reinsurers are obligated to reimburse us to the extent we cede risk to them, we are ultimately liable to our policyholders on all risks we have ceded. As a result, reinsurance agreements do not limit our ultimate obligations to pay claims covered under the insurance policies we issue and we might not collect amounts recoverable from our reinsurers. We address this credit risk by performing, along with our reinsurance broker, periodic credit reviews of our reinsurers. As of December 31, 2025, [•] % of our reinsurance recoverables were either derived from reinsurers rated "A-" (Excellent) by A.M. Best, or better, or fully collateralized.

**Interest Rate Risk** 

Interest rate risk is the risk that we will incur economic losses due to adverse changes in interest rates. Fluctuations in interest rates have an immediate and direct effect on the market valuation of our fixed maturity securities. When market interest rates rise, the fair value of our securities decreases. Conversely, as interest rates fall, the fair value of our securities increases. Changes in interest rates will have an immediate effect on comprehensive loss and stockholders' equity but will not ordinarily have an immediate effect on net income. We manage this interest rate risk by investing in securities with varied maturity dates and by managing the duration of our investment portfolio in directional relation to the duration of our reserves.

As of December 31, 2025 and 2024, our investment portfolio contained fixed income securities that were subject to interest rate risk with a fair value of $[•] and $62.1 million, respectively. The following table sets forth what changes might occur in the value of our core fixed income portfolio given hypothetical changes in interest rates as of December 31, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Estimated<br>Fair Value** | **Estimated<br>Change in<br>Fair Value** | **%<br>(Decrease)<br>Increase<br>in Fair<br>Value** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Fixed maturity securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 basis point increase | $57236 | $(4816) | -7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 basis point increase | $58643 | $(3410) | -5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 basis point increase | $60252 | $(1801) | -2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No change | $62053 | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 basis point decrease | $64077 | $2024 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 basis point decrease | $66293 | $4240 | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 basis point decrease | $68711 | $6658 | 10.7% |
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Estimated<br>Fair Value** | **Estimated<br>Change in<br>Fair Value** | **%<br>(Decrease)<br>Increase<br>in Fair<br>Value** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Fixed maturity securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 basis point increase | $— | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 basis point increase | $— | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 basis point increase | $— | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No change | $— | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 basis point decrease | $— | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 basis point decrease | $— | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 basis point decrease | $— | [•] | [•] |

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Changes in interest rates will have an immediate effect on comprehensive income and stockholders' equity but will not ordinarily have an immediate effect on net income. Actual results may differ from the hypothetical change in market rates assumed in the table above. This sensitivity analysis does not reflect the results of any action that we may take to mitigate such hypothetical losses in fair value.

**Seasonality of Our Business** 

Our insurance business is seasonal. Hurricanes and tropical storms affecting our primary markets and other southeastern states typically occur during the period from June 1st through November 30th of each year. Additionally, reinsurance treaties years are typically effective on either May 1 or June 1 of each year. Any variation in the cost of our reinsurance, whether due to changes in reinsurance rates, coverage levels or changes in the total insured value of our policy base, will occur and be reflected in our financial results beginning on May 1 or June 1 of each year.

**Critical Accounting Policies and Estimates** 

Critical accounting estimates are defined as those estimates that are both important to the portrayal of our financial condition and results of operations and require us to exercise significant judgment. We use significant judgment concerning future results and developments in applying these critical accounting estimates and in preparing our consolidated financial statements. These judgments and estimates affect our reported amounts of assets, liabilities, revenues and expenses and the disclosure of our material contingent assets and liabilities. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements.

We identified the following accounting estimates as critical to the understanding of our financial position and results of operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reserves for losses and loss adjustment expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reinsurance recoverables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fair value measurements of financial assets and liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deferred income tax.

We evaluate our estimates regularly using information that we believe to be relevant. For a detailed discussion of our accounting policies, see *Note 1*—*Summary of Significant Accounting Policies* to our consolidated financial statements included elsewhere in this prospectus for further discussion regarding our accounting policies and estimates.

**Reserves for Losses and Loss Adjustment Expenses** 

Reserves for losses and loss adjustment expenses represent our estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. We do not discount our reserves for losses to reflect estimated present value. We estimate the reserves using individual case-basis valuations of reported claims and statistical analyses and various actuarial procedures. Those estimates are based on historical data and consider various factors, including known and anticipated regulatory and legal developments, changes in social attitudes, inflation and economic conditions. We regularly review our estimates and adjust them as necessary as our experience develops or as new

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

information becomes known to us. Additionally, during the loss settlement period, it often becomes necessary to refine and adjust the estimates of liability on a claim either upward or downward. Even after such adjustments, the ultimate liability may exceed or be less than the revised estimates. Accordingly, the ultimate settlement of losses and loss adjustment expenses may vary significantly from the estimate included in our financial statements.

The process of estimating the reserves for losses and loss adjustment expenses requires a high degree of judgment and is subject to several variables. Our reserves are driven by several important factors, including litigation and regulatory trends, legislative activity, climate change, social and economic patterns, and claims inflation assumptions. Our reserve estimates reflect current inflation in legal claims' settlements and assume we will not be subject to losses from significant new legal liability theories. Our reserve estimates assume that there will not be significant changes in the regulatory and legislative environment. The impact of potential changes in the regulatory or legislative environment is difficult to quantify in the absence of specific, significant new regulation or legislation. In the event of significant new regulation or legislation, we will attempt to quantify its impact on our business, but no assurance can be given that our attempt to quantify such inputs will be accurate or successful.

Although we believe that our reserve estimates are reasonable, it is possible that our actual loss experience may not conform to our assumptions. Specifically, our actual reporting and payment patterns could differ from our expected reporting and payment patterns, which are based on our data and industry data. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in our financial statements. We regularly review our estimates and adjust them as necessary as experience develops or as new information becomes known to us. Such adjustments are included in the results of current operations.

The table below quantifies the impact of potential reserve deviations from our carried reserve as of December 31, 2025. We applied a sensitivity factor to net reserves for unpaid losses and loss adjustment expenses. We believe that potential changes such as these would not have a material impact on our liquidity and our financial ratings.

[Reserve sensitivity table to come]

**Reinsurance recoverables** 

We enter into reinsurance agreements to limit our exposure to potential large losses. Our reinsurance is primarily contracted under quota-share reinsurance treaties and excess of loss treaties. In quota-share reinsurance agreements, the reinsurer agrees to assume a specified percentage of the ceding company's losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of any ceding commission. In excess of loss reinsurance, the reinsurer agrees to assume all or a portion of the ceding company's losses, in excess of a specified amount up to a specified limit. In excess of loss reinsurance, the premium payable to the reinsurer is negotiated by the parties based on their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company's losses.

The recognition of reinsurance recoverables requires two key estimates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of loss reserves to be ceded to our reinsurers. See "*—Critical Accounting Policies and Estimates–Reserves for Losses and Loss Adjustment Expenses*" and *Note 1* — *Summary of Significant Accounting Policies* to our consolidated financial statements included elsewhere in this prospectus for further
discussion of our reserves.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of the reinsurance recoverable balance we believe will ultimately not be collected from reinsurers. The amount
we ultimately collect may differ from our estimate due to the ability and willingness of reinsurers to pay claims, which may be negatively impacted by factors such as insolvency, contractual disputes over contract language or coverage and/or other
reasons. In addition, economic conditions and/or operational performance of a particular reinsurer may deteriorate which could also affect the ability and willingness of a reinsurer to meet their contractual obligations.

As of December 31, 2025, we believe [•]% of our recoverables are collectible.

**Fair value measurements** 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. We utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or
liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Significant other observable inputs other than Level 1 inputs, such as quoted prices in active markets for similar
assets or liabilities, quoted prices in inactive markets for identical assets or liabilities, or other inputs that are directly or indirectly observable through market-corroborated inputs, such as interest rates, yield curves, prepayment speeds,
default rates, or loss severities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Significant unobservable inputs used to measure fair value to the extent that relevant observable inputs are not
available, and that reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the measurement date.

See *Note 3*—*Fair Value Measurements* to our consolidated financial statements included elsewhere in this prospectus for further discussion regarding our fair value disclosures.

**Deferred income taxes** 

We record deferred income taxes as assets or liabilities on our balance sheet to reflect the net tax effect of the temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and their respective tax bases. Deferred tax assets and liabilities are measured by applying enacted tax rates in effect for the years in which such differences are expected to reverse. Our deferred tax assets result from temporary differences primarily attributable to unearned premium reserves, unrealized losses on investments and loss reserves. Our deferred tax liabilities result primarily from deferred policy acquisition costs. We review the need for a valuation allowance related to our deferred tax assets each quarter. We reduce our deferred tax assets by a valuation allowance when we determine that it is more likely than not that some portion or all of the deferred tax assets will not be realized. The assessment of whether or not a valuation allowance is needed requires us to use significant judgment. See *Note 11*—*Income Taxes* to our consolidated financial statements included elsewhere in this prospectus included in this prospectus for further discussion regarding our deferred tax assets and liabilities.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Significant Events** 

On August 10, 2023, select members of our senior management, led by David Flitman (*Chief Executive Officer*), executed a management buyout, whereby such members of our senior management team purchased all the shares of Safepoint Holdings held by the then-majority investor. Upon the consummation of the buyout transaction, Mr. Flitman held greater than 50% control of Safepoint Holdings and as such, triggered a change in control under GAAP. As of the date of this prospectus, we are no longer a controlled company.

On February 18, 2025, the Company entered into a credit agreement comprising a $100.0 million term loan, a $25.0 million revolving loan facility and a $15.0 million delayed draw term loan. During August 2025, the Company entered into an amendment to its existing credit agreement. The total borrowing capacity under the amended credit agreement increased to $287.5 million, consisting of a $97.5 million term loan, a $75.0 million revolving loan facility, and a $115.0 million delayed draw term loan. As of December 31, 2025, $[•] million was outstanding under the term loan, $[•] million was drawn under the revolving loan facility, and no amount was drawn for the delayed draw term loan. The term loan bears interest at Secured Overnight Financing Rate plus 3.5% and matures on February 18, 2030. The agreement includes customary covenants and conditions.

**Recent Accounting Pronouncements** 

See *Note 1*—*Summary of Significant Accounting Policies* to our consolidated financial statements included elsewhere in this prospectus for further discussion regarding our recent accounting pronouncements.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**BUSINESS** 

**Who We Are** 

Safepoint is a specialist insurance underwriter with a multidisciplined and capital efficient servicing platform, focused on delivering catastrophe-exposed property insurance in Florida, Louisiana and other U.S. markets. Safepoint is majority-owned by its management, which we believe creates an alignment between the management team and our shareholders. Our management team consists of highly experienced insurance professionals with a shared vision to solve problems for stakeholders in underserved or dislocated property insurance markets. Our business strategy, which has been developed and tested since our founding in 2013, combines sophisticated actuarial analytics, risk management expertise and a low-cost operating model designed to provide better value to our customers across market cycles. We have an innovative organizational structure that combines the benefits of policyholder-owned reciprocal insurance exchanges that we manage for a service fee, referred to as the Reciprocal Exchanges, with our wholly owned insurance company, Safepoint Insurance.

We have prudently grown our business over the last 12 years, while producing attractive risk-adjusted returns, which we believe validates the strength of our business model and risk selection. Many of Safepoint's competitors have not had the staying power to continue writing business in Florida, Louisiana and other U.S. Gulf Coast states, as they have lacked a disciplined approach to underwriting, risk management and cost control. We have organically increased gross written premiums over the five-year period ending December 31, 2025 from $188 million during the year ended December 31, 2021 to $[•] million during the year ended December 31, 2025, a compound annual growth rate of approximately [•]%. During that period, we have transitioned from a risk-bearing balance sheet-owned insurance model to a predominantly insurance services model, whereby we receive fee income from the policyholder-owned Reciprocal Exchanges, Safepoint Insurance and third-party MGAs and insurance companies. As of December 31, 2025, over [•]% of our in-force managed premium was written at the Reciprocal Exchanges. As of December 31, 2024, $174.7 million or 40.5% of our Reciprocal Exchange's premium is ceded to our Captives. Our return on equity and combined ratio were [•]% and [•]%, respectively, for the year ended December 31, 2025. We believe that, as a result of our strategy of deliberate and profitable growth, we are well positioned to take advantage of increasingly dislocated property insurance markets in the United States.

We are led by an entrepreneurial executive management team, with a focus on data-driven underwriting and prudent risk management. Our founder and chief executive offer, David Flitman, is a credentialed actuary who has held executive roles in large, global insurance and reinsurance companies during his more than 30 years of industry experience. The executive management team's actuarial and reinsurance focus and expertise form the basis of our business strategy, and meaningfully influence all aspects of our operations and culture.

Our approach to insurance underwriting integrates pricing and cost drivers into our products at a policy level to ensure optimal risk-adjusted portfolio profitability. In order to determine whether an underwriting opportunity is attractive to us, our process focuses on evaluating the following three questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Why does Safepoint have this opportunity and why are we best positioned to capitalize on it?* Insurance is very
competitive and commoditized. Focusing on certain overlooked segments increases our ability to effectively execute in the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Do we have the data to properly evaluate the risks?* We must have sufficient data, proper tools, and the requisite
skills to evaluate, price, and hedge the risk.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Can we make our margins across a wide range of potential scenarios?* By focusing on specialized, less
competitive segments and not compromising on our risk evaluation and thresholds, we are able to achieve attractive profitability.

We have developed a highly granular and integrated approach to analyze the profitability of policies at the time of underwriting on an individual risk basis through the allocation of reinsurance costs and other loss and expense assumptions. Safepoint's underwriting and risk management strategy is supported by our use of both proprietary and vendor modeling tools. We actively monitor our portfolio and employ back-testing of past events to effectively evaluate blind spots and discover "unknown unknowns" and systematic parameter risks. One of the critical elements of this approach is to collect and catalog detailed information relating to the individual risk to assess and reveal insights on the overall portfolio. Safepoint believes that the richness of our data warehouse serves as the foundation for our ability to consistently provide our agents and customers with fair pricing for catastrophe prone areas.

A key pillar of our business strategy is risk hedging, where we continuously reassess and syndicate insurance risk to various sources, depending on market conditions, terms, availability and pricing. Safepoint employs catastrophe bonds, industry loss warranties and traditional reinsurance, well in excess of regulatory and rating agency requirements for purchasing protection, to conservatively hedge risk to ensure superior claims-paying resources. Safepoint typically purchases excess of loss reinsurance above a 1-in-250 year probable maximum loss and has never had an event or cluster of events exceed even half of its available reinsurance limit in a given accident year. We have sustained consistent support since inception from our reinsurance relationships and catastrophe bond investors. As of December 31, 2025, all of our reinsurance was purchased from reinsurers rated "A-" or better by AM Best or from capital markets-linked reinsurers, including fully collateralized reinsurers, and through the use of catastrophe bonds. We believe our sustainable risk partnerships are emblematic of our prudent approach to risk management and support our ability to grow in existing and new markets.

Our evolution into a growing property insurance services company reached a significant inflection point in 2023 with the completion of a management buyout transaction led by David Flitman and other members of our senior management. As a result of the management buyout, coupled with investments by strategic industry partners at ClinchPoint and Acrisure in 2022 and 2023, respectively, we transformed from a largely family-owned insurance holding company into a management-owned and led business with the support of insurance-focused institutional investors. Management currently owns approximately 77% of Safepoint's equity, before giving effect to the offering contemplated by this prospectus. We believe these transactions have better positioned us to pursue additional growth opportunities in our attractive target markets, while further reinforcing a strong alignment between management and its shareholders. For more information about the ClinchPoint transactions, see "*Certain Relationships and Related Party Transactions—Investment Agreement with ClinchPoint*."

**We are an Insurance Services Platform** 

We operate a full stack insurance and underwriting services platform that combines the benefits of policyholder-owned reciprocal insurance exchanges, which we manage for a service fee, with our wholly owned stock insurance company, Safepoint Insurance. Set forth below is a simplified diagram of our organizational structure, which highlights our fee businesses, derived from our service agreements with both the Reciprocal Exchanges and Safepoint Insurance. For a detailed legal organizational chart of Safepoint, please see "*Regulation*." All companies shown

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

below within the holding company scope are 100% owned subsidiaries of Safepoint. We do not own the Reciprocal Exchanges, but derive an economic benefit from the fee income earned from such Reciprocal Exchanges.

![LOGO](g73198g90a50.jpg)

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| | |
|:---|:---|
| 1 | We own $36.75 million aggregate principal amount of the Surplus Notes issued by the Reciprocal Exchanges. In addition, our wholly owned Captives provide reinsurance protection to the Reciprocal Exchanges. While we do not own the Reciprocal Exchanges, because of the contractual relationships between Safepoint Holdings and the Reciprocal Exchanges, we consolidate the Reciprocal Exchanges for financial reporting purposes under GAAP as is presented in this prospectus.  |

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As shown in the diagram above, our operating segments are principally comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Insurance Services*: Our insurance services platform is comprised of fee-generative businesses, collectively
referred to as the "Safepoint MGA." All of our employees and infrastructure are part of Safepoint MGA. Safepoint MGA earns fee income based on the premium managed for the Reciprocal Exchanges, as well as premium managed for Safepoint
Insurance. The Attorneys-in-Fact provide us the legal basis to manage the insurance operations on behalf of the Reciprocal Exchanges. We own 100% of the Attorneys-in-Fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reciprocal Exchanges*: Insurance operations that we manage for a fee, but do not legally own. Reciprocal
insurance exchanges are different than stock and mutual insurance companies because they are unincorporated and are managed by a services company, referred to as an attorney-in-fact. Reciprocal insurance exchanges are an association of
policyholders, referred to as subscribers, who assume liabilities among themselves (subscribers are essentially both insureds and insurers). Reciprocal insurance exchanges, often referred to simply as reciprocals, have been an important part of the
U.S. insurance landscape for nearly 150 years. Today, some of the most recognizable property and casualty insurance companies in the United States are structured as reciprocals, including Farmers, USAA, Erie Indemnity and PURE. As of
December 31, 2025, we owned $[ • ] aggregate principal amount of the Surplus Notes of the Reciprocal Exchanges and provided excess of loss and quota share reinsurance to the Reciprocal
Exchanges through the Captives.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The regulatory underwriting capital for the Reciprocal Exchanges includes retained earnings and subscriber capital contributions, supplemented by surplus notes. Surplus notes are unsecured debt securities that are deeply subordinated to policyholder claims, and as such are regulatorily reported as statutory policyholders' surplus, despite their debt-like features. At inception, the Reciprocal Exchanges issued approximately $46.75 million aggregate principal amount of surplus notes to create underwriting capacity. Such surplus notes were funded and are currently held by Safepoint Insurance and some of our minority shareholders. Over time, it is possible that the Reciprocal Exchanges may repay and retire the surplus notes, subject to the domestic state insurance regulator's approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk-Bearing Entities:* We also generate income through Safepoint Insurance, which directly assumes insurance
risk, as well as our Bermuda-based reinsurance Captives that provide supplemental reinsurance to Safepoint Insurance and the Reciprocal Exchanges. Beginning in 2023, Safepoint Insurance began renewing the majority of its Florida and Louisiana
insurance business into the Reciprocal Exchanges. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Results by Operating Segment—Risk-bearing Entities Segment*" for more
information.

Our innovative structure allows us to generate significant fee income through underwriting and other insurance services and we believe gives us greater balance sheet flexibility to grow our business in a capital efficient manner. Our capital efficiency is primarily derived from the underwriting capital of the Reciprocal Exchanges, which we do not legally own and which we do not assume direct economic equity risk or direct earnings exposure. The equity of the Reciprocal Exchanges ($[•] as of December 31, 2025) is not included as part of our total stockholders' equity ($[•] as of December 31, 2025), with $[•] of the Reciprocal Exchanges' subscriber contributions included as temporary (mezzanine) equity on our consolidated balance sheet. Although we do not legally own the Reciprocal Exchanges, our fee income is dependent on the premium growth and continued financial strength of the Reciprocal Exchanges.

**Our Business** 

We write both personal and commercial property insurance and have expanded geographically beyond our initial focus on the Florida market (beginning in 2013) into other states, including Louisiana (beginning in 2015), Texas (beginning in 2015), Mississippi (beginning in 2020) and Alabama (beginning in 2020). We focus principally on writing homeowners, investment properties (dwelling fire), condo, wind-only and commercial coverages to individuals and businesses on an admitted basis. We see our range of product lines as a strength given the needs of property owners and business owners in challenging markets.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The following charts set forth our managed premium by state and class of business for the year ended December 31, 2024:<sup>4</sup>

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| | |
|:---|:---|
| **In-force Managed Premiums by State**<br> **as of December 31, 2024** | **In-force Managed Premiums by Class of Business as of December 31, 2024** |
| ![LOGO](g73198g44m01.jpg) | ![LOGO](g73198g44m02.jpg) |

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The insurance products we write through the Reciprocal Exchanges and Safepoint Insurance principally include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Homeowners insurance*: Provides financial protection to home and properties that are damaged. Homeowner's
insurance policies include protection for both the home and its property, as well as other buildings or structures on the property. Homeowners insurance also provides protection for most items located within the home or other structure. Policies
also provide liability coverage to protect policyholders that are held legally responsible (liable) for the injuries to others or to their property, which has a finite limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investment properties (dwelling fire)*: Provides financial protection to investment properties and to personal
properties that are damaged. Dwelling insurance covers the structure of the property and the personal property within. Dwelling insurance can be purchased to cover a primary residence, or a rental property or vacation property. Dwelling insurance
covers certain and specific perils and hazards that can damage the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commercial insurance*: Provides financial protection to commercial properties that are damaged, as well as
general liability and business interruption insurance to businesses. Safepoint Insurance generally writes commercial risks up to a policy limit of $15 million, gross of any reinsurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Homeowners—Condo insurance*: Provides financial protection to owners of condominium units that are
damaged. Condominium insurance policies include protection for the condominium unit. Condominium insurance also provides protection for most items located within the condominium unit. Policies also provide liability coverage to protect policyholders
that are held legally responsible (liable) for the injuries to others occurring in the condominium unit or to their property. The tables above also include wind-only policies within Homeowners.

Our insurance policies are originated primarily through three channels: (i) policies we assume from Florida Citizens Property Insurance Corporation ("Florida Citizens") and Louisiana Citizens Property Insurance Corporation ("Louisiana Citizens"), which are state-sponsored insurers, through participation in their legislatively-established "depopulation programs";

<sup>4</sup> To be updated for 2025 when available.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

(ii) assuming large portfolios of policies from other private insurers, including from insurers in receivership; and (iii) voluntary policies sold by licensed independent agents. As markets become challenged, a familiar pattern occurs: failing markets rely on residual facilities such as Florida Citizens and Louisiana Citizens, which have grown and depopulated in a cyclical pattern over time. As of December 31, 2025, we had approximately [•] policies in force, [•]% of which were assumed from Florida Citizens and Louisiana Citizens, [•]% of which were assumed from private insurers and [•]% of which were sold by independent agents. Similar challenges are growing in other parts of the country. For example, California (CA FAIR Plan) and Texas (TWIA) have recently experienced significant growth.

We are also focused on growing our voluntary business origination through independent agents, who are not exclusive to Safepoint, and seek to continue to expand and deepen these relationships as a part of our business strategy, particularly in underserved markets where property specialist underwriters like Safepoint are needed and benefit from the lack of capacity in the market. Safepoint's marketing and distribution strategy is to create and sustain relationships with like-minded agents on a selective basis that share our views of pragmatic and conservative underwriting. Safepoint employs a dedicated team of territorial agency managers to develop these successful partnerships, promote sales, and retain policyholders for the long-term. As of December 31, 2025, this agent network consists of approximately [•] non-exclusive independent agents and over [•] limited appointments to sell specific products, primarily consisting of [•].

Our claims administration team operates on the core principle of delivering prompt, fair and professional services to our policyholders in their time of need. Safepoint is able to maintain high quality service and control over the claims process because our claims administration is performed predominantly by an internal field staff of Safepoint employees, with supporting capacity from third-party adjusting firms for large catastrophe events. Our in-house field and desk staff manage the entire lifecycle of a claim and exclusively service Safepoint's customer base allowing the team to build a more intimate knowledge of our policy forms, procedures and guidelines.

**Market Opportunity** 

*Significant Enhancements in Insurance and Reinsurance Markets* 

Over the last 40 years, there have been significant enhancements in the scope and scale of insurance and reinsurance operations, both within the U.S. and globally. Initial drivers, such as the growth of mass tort liability, altered the landscape of capital formation with the emergence of large offshore reinsurers in Bermuda in the 1990s and 2000s, which became a familiar, recurrent pattern for subsequent capital events.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Additional catalysts, including large events like Hurricane Andrew (1992), the September 11<sup>th</sup> Terrorist Attacks (2001) and Hurricanes Katrina, Rita and Wilma (2005), contributed to the growth of the specialist underwriters' market and the formation of new balance sheets; as well as the expanded use of other innovations in the insurance risk transfer space, such as captives, risk retention groups and the advent of the ILS market, such as catastrophe bonds and sidecars.

As a form of risk segmentation and capital efficiency, reciprocal insurance exchanges have become more prevalent in recent company formation. For example, of the new insurance companies formed in Florida in the past three years, the majority are reciprocal insurance exchanges.

We are focused on delivering catastrophe-exposed property insurance in Florida, Louisiana and other markets that we believe are dislocated and present us with underwriting opportunities. As risk has grown, the industry has responded with capital formation and significant investments in analytical resources, including actuaries, data scientists, catastrophe modelers and other product innovators. As risk grows, so does the need for more sophistication to analyze and hedge risks appropriately. Safepoint was founded on these principles, and we believe we have risk professionals who have seen this evolution and contributed to the enhancements in these technologies.

*Depopulation Programs* 

We have taken advantage of opportunities presented by take-out transactions, with Florida Citizens and Louisiana Citizens offering us a large and attractive range of data for policies in Florida and Louisiana to screen and select only the risks that fit our underwriting and rating criteria. For this reason, take-out transactions with Florida Citizens and Louisiana Citizens, as well as policy assumptions from private insurers, have been highly efficient and successful channels of business origination for us. We believe we have a best-in-class underwriting platform for analyzing takeout portfolios and are the industry leader in total takeout policies assumed, with a proven policy assumption process that leads to potential growth opportunities when the Florida and Louisiana markets are most turbulent. For further information regarding take-out transactions with Florida Citizens and Louisiana Citizens, see "*Business—Take-Out Transactions*."

*Florida Market and Impact of Reforms* 

While Safepoint has excelled at managing past natural catastrophes, we and other insurers in the industry have been challenged historically by social inflation trends, fraudulent and baseless claims and the proliferation of nuisance lawsuits, particularly in the Florida market. Accordingly, one of the primary challenges for Florida's property market in recent years has been the frequency and severity of litigated claims, particularly following hurricanes and tropical storms. In a January 2023 report, the FLOIR cited 2021 data showing that homeowners' insurance lawsuits in Florida constituted 76.0% of the U.S. national total by count, but homeowners' insurance claims opened in Florida only constituted 6.9% of the U.S. national total by count.

In response to these challenges, the State of Florida has recently enacted key legislative reforms, including restrictions on the assignment of benefits to third parties and repealing Florida's one-way attorney fee statutes. We believe these reforms have significantly altered the litigation environment and will be instrumental for the long-term sustainability and profitability of the Florida property insurance market.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The chart below illustrates the decline in the number of Safepoint Insurance's and Manatee's filed lawsuits for policy claims in Florida (by date of filing), as well as recent industry reforms in Florida, during a period when Safepoint achieved compound annual growth rate in policy count of [•]%.

**Number of filed lawsuits for policy claims – Safepoint Insurance and Manatee**![LOGO](g73198g03y06.jpg)

*Risk Segmentation and Hedging* 

We believe more effective risk management requires better portfolio management and optimization of ILS, use of more sophisticated actuarial techniques, better risk segmentation and the advent and the application of technology to deliver a more effective and nuanced product to the consumer. The use of ILS, such as catastrophe bonds, has been a significant driver for the insurance industry, including Safepoint, to channel risk to new investors outside of the traditional insurance/reinsurance market.

Another element of risk segmentation has been the evolution and growth in excess and surplus lines business. The non-admitted U.S. insurance market, also known as the E&S or excess and surplus lines market, is experiencing a period characterized by surging growth and attractive rates and terms and conditions. E&S insurance focuses on insureds that generally cannot purchase insurance from standard market or admitted market insurers due to perceived risk related to their businesses. E&S carriers are generally permitted to tailor the terms of the insurance contract to suit the particular risk they are assuming. Also, E&S carriers are, for the most part, free of rate regulation. Recently, there has been a persistent and sustainable flow of business from the admitted market into the non-admitted E&S channels, resulting generally in compound rate increases across the E&S market in the United States. In addition, the macroeconomic and social environment continues to drive sustainable demand for specialized insurance solutions due to both increasing and more complex risks.

We believe Safepoint has well-positioned its insurance portfolios across the nexus of this dynamic risk environment, with our unique combination of an insurance services platform, capital efficient reciprocal insurance exchanges, E&S capabilities and conservative risk hedging.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Our Competitive Strengths** 

We believe that we have several competitive strengths that allow us to grow our business profitably, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Entrepreneurial Problem Solvers*** 

We are entrepreneurial problem solvers who seek to take advantage of the opportunities stemming from the dislocation and lack of capacity in various markets, particularly the coastal U.S. property insurance market. We believe the expansion of our business in Louisiana is a prime example of how we have recently used this problem-solving skill set to grow our business. At the time of our expansion in Louisiana in 2021, the property insurance market in the state was significantly challenged following recent catastrophe events, including the ultimate failure of at least 10 insurance companies following Hurricane Ida. In December 2021, Safepoint assumed personal lines policies in Louisiana from two companies in receivership and one insolvent carrier. Safepoint Insurance assumed the risk on its balance sheet while it established a new venture, Cajun, one of the Reciprocal Exchanges. We raised new surplus from a combination of our own funds and third-party investors and purchased approximately $240.0 million of reinsurance limit in order to significantly increase our claims paying resources in the state. We believe that Safepoint and Cajun ultimately benefited over 50,000 policyholders from ending up in Louisiana Citizens, where they may have been subject to reduced coverage at higher prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Industry-Leading Expense Ratio via Streamlined, Tech-Enabled Processes*** 

We are focused on disciplined internal cost management, which we believe is a critical component of profitability in the property markets in which we operate and we believe differentiates us from many of our peers. Over the last several years, we have developed numerous in-house functions specifically tailored to our processes in order to reduce overall costs and produce better outcomes, including through the expansion of our claims administration and internal litigation teams. In addition, we utilize data-driven, actuarial analytics and advanced technologies, including artificial intelligence ("AI"), to define, measure and manage risk on a policy-by-policy basis. Our use of AI includes a recently designed and implemented Agency Relations Management System, which leverages modern cloud architecture to enhance the ease of doing business with Safepoint by streamlining communications and transactions with its network of independent insurance agencies. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Expense Ratio*" for more information.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Our success with tech-enabled processes has led to a meaningful reduction in our expense ratio over the past two years. The chart below sets forth our adjusted general expense ratio for each of the years ended December 31, 2024 and December 31, 2025, which is the ratio of general and administrative expenses net of amortization of stock-based compensation and amortization of intangible assets as a percentage of gross written premiums.

**Adjusted General Expense Ratio By Year**![LOGO](g73198g00a01.jpg)

(1) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of the
non-GAAP financial measure in accordance with their most applicable U.S. GAAP measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Efficient Capital Structure with Reduced Earnings Volatility*** 

Because of the establishment of the Reciprocal Exchanges, Safepoint has the flexibility to deploy and benefit from third party capital more efficiently relative to a traditional stock or mutual insurance carrier. In addition, we believe that the third-party capital in the form of our Non-Controlling Interest in the Reciprocal Exchanges helps provide us with greater economic insulation from the underwriting performance of the Reciprocal Exchanges and, accordingly, reduces the variability in our financial results. While we have underwriting authority and responsibility for administering policies and claims for the Reciprocal Exchanges, we do not have direct economic equity risk associated with these policies. Such direct economic equity risks are principally borne by the Reciprocal Exchanges, each of which is an association of subscriber policyholders. As part of our insurance services provided to the Reciprocal Exchanges, we purchase third-party reinsurance designed to protect their balance sheets from multiple hurricanes and other tropical storms in any given year. For the risk management and other insurance services we provide the Reciprocal Exchanges, we earn fee income based on a percentage of the managed premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Conservative Risk Management and Reinsurance Strategy*** 

Safepoint maintains multiple layers of risk hedges and protection against catastrophe and attritional losses through traditional reinsurance and alternative risk transfer, such as catastrophe bonds. We believe this disciplined approach has allowed Safepoint to preserve its capital and honor its commitments to policyholders, even following large hurricane events. Unlike many of our competitors, Safepoint has not had any prior year reserve deficiencies over the last five years. Although our approach may result in sacrificing an element of short-term profitability for long-term stability, it is the reason we are in a strong position to pursue hard market opportunities and selectively assume competitor portfolios following catastrophe events. The table below sets forth the percentage of our historical third-party reinsurance limit in Florida that was impacted by hurricane or significant tropical storms. The reinsurance limit

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

represents the maximum amount reinsurers are required to pay to the Carriers in the event of loss during any given year, while utilization represents how much of that limit maximum was paid to Safepoint. Safepoint typically purchases excess of loss reinsurance above a 1-in-250 year probable maximum loss and has never had an event or cluster of events exceed even half of its available reinsurance limit in a given accident year. We believe the ratio of the reinsurance limit that we purchase to the total insured value of our Florida policies, which was over 3.7% as of September 30, 2025 (often thought of as peak hurricane season), is materially higher than many of our Florida peers (approximately 1%).

**Reinsurance Limit vs. Historical Utilization ($mm)**![LOGO](g73198g19a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Disciplined Data-Driven Underwriting Approach*** 

We believe that our disciplined and data-driven approach to risk management has been a key driver of our profitability and sustainability in the catastrophe-exposed markets in which we operate. We have developed a highly granular and integrated approach to analyze the profitability of policies at the time of underwriting on an individual risk basis through the allocation of reinsurance costs and other loss and expense assumptions. Safepoint's in-house analytics team leverages vendor partnerships to integrate third-party data enrichment, catastrophe modeling and other specialized tools to optimize the underwriting process and decision-making. The approach generates risk scores based on various data points to provide a quantifiable measure of an applicant's risk. We believe this allows for more precise pricing and more accurate decisions. We have made strategic investments in predictive analytics and advanced pricing models, including a state-of-the-art Generalized Linear Modeling ("GLM") software which incorporates modern statistical and machine learning techniques to build pricing structures that are both more accurate and more adaptive. We believe these investments enhance our ability to segment risk, strengthen retention and respond quickly to market changes. By leveraging our differentiated access to unique data and technological innovations

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

in underwriting, we believe we are able to maintain a competitive edge in our target markets and achieve a meaningful reduction in attritional loss ratio over time. Our integrated operations allow us to collaborate seamlessly across key stakeholders (underwriting, products, claims and legal) to proactively address risk exposures, including fraud-related loopholes and evolve policy language in response to market dynamics, enhancing underwriting profitability and process efficiency.

The chart below illustrates the meaningful improvement in Safepoint's ultimate loss ratio (including paid losses, case reserves and IBNR reserves) by accident year as of September 30, 2025, excluding losses from hurricanes and other named storms over the past 10 years.

**Ultimate Loss Ratio By Accident Year Excluding Named Storms**![LOGO](g73198g20a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Strong Claims Administration*** 

We believe that our dedicated claims administration and litigation teams, which have over [•] full-time employees have been essential to containing our overall loss costs and loss adjustment expenses, and has led to a reduction in both the frequency and severity of claims. Additionally, Safepoint's claims operations are a critical element of our risk management strategy that has enabled us to consistently maintain sufficient reserves, with no adverse prior year development over the last five years. In addition, our in-house legal team, which includes experienced trial attorneys, manages all aspects of the legal process, including pleadings, discovery, mediation and trial. This alignment across claims and legal functions, as well as the timely and quality claims services, helps manage litigation and defense costs. For more information on our claim administration, see "*Business—Claims Administration*".

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Our Growth Strategies** 

The key aspects of our business strategy are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Geographic Growth Through Diversified Distribution Channels* ** 

Safepoint leverages its management team's multi-faceted product underwriting expertise to broaden the scope of policyholder solutions by expanding both our product suite and distribution capabilities. Safepoint is expanding its distribution capabilities via new channels, including wholesalers and MGAs. Safepoint is selective in whom it chooses to partner with to access new markets, which we believe are all fully aligned with our competitive strength. We continue to capture market share in admitted lines in Florida and Louisiana, while expanding nationally into new states and into the excess and surplus lines market. We have achieved such growth while maintaining our underwriting criteria, rating structure, and reinsurance strategy to adequately protect the Company in excess of a 1-in-250-year catastrophe event. As of [•], 2025, we are licensed to write admitted insurance products in six states, granted approval to write excess and surplus lines products in 39 other states and awaiting approval in five additional states, with the goal of national positioning.

The map below sets forth the U.S. admitted insurance licenses and E&S approvals, held or pending by the Reciprocal Exchanges or Safepoint Insurance as of [•], 2025.

![LOGO](g73198g21a01.jpg)

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Capitalize On Our Expertise in Catastrophe-Exposed Property Insurance Markets Through Industry Cycles*** 

Throughout our history, we have focused on deliberate growth in underserved, dislocated U.S. coastal property insurance markets in which we have sufficient expertise to underwrite business that is attractive on a risk-adjusted basis. By prioritizing these underserved, catastrophe-exposed markets, we plan to continue to build a strong presence and reputation as a reliable insurer in underserved segments. We believe this strategic capability enables us to expand our market share while maintaining a strong commitment to customer service and claims support. The foundation for this growth strategy is our risk hedging expertise, where we continuously reassess; for example, each year we evaluate the insurance risk we syndicate to various sources, depending on market conditions, terms, availability and pricing. Safepoint syndicates and conservatively hedges risk to protect its claims-paying resources through catastrophe bonds, industry loss warranties and traditional reinsurance well in excess of regulatory and rating agency requirements for purchasing protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Expand Fee Income From Third Parties Leveraging Safepoint's Platform*** 

We continue to expand our service relations with third-party MGAs and carriers in exchange for fees. For example, we manage all of the insurance administration functions of a third-party MGA, including writing over $[50] million of business in 2025 primarily with an unaffiliated carrier. This relationship, and others we seek to establish, allows us to leverage our platform to provide services for competitive rates, while achieving a compelling profit margin on the services revenue we receive. In addition, in this context we can benefit from the opportunity to track various markets and determine where it is prudent to deploy additional resources. We believe there is significant opportunity to expand our service offerings to other unaffiliated MGAs and carriers and drive additional growth in high margin fee income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Maintain High Policyholder Retention*** 

Historically we have enjoyed high levels of policyholder retention, which is defined as the level of policy and premium renewals of existing customers year over year. Set forth below is a diagram showing our policy and premium retention rates since inception, as well as the average annual change in premium rates charged to policyholders. Policy and premium retentions are an important component of maintaining a stable and sustainable book of insurance business and generating sufficient managed premiums for our fee business. We plan to continue to focus on high levels of policyholder retention, while also maintaining the appropriate premium rate.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The following chart sets forth our policy and premium retention rates, as well as our average rate change, for each of the years from January 1, 2014 through August 31, 2025.

![LOGO](g73198g23a01.jpg)

Note: Premium retention in excess of 100% indicates an increase in premium.

**Underwriting** 

Our discipline for achieving rate and form adequacy at the beginning of our business processes is illustrative of our philosophy—understanding our cost drivers, identifying and differentiating risk, and fairly and transparently pricing our products. Our underwriters follow our guidelines and analyze underwriting reports, including applications, inspection, to ensure compliance. In certain circumstances, our underwriters are required to use their judgment to determine whether to grant an exception for a risk outside of our core agency guidelines, which includes, for example, larger dwelling residences valued at over $1 million or property limits for fine art or jewelry. Underwriters are empowered to use their judgment and present certain risks that fall outside of certain criteria for higher level approvals to their supervisor.

We focus on the efficiency of our underwriting process to improve the insurance agent experience. We believe that success with agency stakeholders and customers depends on the ability to deliver fast and accurate rate quotes, an intuitive online application process, and easy access to self-service functions. Additionally, the agent experience is enhanced by push-button availability of policy-level status queues and transaction reports. We seek to strengthen relationships with agents by providing an active information environment that provides instant feedback during the agent's sales process that includes available capacity by location, acceptability of risk, and pricing to save time and resources to establish coverage for the customer.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Underwriting criteria is deliberately designed to build a strong portfolio of insurable properties. We have designed our system with the goal of offering competitive rates to applicants with better insurance scores. The best performing properties have better construction and are maintained to minimize hazards and damage potential.

Evaluating individual risks and their specific characteristics is key for successful underwriting. We utilize a holistic approach in analyzing pertinent information gathered from multiple internal and external sources to decide whether to issue a policy. The intent of this risk-based underwriting approach is to refine the segmentation in price or underwriting to build an appropriately priced policy and avoid aggregating risks without proportionately adjusting price.

One of the critical elements of our underwriting approach is to collect and catalog as much detailed information relating to the individual risk to assess and reveal insights on the overall portfolio. The purpose of collecting increasingly specific data is to build a comprehensive dataset that provides underwriters, analysts, and leadership with the ability to gain a holistic understanding of the portfolio. The richness of this data promotes the ability to be deliberate, specific and nuanced in serving our agents and customers with fair pricing for catastrophe prone areas, while simultaneously understanding the implications of recent and ongoing growth against obligations and strategic business goals.

Given recent increases in inflation across the United States, we pursue accurate valuations of insured exposures. Our current underwriting process requires cost estimates on all newly quoted business at point of sale, and we utilize inflation indexing in policy renewals.

As a complement to our risk modeling, we also conduct selective onsite property inspections. We use and refine specific criteria to identify which policyholders to inspect and the method of inspection in order to maximize the value of our onsite property inspections. In 2025, we inspected approximately [•]% of properties assumed from Florida Citizens and Louisiana Citizens based on criteria we identified, such as value of the property or type of construction. By rigorously and regularly evaluating our inspection criteria, we believe we are able to maximize the value of our inspections and improve our underwriting and enhance our risk modeling. As a result of our significant growth in Florida during 2024 and 2025, we have invested in technology that uses Geographic Information Systems and analysis to provide initial evaluation of takeout properties to determine if an onsite property inspection should be ordered. This new capability and addition to our workflow increases automation and reduces the cost and effort of ordering and reviewing physical inspections provided by third-party vendors.

**Claims Administration** 

*Overview* 

We have created a comprehensive, fully integrated claims administration team built around one core principle: delivering prompt, fair, and professional service to our policyholders in their time of need. We take pride in operating an in-house claims model that seeks to ensure control, consistency and accountability at every touchpoint of the claims journey.

Our team of in-house field and desk adjusters is responsible for managing the entire lifecycle of a claim. From the moment we receive the first notice of loss, our adjusters take ownership of the claim by conducting timely inspections, thorough investigations and accurate coverage evaluations. Each claim is handled through its resolution, including through an alternative dispute resolution processes, like mediation and appraisal, when necessary. This end-to-end model seeks to ensure that policyholders have a single point of contact and experience a streamlined, transparent process.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

In addition to our core adjusting teams, we maintain specialized in-house units dedicated to high-priority claim segments. Our Special Investigations Unit protects the integrity of the claims process by identifying and mitigating fraud risks. Our Subrogation Unit pursues recovery from responsible third parties, helping to reduce claims costs and premiums. The Liability Unit provides targeted expertise in complex third-party claims, aiming to ensure accurate evaluations and fair settlements.

When claims escalate to litigation, we maintain continuity and cost-efficiency by transitioning a majority of those matters to our staff counsel, who are experienced in-house trial attorneys who manage all aspects of the legal process, including pleadings, discovery, mediation and trial. This integrated legal model promotes alignment across the claims and legal teams, allowing for more strategic, cohesive defense strategies and better outcomes.

Central to the strength of our claims organization is our people. We invest heavily in the professional development of our adjusters and examiners through a robust internal training program. This program builds claims professionals from the ground up, providing in-depth education on our Company's values, claims philosophies, systems and procedures. As a result, many of our team members have risen through the ranks with a deep understanding of our operations, leading to more effective claim handling and a superior experience for our customers.

Our claims administration model reflects our commitment to service, professionalism and operational excellence. By keeping every aspect of the process in-house—from initial claim handling to litigation—we aim to provide a level of consistency and responsiveness that sets us apart in the industry.

*Field Adjusting* 

In connection with catastrophe events affecting our insurance portfolio, such as hurricanes and other named storms, our entire claims operation shifts into high gear. Our team is structured to convert rapidly into a catastrophe response unit, with field adjusters deployed to affected regions for on-the-ground assessments, while desk adjusters triage claims, initiate contact with insureds, and maintain consistent communication throughout the event. This flexible structure allows us to scale quickly, maintain service continuity, and respond with agility to large-scale losses. Independent adjusters are used to supplement our in-house team in times of large-scale catastrophes.

Our catastrophe response is led by our Chief Claims Officer, with assistance from our internal claims management team. As possible hurricanes and tropical storms approach significant areas of our insurance coverage, Safepoint will review potential storm scenarios with catastrophe partners. The catastrophe leadership team will seek to identify geographic regions affected by the catastrophe, confirm resource requirements based on level of impact, and deploy resources accordingly.

Safepoint maximizes the use of its internal field staff adjusters to process catastrophe claims. Our strategy is to use company field adjusters to handle small/medium size catastrophes and increase capacity as needed with independent adjusting firms as claims number or geographic area grows. Our claims team has access to hundreds of independent catastrophe adjusters through its contracts with independent adjusting firms. Safepoint conducts annual training with associated independent catastrophe adjusters to enhance its response times and ensure adjusters are familiar with its policy language and processes along with its service and quality expectations. We also conduct annual on-site and off-site catastrophe drills to ensure

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

system and process capabilities are adequate. In the event of a catastrophe, we often send key staff members to the location of the catastrophe to monitor the quality of the adjuster's response as well as communicate pertinent information with regulators and other government officials.

**Technology** 

Our approach to technology has been informed by our senior management's experience over the last 30 years with various internally built and vendor-provided insurance technologies. This approach combines partnering with leading insurance software providers with developing software and integrations internally. We believe this combination of external and internal technology resources allows us to access industry-leading vendors when prudent or more efficient, while still retaining the choice to build custom integrations and proprietary software for control, speed and cost advantages.

Safepoint has built what it believes is an efficient enterprise operating model: claims, underwriting, reserving, litigation and analytics are all handled internally for enhanced execution and agent/customer satisfaction. In addition, Safepoint leverages a series of transactional reporting datasets, continuous integrations, and exception reporting processes with the goal of ensuring the highest quality of data for both analytical reporting and overall system health and quality. This approach drives down operating expenses by reducing spending on technology while providing our workforce the data and tools necessary to refine our portfolio. We have refined our enterprise model over the past 11 years to create a robust reporting framework to support our executive team and enable quick decision cycles for underwriting and product development. This enterprise model provides a robust reporting framework. We utilize catastrophe models and actuarial analysis to continually evaluate our risk exposure and allocate reinsurance costs to the property level, which drives our pricing decisions to build a profitable portfolio of risk.

We have made significant investments in our data infrastructure and workforce to position Safepoint for efficiency, growth and operational excellence. In 2024, the company hired a Director of Engineering, who has built out a team of highly skilled employees with project management, software engineering, data engineering and data architecting skills to lead this process. These efforts focus on optimizing both on-premises systems and leveraging industry-leading cloud service providers to securely host Safepoint's data, analytics and reporting environments, all within robust, industry-standard cybersecurity frameworks.

Data is the foundational building block of any insurance and risk management enterprise, and Safepoint treats data ownership as a core tenant of its technology strategy. In order to better capture and utilize data, we have developed a robust, future-ready data ecosystem that underpins every aspect of Safepoint's enterprise operating model—from underwriting, claims, and reserving to litigation, analytics, and customer experience. By combining strong data ownership principles with modern cloud capabilities, Safepoint seeks to deliver a complete insurance carrier experience built on quality, reliability and innovation.

Safepoint maintains a comprehensive data warehouse that integrates internal historical, third-party, and public data sources, enabling the company to back-test past events, identify blind spots, and stress-test portfolio assumptions. In addition, Safepoint reviews policy and claim data as it evolves to establish a more foundational and dynamic reporting and analytical structure that drives business decisions and delivers a holistic insurance carrier experience at the highest level of quality, despite the inherent complexity of managing three insurance carriers.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Safepoint's data engineering team designed and implemented an updated data warehouse, which enables analysts and management to efficiently segment or combine data across the Company's three carriers and multiple business lines. By integrating sophisticated data enrichment techniques, catastrophe modeling at the point of sale and advanced underwriting analytics, we have enhanced underwriting accuracy, reduced operational bottlenecks and minimized adverse selection. These capabilities allow Safepoint to evaluate property exposures, determine accurate insurance-to-value metrics and streamline coverage decisions, all while supporting high-volume risk evaluation and policy intake when participating in the state-backed insurer depopulation programs in Florida and Louisiana.

Safepoint's internal software development team focuses on core application development and application programming interfaces (referred to as APIs) integrations that directly support underwriting, policy administration and analytics workflows. By building and maintaining proprietary software solutions, the team seeks to accelerate underwriting processes, reduce reliance on manual tasks, and ensure seamless integration of internal data sources for more efficient and precise decision-making.

Safepoint's team of developers and data experts builds our own software with augmentation from code-writing artificial intelligence platforms. As a planned replacement of a legacy system, Safepoint's engineering team recently deployed an internally designed Agency Relations Management System, which manages Safepoint's communications and transactions with its network of independent insurance agencies.

We believe this internally designed system provides substantial savings of physical man hours and establishes a more robust quality management system. Safepoint is utilizing this highly skilled team to promote internal enhancement and expansion into scalable and stable systems, while identifying efficient ways to reduce hours spent manually interacting with systems and promoting system integrations and unification between all data sources.

Additionally, we have a vendor-focused team which collaborates closely with external software providers to ensure product updates, API integrations and third-party services are efficiently implemented and optimized to meet evolving business and regulatory requirements. By combining internal innovation with adaptive vendor solutions, Safepoint maintains a flexible, scalable, and resilient technology ecosystem that drives efficiency, accuracy and strategic decision-making across the enterprise.

The Underwriting and Risk Committee of our Board of Directors reviews our cybersecurity and technology policies on at least an annual basis.

**Reinsurance Strategy** 

Regulated and rated insurance carriers are generally required to buy minimum reinsurance coverages up to 100-to-130-year modeled return period. Safepoint has always believed that superior protection allows for better economic outcomes and as such, we have consistently purchased reinsurance protection well in excess of the minimum regulatory standard for Florida, Louisiana and the other Gulf Coast states. We consistently buy in excess of the 1-to- 250-year modeled return period, as we believe this is the prudent standard to optimize our financial strength, flexibility and remain a viable insurer year after year, regardless of catastrophic storm activity. We consistently buy our reinsurance for "named storm" event coverage and not for attritional losses.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Our risk management success has been informed by our management's decades of observation of over a half trillion dollars of industry losses globally, the lessons learned from our diverse risk hedging strategies and our expertise in the mechanics underpinning industry catastrophe loss models. We are confident in our ability to make decisions to optimize our economic outcomes with the support of models because of our extensive experience in vetting model structure, scrutinizing model outputs, and even developing in-house catastrophe models.

These experiences and observations inform our strategic vision regarding what we deem as our minimal appropriate levels of protection. With this perspective, we survey the reinsurance market and budget for buying a comparatively conservative annual reinsurance program typically well in excess of the 1-to-250 year modeled return period. As we aim to get the best possible value for the layers of coverage we procure, we employ traditional reinsurance and alternative capital structures such as catastrophe bonds, captives and parametric covers (including based on insured industry losses). We focus on protecting the portfolio for single and multiple seasonal events with the use of reinstatement coverage, reinstatement premium protection, second and third event covers, and quota share agreements. In comparison with most of our peers, we believe we purchase much higher reinsurance coverage relative to the limit provided by the Florida Hurricane Catastrophe Fund (FHCF) from just one storm, as recent history has proven.

Our annual reinsurance program, which is segmented into layers of coverage, protects Safepoint Insurance and the Reciprocal Exchanges for excess property catastrophe losses and loss adjustment expenses. We typically buy our reinsurance for "named storm" event coverage and not for attritional losses. Our reinsurance treaties typically have a 12-month term, which for the private reinsurance we purchase is from June 1 to May 31 of the following year.

For its June 1, 2025 to May 31, 2026 reinsurance program, Safepoint Insurance and the Reciprocal Exchanges have purchased reinsurance from the following sources: (i) the mandatory coverage required by law to be placed with the Florida Hurricane Catastrophe Fund, a state-mandated catastrophe reinsurance fund referred to as the FHCF; (ii) 37 private reinsurers, including the Lloyd's syndicate, which were all rated "A-" or higher by A.M. Best or S&P or have provided collateral to fully cover their exposure (we refer to this reinsurance as "open market" purchases); and (iii) our wholly owned Captives.

Our 2025 seasonal reinsurance program provides protection against losses caused by hurricanes and other named storms. Our program is a mix of one-year reinsurance treaties and multi-year protection provided by our Nature Coast series of catastrophe bonds, for which we have a total of $595 million of coverage outstanding. The Nature Coast catastrophe bonds provide us with a substantial amount of economic flexibility in the upper layers of our program at a significant value compared to purchasing traditional reinsurance treaties for this segment. We typically structure our reinsurance as "per occurrence", which means that a separate attachment point is applied for each catastrophe event.

We opportunistically will use our Captives to write reinsurance for the Reciprocal Exchanges and Safepoint Insurance, which we believe gives us greater financial flexibility to self-reinsure based on the pricing and availability of reinsurance in the open market. While the reinsurance placed between our Captives and the Reciprocal Exchanges is eliminated in consolidation for GAAP, because the results of the Reciprocal Exchanges are classified as one-hundred percent non-controlling interests, the economic results survive as part of Safepoint's controlling interest.

The bullet points below summarize certain aspects of our June 1, 2025 to May 31, 2026 reinsurance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our Retention.* We have a consolidated first event retention of $97 million of losses and loss adjustment
expenses, which is made up of $91 million of first event excess of loss

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

and quota share participation by our wholly owned Captives. We also have a consolidated second event retention of $92 million, $86M of which is retained by our Captives. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *FHCF Layer.* Our FHCF coverage includes an estimated maximum provisional limit of 90% of $312.1 million,
or $280.9 million, in excess of our retention of $175.4 million. The limit and retention of our FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Open Market Reinsurance.* We purchased an additional $1.0 billion of coverage from "A-" rated
or collateralized reinsurers above our retention and alongside our FHCF layer and catastrophe bond layers. This coverage can be reinstated once exhausted for second-event coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nature Coast Re Layers.* We have entered into multiple catastrophe reinsurance transactions with Nature Coast
Re, a dedicated catastrophe bond issuer, which provides a total limit of excess of loss coverage for losses and loss adjustment expenses equal to $595 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Third Event.* We purchased an additional $43 million of coverage in excess of $10 million
consolidated retention of loss and loss adjustment expense for a third event. This coverage is in place to protect against frequency of events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reinstatement Premiums.* Certain of our reinsurance contracts require additional payments of premium subsequent
to a first event to reinstate the reinsurance limit for a second event.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The diagram below depicts the first event coverage for our 2025-2026 reinsurance program. Modeled return periods have been derived from Verisk Touchstone Standard Catalog with demand surge.

**2025-2026 First Event Reinsurance Program** 

**(Named Storm)**![LOGO](g73198g01a17.jpg)

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Reserves** 

We maintain reserves for specific claims incurred and reported, IBNR reserves and reserves for uncollectible reinsurance, when appropriate. Our ultimate liability may be greater or less than the current reserves. In the insurance industry, there is always the risk that reserves may prove inadequate. We continually monitor reserves using new information on reported claims and a variety of statistical analyses. Anticipated inflation is reflected implicitly in the reserving process through analysis of cost trends and the review of historical development. We do not discount our reserves for losses and loss adjusted expenses to reflect estimated present value. In the prior three financial reporting periods, our prior year reserve development has consistently been favorable.

When a claim is reported, we establish a case reserve for the estimated amount of the ultimate payment after an appropriate assessment of coverage, damages and other investigation as applicable. The estimate is based on our reserving practices and on the claims adjuster's experience and knowledge of the nature and value of the specific type of claim. Case reserves are revised periodically based on subsequent developments associated with each claim.

We establish IBNR reserves in accordance with industry practice to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that take into account quantitative loss experience data and, where appropriate, qualitative factors.

We regularly review our loss reserves using a variety of actuarial techniques and outside actuary consultants. We also update the reserve estimates as historical loss experience develops, additional claims are reported and/or settled and new information becomes available. A reserve can be increased or decreased over time as claims move towards settlement, which can impact earnings in the form of either adverse development or reserve releases. For additional information regarding our loss reserves, see "*Management's Discussion and Analysis of Financial Conditions and Results of Operations—Critical Accounting Policies and Estimates-Reserves for Losses and Loss Adjustment Expenses*."

**Take-Out Transactions** 

Depopulation programs in Florida and Louisiana are designed to reduce the state's risk exposure by encouraging private companies to assume insurance policies from Florida Citizens and Louisiana Citizens, respectively. Florida Citizens generally offers such assumption policies on a monthly basis. Our practice is generally not to assume additional policies during hurricane season, and therefore, we typically participate in Florida assumption transactions during the first and fourth quarters of a calendar year. Louisiana Citizens policy assumption currently occur once a year, effective as of December 1. In an assumption transaction, policies are assumed at Florida Citizens' or Louisiana Citizens' rate and forms during assumption period. Upon renewal such policies move to our rates and forms. Since January 1, 2020, we have completed 11 assumption transactions with Florida Citizens (for approximately 220,000 policies) and 8 assumption transactions with Louisiana Citizens (for approximately 43,000 policies).

While we have experienced growth from Florida Citizens assumption transactions in the last few years, we do not anticipate significant growth remaining over the next 12 months. Florida Citizens maintained over 1.4 million policies in October 2023 and as of December 31, 2025 they have [•] policies. The availability of assumption transactions from Florida Citizens tends to be cyclical in accordance with depopulation efforts and named storm frequency.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

In connection with this process, our management evaluates the policies eligible for removal and submits an unranked list of policies to Florida Citizens or Louisiana Citizens we would like to assume. An important factor in creating this list is whether we have obtained the advance approval of the underlying insurance agent. We are not allowed to initiate the assumption process with the policyholder unless we have obtained such advance approval. In Florida, we have obtained advanced approvals from agents representing a significant majority of policies insured by Florida Citizens. In Louisiana, agents individually select the assuming insurance carrier for each of their customers' policies. We believe the role played by insurance agents in the Louisiana Citizens depopulation program creates a unique opportunity for Safepoint because we can recruit and market to Louisiana agents based on our points of differentiation, specifically our level of capitalization, leverage ratios and management team experience.

Our assumption agreements with each of Florida Citizens and Louisiana Citizens require us to offer renewals on the policies that we assume in the depopulation program for a specified period subsequent to the date on which the assumed policies are transferred to us, which is three years in both Florida and Louisiana. In addition, our assumption agreements do not restrict our ability to increase our rates upon renewal as long as we follow the filing regulations and procedures mandated by the pertinent state regulator. We strive to retain these policies by offering staying power in the market, competitive rates and efficient claims handling to meet our policyholders' enduring property insurance needs.

**Investments** 

Our investments are managed internally in accordance with our investment policies, guidelines and applicable law. There is an investment committee consisting of the Chief Executive Officer, Chief Financial Officer and the Director of Investments that meets regularly to discuss current trends and performance. The Board of Directors' Finance and Investment Committee oversees our internal investment committee's strategy, plans and portfolios. Our investment strategy is to focus on conservative investments intended to maintain liquidity, preserve capital and manage it on a total return basis to ensure our investment principal is available to satisfy policyholder claims. In accordance with this strategy, our investment policies and guidelines require over 85% of the investment portfolio be at least investment grade in cash and fixed income securities. The target duration of our investment portfolio is under 3.5 years.

As of December 31, 2025, we had $[•] million of fixed income investments and $[•] million of cash and cash equivalents.

**Competition** 

We operate in highly competitive markets. While many of the large national insurance companies have de- emphasized writing in coastal regions, we face competition from regional insurers, coastal specialists, new entrants and the residual market, such as Florida Citizens and Louisiana Citizens. Our competitors include companies that market their products through agents, as well as companies that sell insurance directly to their customers. Larger and more established national and regional insurance companies may have certain competitive advantages in the market, including increased name recognition, increased loyalty of their customer base and reduced per policy acquisition costs. We compete based on the strength of our balance sheet, underwriting criteria, our distribution network and superior service to our agents and policyholders.

In Florida, more than 80 companies compete with us in the homeowners' insurance market. Our competitors comprise approximately 98% of the Florida homeowners market based on 2024 statutory financial data.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

In Louisiana, more than 50 companies compete with us in the homeowners' insurance market. Our competitors comprise approximately 95% of the Louisiana homeowners market based on 2024 statutory financial data.

**Ratings** 

Insurance companies can apply to receive a financial strength rating from ratings services like Demotech and KBRA. In setting their ratings, these agencies utilize a quantitative and qualitative analysis of a company's balance sheet strength, operating performance and business profile. These analyses include comparisons to peers and industry standards as well as assessments of operating plans, philosophy and management. The ratings of Demotech range from "A" (unsurpassed) to M (moderate) and the ratings of KBRA range from AAA to R.

Safepoint Insurance currently has a financial stability rating of "A (Exceptional)" by Demotech and "BBB+" by Kroll; and Cajun and Manatee each currently have a financial stability rating of "A (Exceptional)" by Demotech and "BBB" by KBRA.

These financial stability ratings provide an objective baseline for assessing solvency and should not be interpreted as (and are not intended to serve as) an assessment of, a recommendation to buy, sell, or hold, any securities of an insurance company or its parent holding company, including the shares of our common stock being offered by this prospectus.

**Employees and Human Capital** 

As of December 31, 2025, we had approximately [•] employees. Our employees are not subject to any collective bargaining agreement, and we are not aware of any current efforts to implement such an agreement. We believe we have good working relations with our employees. We aim to be an employer of choice, and not just for insurance. As such, we strive to create a culture committed to fostering a rich diversity of thought, background and perspective.

*Compensation and Benefits* 

We offer and maintain a competitive benefits package designed to support the well-being of our employees, including, but not limited to, medical, dental and vision insurance, a 401(k) plan, paid time off, family leave, employee assistance programs as well as an employee stock purchase plan available to all employees. We also offer a bonus program based on Company results and a deferred cash program where guaranteed cash grants are paid over three years, subject to the recipient's continued employment. We also emphasize the training and development of our employees and provide opportunities to further their education and professional development.

**Intellectual Property** 

We rely on a combination of copyright, trademark, trade dress and trade secret laws in the U.S. and other jurisdictions, as well as confidentiality procedures and contractual restrictions, to establish and protect our intellectual property and proprietary rights. These laws, procedures, and restrictions provide only limited protection.

We have registered "Safepoint" and the logo design for Safepoint, and numerous of our other brand names and logos as trademarks in the U.S. and other jurisdictions. We have also registered numerous internet domain names related to our business. We also rely on common-law trademark protection to protect other types of our intellectual property.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

We enter into agreements with our employees, contractors, clients, partners and other parties with whom we do business to limit access to and disclosure of our proprietary information. We cannot assure you that the steps we have taken will be sufficient or effective to prevent the unauthorized access, use, copying or the reverse engineering of our proprietary information, including by third parties who may use our proprietary information to develop products and services that compete with ours. Moreover, others may independently develop products or services that are competitive with ours or that infringe on, misappropriate or otherwise violate our intellectual property and proprietary rights, and policing the unauthorized use of our intellectual property and proprietary rights can be difficult. The enforcement of our intellectual property and proprietary rights also depends on any legal actions we may bring against any such parties being successful, but these actions are costly, time-consuming and may not be successful, even when our rights have been infringed, misappropriated or otherwise violated.

Companies in the insurance industry may own large numbers of copyrights, trademarks and other intellectual property and proprietary rights, and these companies and entities have and may in the future request license agreements, threaten litigation or file suit against us based on allegations of infringement, misappropriation or other violations of their intellectual property and proprietary rights.

**Facilities** 

Our principal business office is a leased facility located at 4010 Gunn Highway, Tampa, Florida 33618. In addition, we lease office space in Metairie, Louisiana, and Pembroke Pines, Florida. We own our original Tampa office at 12640 Telecom Drive, Tampa, FL 33637 which now serves as the company's secondary office. The Metairie office and Telecom Drive office serve as back-up locations for our primary office for business continuity operations.

**Legal Proceedings** 

We are subject to routine legal proceedings in the ordinary course of business. We believe that the ultimate resolution of any pending matter will not have a material adverse effect on our business, financial condition or results of operations.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**REGULATION** 

**Overview** 

We conduct our operations principally through three insurance companies, Safepoint Insurance, Cajun and Manatee, which we refer to herein as the "Carriers":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Safepoint Insurance, our wholly owned subsidiary, is a property and casualty insurance company domiciled in Florida, with
headquarters in Tampa, Florida. Safepoint Insurance received its Certificate of Authority from the State of Florida in November 2013. Safepoint Insurance underwrites personal and commercial lines residential property business on an admitted basis in
the states of Florida, Louisiana, Mississippi, Texas and Alabama. Safepoint Insurance's domiciliary state insurance regulator is the FLOIR. As part of our strategy, most of Safepoint's admitted policies have been moved to the respective
Reciprocal Exchange: Cajun for Louisiana and Manatee for Florida. Safepoint no longer writes new businesses in Florida and Louisiana. Due to a grant received from the State of Louisiana to increase underwriting capacity in the state, Safepoint is
required to keep a residual amount of policies with Safepoint until the grant agreement has been satisfied which will occur in 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the removal of admitted business from Safepoint's balance sheet, we have positioned Safepoint to begin writing
excess and surplus lines in states where Safepoint is not an admitted carrier and meets the eligibility requirements of the state and federal law. Safepoint is currently writing, or seeking to write, personal and commercial excess and surplus lines
property business in the U.S. Virgin Islands, California, Tennessee, North Carolina and South Carolina. Safepoint also started writing commercial auto business in California in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cajun and Manatee are our affiliated reciprocal insurance exchanges managed by our wholly owned subsidiaries, Cajun AIF and
Manatee AIF, which act as attorneys-in-fact for Cajun and Manatee, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cajun is a property and casualty reciprocal insurer domiciled in Alabama. Cajun was previously domiciled in the State of
Louisiana, from which it received its Certificate of Authority in June 2022. Cajun changed its domicile to the State of Alabama, effective July 7, 2025. Cajun currently underwrites personal and commercial lines property business on an admitted
basis predominantly in Louisiana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manatee is a property and casualty reciprocal insurer domiciled in Florida, with headquarters in Tampa, Florida. Manatee
received its Certificate of Authority from the State of Florida in February 2024. Manatee currently underwrites personal and commercial lines property business on an admitted basis in the State of Florida. Manatee only operates in Florida and its
domiciliary state insurance regulator is the FLOIR.

We refer to Cajun and Manatee as the Reciprocal Exchanges. A reciprocal insurer is an interexchange of insurance policies among persons known as "subscribers." A reciprocal insurer is not a separately incorporated company; instead, it is an arrangement through which mutual promises of the participants are exchanged. Each subscriber is insured by and, in turn, insures each of the other subscribers. The primary function of the attorney-in-fact is to manage the reciprocal and to carry out the insurance transactions on behalf of the subscribers, as authorized by such subscribers pursuant to written powers of attorney in their subscribers' agreements.

As attorneys-in-fact of Cajun and Manatee, respectively, Cajun AIF and Manatee AIF are entitled to earn management fees under their respective attorney-in-fact agreements equal to

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

17% of annual gross written premium written by the applicable reciprocal insurer as compensation for underwriting and marketing management services, and to 3% of gross earned premiums by the applicable reciprocal insurer as compensation for non-catastrophe claims management services, as well as other fees and expenses. Each attorney-in-fact agreement has an initial five-year term (beginning June 2022 for Cajun and January 2024 for Manatee), which renews automatically for an additional three-year term unless terminated by mutual agreement or with cause (generally defined as material breach of the attorney-in-fact agreement or suspension or revocation of the reciprocal insurer's insurance license).

We also wholly own three captive reinsurance companies domiciled in Bermuda, Pompano Re Ltd., Canal Re Ltd. and Bobcat Re Ltd. (together, the "Captives"). As captive insurance companies, they are only licensed to do business with specific cedants (Safepoint entities or the affiliated reciprocal insurers in this case). The Captives were established to facilitate and complement the placement of reinsurance by Safepoint Insurance, Cajun and Manatee to the traditional and collateralized reinsurance markets. The Captives' principal insurance regulator is the Bermuda Monetary Authority.

We also operate Safepoint MGA, LLC, a licensed managing general agent, which provides various administrative services to our affiliates.

Our organizational structure is summarized below. Each entity is wholly owned by its immediate parent, unless otherwise specified below. Cajun and Manatee are not legally owned subsidiaries of Safepoint because, as reciprocals, they are owned by their subscribers. Certain non-operating companies have been removed for presentation purposes.

![LOGO](g73198g01g22.jpg)

Safepoint Insurance, Cajun and Manatee are principally regulated by their domiciliary state insurance departments and are subject to varying degrees of regulation and supervision in the other U.S. jurisdictions where they conduct business.

U.S. state insurance laws and regulations cover all aspects of our business and are generally designed to protect the interests of policyholders, as opposed to the interests of shareholders. Such laws and regulations relate to authorized lines of business, capital and surplus requirements, allowable rates and forms, investment parameters, underwriting

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

limitations, transactions with affiliates, dividend limitations, changes in control, market conduct and a variety of other financial and non-financial components of our business. From time to time, states also enact legislation designed to increase consumer protections and curtail fraud or abuses in the insurance market. Interpretations of and changes to such laws and regulations over time can have significant impacts on our business, whether favorable or unfavorable.

As discussed under "Federal Regulation" below, although the federal government does not directly regulate the business of insurance, federal initiatives often affect the insurance industry in various ways. In addition, the NAIC has recently focused on issues relating to the solvency of insurance companies, cybersecurity and privacy, the management of climate risk, and the use of artificial intelligence systems, among other areas.

**Reciprocal Exchanges** 

Cajun and Manatee are reciprocal insurers managed by Cajun AIF and Manatee AIF, respectively, as attorneys-in-fact. A reciprocal insurer is an unincorporated aggregation of "subscribers" operating individually and collectively through an attorney-in-fact to provide reciprocal insurance among themselves, pursuant to a subscriber's agreement setting forth the terms of participation in the exchange. Each subscriber is insured by and, in turn, insures, each of the other subscribers, generally up to a designated amount.

A reciprocal insurer is managed by an attorney-in-fact authorized by a power of attorney given by the subscribers. The primary function of the attorney-in-fact is to administer the reciprocal and to carry out the insurance transactions on behalf of the subscribers. In addition, an advisory committee whose members are subscribers (or officers or directors of subscriber organizations) exercises subscribers' rights and has the ultimate power and responsibility of directing and controlling the reciprocal insurer's affairs. Additional subscribers may join a reciprocal insurer if they qualify and sign the subscribers' agreement and power of attorney. Reciprocal insurers may write property and casualty insurance and are generally subject to many of the same state insurance laws as corporations licensed as insurers.

**Insurance Holding Company Regulation** 

We operate as an insurance holding company system and are subject to state statutes and regulations governing insurance holding company systems that are generally based on the Model Holding Company Act and Regulation, each in the form as adopted by the states of domicile of our Carriers. These vary from jurisdiction to jurisdiction, but generally require controlled insurance companies (i.e., insurers that are subsidiaries of insurance holding companies or reciprocal insurers managed by an attorney-in-fact controlled by an insurance holding company) to register with their domestic insurance regulators and to file certain reports with those regulators, including information concerning capital structure, ownership, financial condition, intercompany transactions and general business operations. Generally, under these laws, transactions between an insurance company and an affiliate must be fair and reasonable and, if material or in a specified category, they require prior notice and approval or non-disapproval by the insurance company's domiciliary state regulator. Both Florida and Alabama, the states in which the Carriers are domiciled, have enacted laws to implement these requirements.

*Changes of Control* 

Any person or entity desiring to acquire control of a U.S. domestic insurer, or a U.S. reciprocal insurer through the control of its attorney-in-fact, must generally receive prior

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

approval from the insurer's domestic regulator, who will consider a number of factors including the financial strength of the proposed acquiror, the acquiror's plans for the domestic insurer's operations and any anti-competitive results that may arise from the acquisition of control. State insurance laws typically include a rebuttable presumption that such control exists if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten percent or more (or, under Alabama law, five percent or more) of the outstanding voting securities of the insurer or its control persons. State regulators may, however, may find that control exists in circumstances in which a person owns or controls less than such percentage of the voting securities.

Such requirements would apply to any proposed acquisition of control of Safepoint Holdings under Florida and Alabama law. Accordingly, the acquisition of such percentage or more of our common stock would be considered a change of control of Safepoint Holdings and would trigger the applicable change of control filing requirements under state insurance laws and regulations (absent approved disclaimer of control filings). These requirements may discourage potential acquisition proposals and may delay, deter or prevent a change of control of us, including through transactions that some or all of our stockholders might consider to be desirable.

*Enterprise Risk* 

State insurance holding company laws, including those of Florida and Alabama, require the ultimate controlling person of a U.S. insurer or a U.S. reciprocal insurer through its attorney-in-fact, to file an annual enterprise risk report with the lead state regulator of the insurance holding company system. The report must identify the material risks within the insurance holding company system that could pose enterprise risk to the insurer (i.e., any activity, circumstance, event or series of events involving one or more affiliates of the insurer which, if not remedied promptly, would likely have a materially adverse effect upon the financial condition or liquidity of the insurer).

*Group Capital Calculation* 

The NAIC has developed a group capital calculation tool that uses a risk-based capital aggregation methodology for all entities in an insurance holding company system. The goal is to provide U.S. regulators with a method to aggregate the available capital and the minimum capital of each entity in a group in a way that applies to all companies regardless of their structure. The group capital calculation has been adopted by the majority of states, including Alabama but not Florida. Because laws implementing the group capital calculation will be an NAIC accreditation standard effective January 1, 2026, we expect this to be broadly adopted.

**Surplus and Capital** 

Insurers must maintain their capital and surplus at or above minimum levels prescribed by the laws of their respective jurisdictions. Regulators generally have discretionary authority to limit or prohibit an insurer's sales to policyholders if the insurer has not maintained minimum surplus or capital or if they find that the further transaction of business would be hazardous to policyholders.

*Risk-Based Capital* 

Risk-based capital laws are designed to assess the minimum amount of capital that an insurance company needs to support its overall business operations and to ensure that it has an

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

acceptably low expectation of becoming financially impaired. State insurance regulators, including the FLOIR and AL DOI, use risk-based capital to set capital requirements by considering the size and degree of risk taken by the insurer and various risk factors relating to the insurer's financial assets and operations. As the ratio of an insurer's total adjusted capital and surplus decreases relative to its calculated risk-based capital target, the risk-based capital laws provide for increasing levels of regulatory intervention ranging in severity from the domiciliary insurance department requiring an insurer to submit a corrective action plan to taking mandatory control of the operations of the insurer. Failure to maintain risk-based capital at the required levels could adversely affect our ability to maintain the regulatory approvals necessary to conduct our business. As of December 31, 2024, the risk-based capital of each of the Carriers was above the calculated risk-based capital target level.

*Dividend Restrictions and Management Fees* 

We are a holding company with no business operations of our own. Consequently, our ability to pay dividends to stockholders and meet our debt payment obligations is largely dependent on dividends and other distributions from Safepoint Insurance. Florida's insurance laws restrict Safepoint Insurance's ability to declare stockholder dividends and require it to maintain specified levels of statutory capital and surplus. Dividend payments are further limited to that part of available policyholder surplus which is derived from net profits on an insurer's business. Insurance regulators have broad powers to prevent reduction of statutory surplus to inadequate levels, and there is no assurance that dividends of the maximum amounts calculated under any applicable formula would be permitted. The FLOIR, which has jurisdiction over the payment of dividends by Safepoint Insurance, may in the future adopt statutory provisions more restrictive than those currently in effect.

We also rely on fees from Cajun and Manatee that are paid to our attorneys-in-fact entities. A reciprocal insurer's payment of management fees to the attorney-in-fact is a type of affiliate transaction that is subject to the prior notice and approval or non-disapproval requirements set forth in the domiciliary state's insurance holding company regulations, as previously noted. Additionally, from time to time these fees may be subject to examination and increased scrutiny by relevant regulators.

In August 2025, the NAIC's Financial Condition (E) Committee agreed to form a new Reciprocal Exchanges (E) Working Group to be charged with clarifying the applicability of fair and reasonable standards under the Model Holding Company Act and Regulation to reciprocals. This initiative arose out of regulator discussions in 2024 about the recent increase in the number of reciprocal exchanges being formed and regulators' observation that many new exchanges seemed unfamiliar with the Model Holding Company Act and Regulation requirements and states' authority to assess the fairness and reasonableness of attorney-in-fact management fees.

*Investment Regulation* 

Investments by the Carriers are subject to the laws of their domiciliary states (Florida or Alabama, as applicable) which require diversification of insurers' investment portfolios and limit the amount of investments in certain categories. The Carriers must comply with applicable laws and regulations prescribing the kind, quality and concentration of investments. Failure to comply with these laws and regulations would cause non-conforming investments to be treated as non-admitted assets for purposes of measuring statutory surplus (and, therefore, a reduction in statutory surplus) and, in some instances, would require us to sell those investments.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

In June 2023, the NAIC increased the RBC factor for structured security residual tranches from 30% to 45%, which became effective for year-end 2024 RBC filings. The NAIC is currently reviewing the RBC treatment of CLOs.

**Risk Management and Own Risk and Solvency Assessment** 

All states have adopted the NAIC's Risk Management and Own Risk and Solvency Assessment Model Act (the "ORSA Model Act"), which requires insurers, including reciprocal insurers to maintain a risk management framework and regularly, no less than annually, conduct an Own Risk Solvency Assessment. The ORSA Model Act also requires an insurance holding company system's chief risk officer to annually submit to its lead state insurance regulator an Own Risk and Solvency Assessment Summary Report, which is a confidential high-level summary of an insurer or insurance group's Own Risk Solvency Assessment.

**Cybersecurity, Privacy and Information Security Regulation** 

In response to the growing threat of cyber-attacks in the insurance industry, certain jurisdictions have begun to consider new cybersecurity measures, including the adoption of cybersecurity regulations which, among other things, would require insurance companies and reciprocals to establish and maintain an appropriate, risk-based cybersecurity program and implement and maintain cybersecurity policies and procedures. In 2017, the New York Department of Financial Services ("NYDFS") promulgated the New York Cybersecurity Requirements for Financial Services Companies (the "Regulation"), which requires financial services entities under its jurisdiction (such as our insurance entities licensed in New York) to conduct risk assessments of their information systems and maintain a cybersecurity program designed to protect the confidentiality, integrity, and availability of those systems. The Regulation, which was amended in 2023, mandates, among other requirements, the implementation of specific technical safeguards, including multi-factor authentication and minimum standards for cyber incident responses, designation of a Chief Information Security Officer and other oversight structures, notification to the NYDFS in the event of certain security incidents, and annual certification of compliance to the NYDFS. In 2017, the NAIC adopted the Insurance Data Security Model Law (the "Cybersecurity Model Law"), which is intended to serve as model legislation for states to enact in order to govern cybersecurity and data protection practices of insurers and other entities licensed or registered under state insurance laws. The Cybersecurity Model Law establishes standards for data security, the investigation of cybersecurity events involving the unauthorized access to or misuse of certain nonpublic information, and reporting to insurance commissioners. The Cybersecurity Model Law imposes significant regulatory burdens intended to protect the confidentiality, integrity and availability of information systems. Over half of states have adopted the Cybersecurity Model Law, or a form thereof, including Alabama but not Florida. We regularly monitor changes in state laws that relate to and impose obligations on us regarding data security.

In addition, federal and state lawmakers have enacted or are considering laws and regulations related to privacy and data security. For instance, the California Consumer Privacy Act, as amended ("CCPA") requires covered companies to provide disclosures to California consumers about such companies' data collection, use and sharing practices, and gives California residents expanded rights with respect to the processing of their personal information. While a significant portion of our business is exempted from CCPA, other state insurance laws to which we are subject grant similar rights to insureds. The NAIC's Privacy Protections (H) Working Group reviews state insurance privacy protections regarding the collection, use and disclosure of information gathered in connection with insurance transactions. This working group is developing amendments to update the Privacy of Consumer

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Financial and Health Information Regulation. The proposed amendments would expand the definition of nonpublic personal information; add consumer rights to request access, correction and deletion of nonpublic personal information; and add requirements for contracts with third-party service providers. In November 2024, the working group received an extension until December 31, 2025 to finalize the amendments to the model regulation.

We cannot predict the impact, if any, that any current, proposed or future federal or state cybersecurity or privacy laws or regulations will have on our business, financial condition or results of operations.

**Innovation and Technology** 

As a result of increased innovation and technology in the insurance sector, the NAIC and insurance regulators are focused on the use of "big data" techniques, such as the use of AI, machine learning and automated decision-making. In December 2023, the NAIC's Innovation, Cybersecurity and Technology (H) Committee (the "(H) Committee") adopted the Model Bulletin on the Use of Artificial Intelligence Systems by Insurers (the "AI Bulletin"). More than 20 states have adopted, and others may adopt, the AI Bulletin, which outlines insurance regulators' expectations as to how insurers should govern the development, acquisition and use of AI technologies, as well as the types of information that regulators may request during an investigation or examination of an insurer in regard to AI systems. In 2024, the (H) Committee also formed the Third-Party Data and Models (H) Working Group, which is developing a framework for the regulator oversight of insurers' use of third-party data and predictive models. In addition, the NAIC's Big Data and Artificial Intelligence (H) Working Group is evaluating AI-use outcomes and how well the current regulatory framework addresses potential harms from the use of AI. The goal is to develop an overall AI regulatory framework that could be incorporated into an NAIC regulatory handbook.

The NAIC and state insurance regulators are also focused on addressing unfair discrimination by insurers in the use of consumer data and technology, and certain states have passed laws or may take action targeting unfair discrimination practices.

We cannot predict whether states will adopt the AI Bulletin, or what, if any, changes to laws or regulations may be enacted with regard to "big data" or AI technologies.

**Underwriting and Marketing Restrictions** 

From time to time, state regulatory and legislative bodies have proposed or adopted laws, regulations or guidance to address the cyclical nature of the insurance industry, catastrophic events and insurance capacity and pricing. Such laws, regulations or guidance may restrict certain policy non-renewals or cancellations, require advance notice on certain policy non-renewals and limit or delay rate changes for a specified period during or after a catastrophe event. Most states, including Florida and Alabama, also have insurance laws and regulations requiring that rate schedules and other information be filed for review by the insurance regulatory authority. Insurance regulatory authorities may generally disapprove a rate filing found to be inadequate, excessive or unfairly discriminatory. Rates, which are not necessarily uniform for all insurers, vary based on many factors including class of business, hazard covered, risk location and size of risk.

Most states, including Florida and Alabama, require licensure or insurance regulatory authority filings or approval prior to entering into a new line of business or marketing new insurance products. Typically, licensure review is comprehensive and includes a review of a company's business plan, solvency, reinsurance, character and experience of its officers and

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

directors, rates, forms and other financial and non-financial aspects of the company. Insurance regulators may prohibit entry into a new market by not granting a license or by withholding approval for an insurer to write new lines of business. The Carriers are subject to comprehensive regulatory oversight to ensure compliance with statutory requirements in order to maintain their licenses.

**Statutory Insurance Organizations** 

Each state in which the Carriers operate has insurance guaranty association laws generally requiring participation of authorized insurers and providing for the payment of policyholders' claims when insurance companies doing business in that state become insolvent. These guaranty associations typically are funded by assets of the failed insurance companies and, where such companies' available funds are insufficient to pay policyholders and claimants the amounts to which they are entitled, by assessments on member insurance companies. Generally, all licensed property casualty insurers are considered to be members of the guaranty fund, and assessments are based on their pro rata share of direct written premiums in that state. When the Carriers are subject to assessments, in some instances they must remit the assessed amounts to the guaranty associations. Our insurance companies subsequently seek to recover the assessed amounts through recoupments from policyholders. In other instances, such insurance companies might be directed to collect assessments by adding a surcharge to their policies and remitting the collected amounts to the guaranty associations. This surcharge approach, which is currently in effect in Florida, does not result in out-of-pocket payments by the insurance company that must be recovered through recoupments. However, in the event the Carriers are required to pay assessments up front and recover those amounts through recoupments, they might not be able to fully recoup the amounts of those assessments. Such unrecovered amounts can be credited against future assessments, or the remaining receivable may be written off. While we cannot predict the amount or timing of future guaranty association assessments, we believe that any such assessments will not have a material effect on our financial position or results of operations.

Additionally, state insurance laws and regulations require us to participate in mandatory property-liability "shared market," "pooling" or similar arrangements that provide certain types of insurance coverage to individuals or others who otherwise are unable to purchase coverage voluntarily provided by private insurers. Shared market mechanisms include assigned risk plans and fair access to insurance requirement or "FAIR" plans. In addition, some states require insurers to participate in reinsurance pools for claims that exceed specified amounts. Our participation in these mandatory shared market or pooling mechanisms generally is related to the amount of our direct writings for the type of coverage written by the specific mechanism in the applicable state*.*

**Federal Regulation** 

Although the U.S. federal government generally does not directly regulate the business of insurance, federal initiatives affect the insurance industry in a variety of ways. The U.S. federal government's oversight of the insurance industry was expanded under the Dodd-Frank Act.

The Dodd-Frank Act established the Federal Insurance Office (the "FIO") within the U.S. Department of the Treasury (the "Treasury"). Although the FIO does not have general supervisory or regulatory authority over the business of insurance, it has preemption authority over state insurance laws that conflict with certain international agreements, as discussed below. The FIO also has authority to monitor all aspects of the insurance sector and the extent to which traditionally underserved communities and consumers have access to affordable non-

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

health insurance products, and to represent the United States on prudential aspects of international insurance matters, including at the International Association of Insurance Supervisors.

The Dodd-Frank Act authorizes the Treasury and the Office of the U.S. Trade Representative to enter into international agreements of mutual recognition regarding the prudential regulation of insurance or reinsurance. The United States entered into such covered agreements with the European Union in September 2017 (the "EU Covered Agreement") and with the United Kingdom in December 2018 (the "UK Covered Agreement," together with the EU Covered Agreement, the "Covered Agreements"). The Covered Agreements address three areas of prudential supervision: reinsurance, group supervision and the exchange of information. Issues relating to the Covered Agreements are discussed further under "Credit for Reinsurance" below.

Although the potential impact of any future amendments to the Dodd-Frank Act on the U.S. insurance industry is not clear, our business could be affected by changes to the U.S. system of insurance regulation or our designation or the designation of insurers or reinsurers with which we do business as non-bank SIFIs.

In addition, a number of federal laws and regulations affect and apply to the insurance industry, including various privacy laws and the economic and trade sanctions implemented by the Office of Foreign Assets Control ("OFAC") of the Treasury. OFAC maintains and enforces economic sanctions against certain foreign countries and groups and prohibits U.S. persons from engaging in certain transactions with certain individuals or entities. OFAC has imposed civil penalties on persons, including insurance companies, arising from violations of its economic sanctions programs.

**Trade & Claims Practices** 

State insurance laws and regulations include numerous provisions governing trade practices and the marketplace activities of insurance companies and producers, including provisions governing marketing and sales practices, policyholder services, claims management and complaint handling. Such laws and regulations generally prohibit practices that constitute unfair methods of competition or unfair or deceptive acts or practices, dissemination of false information or advertising and unfair discrimination.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

We set business conduct policies to make our employee-agents and other sales personnel aware of these prohibitions, and we require them to conduct their activities in compliance with these laws and regulations.

**Quarterly and Annual Financial Reporting** 

The Carriers are required to file quarterly and annual financial reports with insurance regulators in states where they write business, using statutory accounting practices (SAP) rather than generally accepted accounting principles (GAAP). In keeping with the intent to protect policyholders, SAP emphasizes solvency considerations. For a summary of the SAP capital and surplus and net income (loss) relating to the Carriers, see *Note 18–Statutory Reporting* to our consolidated financial statements included in this prospectus.

**Credit for Reinsurance** 

State insurance laws permit U.S. insurance companies, as ceding insurers, to take financial statement credit for business that is ceded, so long as the assuming reinsurer satisfies the state's credit for reinsurance laws. There are several ways that an assuming reinsurer may satisfy the credit for reinsurance laws, including by being licensed in the state, being accredited in the state or maintaining certain types of qualifying collateral.

Under the Dodd-Frank Act, the FIO has preemption authority over state insurance laws that conflict with the Covered Agreements as of September 1, 2022, such as state credit for reinsurance laws that result in non-U.S. reinsurers subject to the Covered Agreements being treated less favorably than U.S. reinsurers. The NAIC previously adopted amendments to its Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation (together, the "Credit for Reinsurance Model Law and Regulation") to satisfy the substantive and timing requirements of the Covered Agreements, which amendments have been enacted by all states. On September 30, 2023, the FIO reported that it did not recommend taking any preemption action as a result of inconsistency between the Covered Agreements and state credit for reinsurance laws and that it continues monitoring state measures to ensure consistency with the Covered Agreements. Under the Covered Agreements, reinsurance collateral requirements no longer apply to qualifying EU and U.K. reinsurers. The amended Credit for Reinsurance Model Law and Regulation also extend the zero reinsurance collateral provisions in the Covered Agreements to qualified reinsurers domiciled in U.S. jurisdictions that are accredited by the NAIC and to non-U.S. jurisdictions that have not entered into a covered agreement with the United States but which the NAIC has identified as "reciprocal jurisdictions" pursuant to the NAIC Qualified Jurisdiction Process.

We ensure that our material reinsurers qualify in order for us to be able to take full financial statement credit for reinsurance. We cannot currently predict the impact of these changes to the law or whether any other covered agreements will be successfully adopted, and cannot currently estimate the impact of these changes to the law and any such adopted covered agreements on our business, financial condition or operating results.

**Examinations** 

As part of their regulatory oversight process, state insurance departments conduct periodic financial examinations of the books, records, accounts and operations of insurance companies that are authorized to transact business in their states. In general, insurance regulatory

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

authorities defer in this regard to an insurer's domestic regulator; however, insurance regulatory authorities in any state in which we operate may conduct examinations at their discretion. Under Florida law, financial examinations are generally performed every five years, although the FLOIR or other states may conduct limited or full scope reviews more frequently. FLOIR most recently performed an examination of Safepoint Insurance in 2024. In addition, the state insurance regulatory authorities in states in which we operate from time to time make inquiries, conduct investigations and administer market conduct examinations with respect to compliance by the Carriers with applicable insurance laws and regulations. These inquiries or examinations may address, among other things, an insurer's financial condition, relationships and transactions with affiliates, the form and content of disclosures to consumers, advertising, sales practices, underwriting and claims practices, cancellation and nonrenewal procedures and complaint handling. The reports arising from insurance authorities' examination processes typically are available to the public at the conclusion of the examinations. In addition, insurance companies and other companies are subject to other types of audits, examinations or other similar inquiries by governmental authorities based on the nature of the business they conduct. The results of these examinations can give rise to regulatory orders requiring remedial, injunctive or other corrective action. Insurance regulatory authorities have broad administrative powers to regulate trade practices and to restrict or revoke licenses to transact business and to levy fines and monetary penalties against insurers and insurance agents and brokers found to be in violation of applicable laws and regulations.

**Climate Change and Financial Risks** 

The NAIC and state insurance regulators continue to evaluate issues related to the management of climate risk. In 2022, the NAIC adopted a new standard for insurance companies to report their climate-related risks as part of its annual Climate Risk Disclosure Survey, which applies to insurers that meet the reporting threshold of $100 million in U.S. direct premium and are licensed in one of the participating jurisdictions. The new disclosure standard is consistent with the international Task Force on Climate-Related Financial Disclosures' framework for reporting climate-related financial information.

In addition, pursuant to the FIO's statutory authority under the Dodd-Frank Act, as discussed above under "Federal Regulation," in June 2023, the FIO released a report titled *Insurance Supervision and Regulation of Climate-Related Risks* urging insurance regulators to adopt climate-related risk-monitoring guidance in order to enhance their regulation and supervision of insurers.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**MANAGEMENT** 

**Executive Officers and Directors** 

Set forth below is certain biographical and other information regarding our executive officers and directors as of the date of this prospectus.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
|  David M. Flitman | 55 | Director, Chief Executive Officer |
|  Steven M. Hoffman | 44 | Director, Chief Financial Officer |
|  Jennifer Cotugno | 44 | Chief Claims Officer |
|  Gus Fernandez | 67 | Chief Underwriting Officer |
|  Robert J. Arowood | 60 | Director |
|  William M. Arowood | 63 | Director |
|  Tim Chesson | 67 | Director |
|  Gary Prestia | 63 | Director |
|  Donald Rhomberg | 60 | Director |
|  Ben Rosenblum | 52 | Director |
|  Amy Usiak | 49 | Director |

---

The following are brief biographies describing the backgrounds of our executive officers and directors.

**Executive Officers** 

***David M. Flitman*** has served as Safepoint's Chief Executive Officer and a director since its founding in 2013. He has served on the board of Safepoint Holdings since 2015. Mr. Flitman has 30 years of experience in the insurance and reinsurance industries. His credentials include Fellow of Casualty Actuarial Society (FCAS) and Member of the American Academy of Actuaries (MAAA). Mr. Flitman began his career as an analyst at Insurance Service Office (ISO) from 1993 to 1996, followed by several roles from 1996 to 2001 at WR Berkley Group, including Assistant Vice President and Chief Actuary of Berkley Mid-Atlantic Group. In 2001, Mr. Flitman began a career in reinsurance joining XL Reinsurance America and ACE Tempest Re USA. In 2004, Mr. Flitman transferred to Bermuda serving as Chief Actuary Tempest Re Bermuda followed by several roles at Flagstone Re (from 2006 through 2012) including Chief Actuary and Executive Director of Global Property Underwriting.

***Steven M. Hoffman*** joined Safepoint in June of 2014 as Controller and was promoted to Chief Financial Officer in June 2019. Mr. Hoffman has served as a director of Safepoint Holdings since 2023. Mr. Hoffman is a Certified Public Accountant and began his career in public accounting with PwC. After holding the position of Revenue Manager for a software company in New York City, Mr. Hoffman moved to Florida in 2005 where he worked for MetLife on the Sarbanes-Oxley team responsible for the design, implementation, and compliance of the company's internal control over financial reporting. Mr. Hoffman spent four years as the Assistant Controller of HCI Group, a publicly traded property and casualty insurance company located in Tampa.

***Jennifer Cotugno*** joined Safepoint in 2016 as a staff attorney and was promoted to Corporate Counsel in November 2020. Ms. Cotugno oversees the legal team and external counsel in all aspects of Safepoint's property and casualty litigation activities. In 2021, Ms. Cotugno took on increased leadership responsibility as the Chief Claims Officer where she

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

has built a highly capable team of in-house and field-based claims personnel. Prior to joining Safepoint, Ms. Cotugno was an in-house attorney for HCI Group, a litigator at the law firm of Beighley, Myrick & Udell, P.A., and a prosecutor at the Miami-Dade State's Attorney's office. Ms. Cotugno has been licensed to practice law in Florida since 2007 and in Louisiana since 2010.

***Gus Fernandez*** joined Safepoint in 2015 and was promoted to Safepoint's Chief Underwriting Officer in April 2016. Mr. Fernandez has over 40 years of property and casualty insurance experience. He started his insurance career at a Miami-based managing general agency specializing in personal and commercial lines products. In 1983, he joined National Insurance Company and established regional company offices in Florida managed the day-to-day operations, product development, and marketing. In 1993, he joined AIB Financial Group in his role as Vice President of Residual Lines where he led the launch and expansion of their Joint Underwriting Association & Citizens Division as well as initiated the company's "Write Your Own" Flood Operations. He served on the Board of Directors of Florida Windstorm Underwriting Association and is a past Chairman of the Florida Automobile Joint Underwriting Association. In 2003, Mr. Fernandez joined the MacNeill Group as Vice President and launched operations for multiple Florida start-up companies. While at MacNeill, Mr. Fernandez assisted in the establishment of Safepoint.

**Non-Employee Directors** 

***Robert J. Arowood*** has served as a director of Safepoint Holdings since August 2023. Mr. R. Arowood has over 40 years of insurance experience in the property and casualty industry, including surplus lines, reinsurance, carrier management, claim administration and captive management. In 1996, Mr. R. Arowood and his brother William Arowood founded Appalachian Underwriters, Inc. as a managing general agent and wholesale company that was acquired in December 2021 by Acrisure. Mr. R. Arowood served as President of Appalachian Underwriters, Inc. from January 1996 to December 2021. In December 2022, Acrisure announced Mr. R. Arowood as the President, North America, P&C Wholesale, a position in which he held until December 2024. Since December of 2024, he has served as Principal, IDC Management, LLC, a management company involved with several insurance companies and insurance-related businesses.

***William M. Arowood*** has served as a director of Safepoint Holdings since August 2023. Mr. W. Arowood has over 40 years of experience in the insurance business. He has been involved in the retail insurance business as an officer of Madison Insurance Group, Inc. along with being an officer of Accident Insurance Company, Inc. and INVO PEO, Inc. In 1996, Mr. W. Arowood and his brother Robert Arowood founded Appalachian Underwriters, Inc. as a managing general agent and wholesale company that was acquired in December 2021 by Acrisure. Mr. W. Arowood served as Board Member of Appalachian Underwriters, Inc. from January 1996 to December 2021. He continues serve as an officer of various insurance and professional employment organizations.

***Tim Chesson*** has served as a director of Safepoint Holdings since 2023. Mr. Chesson's career in the insurance business spans over 40 years. A 1980 graduate of the University of South Carolina with a B.S. degree in Insurance, Mr. Chesson began his career with Hartford Insurance where he worked in both the Personal and Commercial Lines space. He then moved to Zurich Insurance where he managed their branch offices in New Orleans and Jackson, MS for all Commercial Lines in the states of LA, MS and AR. Mr. Chesson was later promoted to Director of Field Operations for their central region and later took on the added role of Head of Custom Markets (product development) for the U.S. Commercial Middle Market Division in Schaumburg, IL. In 2003, Mr. Chesson joined AXIS Capital Holdings to participate in the build

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

out of their U.S. Operation. He ultimately became President of the AXIS U.S. Program Division. In 2017, Mr. Chesson joined BRIT Insurance to launch their Delegated Authority business in the U.S. In late 2020, Mr. Chesson formed an independent consulting business to support his client base with a focus on both strategic and operational projects. Mr. Chesson was appointed to the Board of Directors for Haulers Mutual Insurance RRG in December 2024, and served as its Director and Treasurer until August 2025. Additionally, Mr. Chesson was appointed to the Board of Directors for American Builders Insurance Company in late 2020 where he presently serves as Director and Treasurer.

***Gary Prestia*** is a retired reinsurance executive and served as a director of Safepoint Holdings since 2015 and served previously as a director for Safepoint Insurance in 2014. Mr. Prestia has over 25 years of insurance and reinsurance experience spanning a variety of roles including Senior Vice President, President, and Chief Executive Officer for large reinsurance companies. In 2005, Mr. Prestia was part of a team that started up Flagstone Re, a Bermuda based reinsurer. In his time at Flagstone, Mr. Prestia held the positions of Chief Underwriting Officer, North America and ultimately Chief Executive Officer of US operations. From 2013 to 2014, Mr. Prestia held the role of Senior Vice President—Reinsurance for American International Group. Mr. Prestia graduated from the St. John's School of Risk Management and holds the Chartered Property & Casualty Underwriter (CPCU) and Associate in Reinsurance (ARe) designations. Mr. Prestia is currently retired.

***Donald Rhomberg*** has served as a director of Safepoint Insurance since the company founding in 2013 and as a director of Safepoint Holdings since its incorporation in 2015. Mr. Rhomberg began his insurance career at the Prudential Insurance office in North Tampa, becoming licensed in life and health (218), property and casualty (220) and the Series 6 and 65 for financial services and annuities. Mr. Rhomberg joined Jaffe Tilchin Wealth Management in 2000, and his clients sought him out for his well-rounded approach to insurance coverage and eye towards the bottom line. Mr. Rhomberg is a member of the Life Underwriting Council (LUC), the Florida Association of Insurance Agents (FAIA), and the Tampa Association of Financial Underwriters (TAFU). Mr. Rhomberg left Jaffe Tilchin in 2024 and is now President of Nsurehub, a future-focused insurance agency recently spun-out of Safepoint Holdings.

***Ben Rosenblum*** has served as a director of Safepoint Holdings since 2014. Mr. Rosenblum graduated from the College of Insurance (now the St John's school of Risk Management) in 1994 with a B.S in Actuarial Science. He worked for two years at Insurance Services Office primarily on their auto insurance and homeowners rating plans. In 1996 he moved to Centre Solution to create Centre's actuarial systems. Upon completion of their reserving systems, he was asked to take a full-time position in their reserving group coordinating the reserving process. In that role he coordinated the calculation and reporting of $8 billion of loss reserves. Additionally, he assumed responsibility for calculating the loss reserves for many transactions across different lines of business. Over time he also worked out under-performing deals, negotiated the pricing of commutations. In 2004 Mr. Rosenblum joined Assured Guaranty to run their loss reserving process, help with their capital modeling and underwrite and model structured credit business. Mr. Rosenblum served as Assured Guaranty's Chief Actuary from 2021 through 2023 and since January 2024 serves as Chief Financial Officer of Assured Guaranty. During Mr. Rosenblum's time at Assured Guaranty, he has been involved in many of its major strategic initiatives including: Leading the sale of its asset management division, the acquisition of other legacy monolines, underwriting structured insurance transactions, working out troubled credits and the analysis of many of its strategic investments. He is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries.

***Amy Usiak*** has served as a director of Safepoint Holdings since 2024. Ms. Usiak is a communications professional with more than 20 years of comprehensive corporate communications and marketing experience. Ms. Usiak advises the board and management

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

team on marketing, brand management, and internal and external communications strategies. She is the Vice President of Marketing and Communications at United Way of Buffalo and Erie County and a member of the Executive Team. She is responsible for developing and implementing comprehensive marketing and communications strategies that advance United Way's mission, enhance its brand visibility, drive fundraising efforts, and engage key stakeholders. Prior to her current role, Ms. Usiak served as the Senior Director of Marketing and Communications for Evergreen Health, where she served as a member of the management team and directed all marketing and communications activities. She was responsible for the creation of Evergreen's Corporate Communications Department and is a proven leader in maturing an organization's communications capabilities and capacity. Her previous roles include serving as the Senior Account Coordinator at Independent Health, a not-for-profit health plan that serves the eight counties of Western NY with 400,000 members. Other previous roles provided Ms. Usiak with a strong foundation to advise Safepoint Insurance on all aspects of strategic communications, integrated marketing, and internal messaging to promote organizational alignment. Ms. Usiak also brings previous board experience from her membership on the board of the Lumber City Development Corporation (2021-present) and as a member of Leadership Buffalo's 2023 cohort.

**Board Composition** 

Our bylaws provide that our Board of Directors shall be fixed from time to time by resolution of our Board of Directors. Currently our Board of Directors consists of [•] members.

In accordance with our certificate of incorporation, our Board of Directors is divided into [three] classes with staggered [three] year terms. At each annual meeting of stockholders after the initial classification, the successors to the directors whose terms will then expire will be elected to serve from the time of election and qualification until the third annual meeting following their election. Our directors are divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class I directors are [ • ], and their terms will expire at
the annual meeting of stockholders to be held in [ • ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class II directors are [ • ], and their terms will expire at
the annual meeting of stockholders to be held in [ • ]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class III directors are [ • ], and their terms will expire at
the annual meeting of stockholders to be held in [ • ].

Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. This classification of our Board of Directors may have the effect of delaying or preventing changes in control of our company.

Our Board of Directors has determined that [•] are independent directors. In making this determination, our Board of Directors applied the standards set forth in the NYSE Rules and in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In evaluating the independence of [•], our Board of Directors considered their current and historical employment, any compensation we have given to them, any transactions we have with them, their beneficial ownership of our capital stock, their ability to exert control over us, all other material relationships they have had with us and the same facts with respect to their immediate family. The Board of Directors also considered all other relevant facts and circumstances known to it in making this independence determination. In addition, [•] are non-employee directors, as defined in Rule 16b-3 of the Exchange Act.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Board Leadership Structure** 

Our Board of Directors recognizes that one of its key responsibilities is to evaluate and determine its optimal leadership structure so as to provide effective oversight of management. Our bylaws and corporate governance guidelines will provide our Board of Directors with flexibility to combine or separate the positions of Chair of the Board and Chief Executive Officer. Our Board of Directors currently believes that our existing leadership structure, under which David Flitman serves as our chief executive officer and [•] serves as Chair of the Board, is effective, and achieves the optimal governance model for us and for our stockholders.

**Board Oversight of Risk** 

Although management is responsible for the day-to-day management of the risks our company faces, our Board of Directors and its committees take an active role in overseeing management of our risks and have the ultimate responsibility for the oversight of risk management. The Board of Directors regularly reviews information regarding our operational, financial, legal and strategic risks. Specifically, senior management attends [quarterly] meetings of the Board of Directors, provides presentations on operations including significant risks, and is available to address any questions or concerns raised by our Board of Directors.

In addition, we expect that our committees will assist the Board of Directors in fulfilling its oversight responsibilities regarding risk. The audit committee will coordinate the Board of Director's oversight of our internal control over financial reporting, disclosure controls and procedures, related party transactions and code of conduct and corporate governance guidelines and management will regularly report to the audit committee on these areas. The compensation committee will assist the Board of Directors in fulfilling its oversight responsibilities with respect to the management of risks arising from our compensation policies and programs as well as succession planning as it relates to our Chief Executive Officer. The nominating and corporate governance committee will assist the Board of Directors in fulfilling its oversight responsibilities with respect to the management of risks associated with board organization, membership and structure, succession planning for our directors and corporate governance. When any of the committees receives a report related to material risk oversight, the chairman of the relevant committee will report on the discussion to the full Board of Directors.

**Code of Business Conduct and Ethics** 

We anticipate adopting an amended code of business conduct and ethics, effective immediately prior to the completion of this offering, which will apply to all of our employees, officers and directors, including those officers responsible for financial reporting. Following its completion, the code of business conduct and ethics will be available on our website at www.safepointins.com. We intend to disclose any amendments to the code, or any waivers of its requirements, on our website to the extent required by the applicable rules and exchange requirements. The inclusion of our website address in this prospectus does not incorporate by reference the information on or accessible through our website into this prospectus.

**Board Committees** 

Our Board of Directors has established the following committees: an Audit Committee, a Compensation Committee, a Nominating and Corporate Governance Committee and an Underwriting and Risk Committee. The anticipated composition and responsibilities of each committee are described below. Members will serve on these committees until their resignation or until otherwise determined by our Board of Directors.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

*Audit Committee* 

Our audit committee oversees our corporate accounting and financial reporting process. Among other matters, the audit committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appoints our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluates the independent registered public accounting firm's qualifications, independence and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determines the engagement of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews and approves the scope of the annual audit and the audit fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discusses with management and the independent registered public accounting firm the results of the annual audit and the
review of our quarterly financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approves the retention of the independent registered public accounting firm to perform any proposed permissible non-audit
services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitors the rotation of partners of the independent registered public accounting firm on our engagement team in accordance
with requirements established by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews our financial statements and our management's discussion and analysis of financial condition and results of
operations to be included in our annual and quarterly reports to be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews our critical accounting policies and estimates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews the audit committee charter and the committee's performance at least annually.

The members of our audit committee are Messrs. Rosenblum (Chair), Chesson, R. Arowood, and Prestia. All members of our audit committee meet the requirements for financial literacy under the applicable rules and regulations of the SEC and the NYSE. Our Board of Directors has determined that Mr. Rosenblum is an audit committee financial expert as defined under the applicable rules of the SEC and has the requisite financial sophistication as defined under the applicable rules and regulations of the NYSE. Under the rules of the SEC, members of the audit committee must also meet heightened independence standards. However, a minority of the members of the audit committee may be exempt from the heightened audit committee independence standards for one year from the date of effectiveness of the registration statement of which this prospectus forms a part. Our Board of Directors has determined that each of Messrs. Rosenblum, Chesson, R. Arowood, and Prestia are independent under the heightened audit committee independence standards of the SEC and the NYSE. As allowed under the applicable rules and regulations of the SEC and the NYSE, we intend to phase in compliance with the heightened audit committee independence requirements to have a fully independent audit committee prior to the end of the one-year transition period. The audit committee operates under a written charter that satisfies the applicable standards of the SEC and the applicable NYSE rules.

*Compensation Committee* 

Our compensation committee reviews and recommends policies relating to compensation and benefits of our officers and employees. Among other matters, the compensation committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews, modifies and approves (or, if it deems appropriate, makes recommendations to our board of directors regarding)
corporate goals and objectives relevant to compensation of our Chief Executive Officer and other executive officers;

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluates the performance of these officers in light of those goals and objectives and determines and approves (or, if it
deems appropriate, recommends to our board of directors for determination and approval) the compensation of these officers based on such evaluations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews, and for our executives officers, approves, (or, if it deems appropriate, recommending to our board of directors
for determination and approval) the issuance of awards under our stock plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews and evaluates, at least annually, the performance of the compensation committee and its members, including
compliance by the compensation committee with its charter.

The members of our compensation committee are [•]. Each of the members of our Compensation Committee is a "non-employee director" as defined in Rule 16b-3 promulgated under the Exchange Act. [•] are each an "outside director" as that term is defined in Section 162(m) of the Internal Revenue Code of 1986, as amended, or Section 162(m). The compensation committee operates under a written charter that satisfies the applicable standards of the SEC and the NYSE.

*Nominating and Corporate Governance Committee* 

The principal duties and responsibilities of the Nominating and Corporate Governance Committee are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to identify candidates qualified to become directors, consistent with criteria approved by our Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to recommend to our Board of Directors nominees for election as directors at the next annual meeting of stockholders or a
special meeting of stockholders at which directors are to be elected, as well as to recommend directors to serve on the other committees of the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to recommend to our Board of Directors candidates to fill vacancies and newly created directorships on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to identify best practices and recommend corporate governance principles, including giving proper attention and making
effective responses to stockholder concerns regarding corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to develop and recommend to our Board of Directors guidelines setting forth corporate governance principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to oversee the evaluation of our Board of Directors and senior management.

The members of our Nominating and Corporate Governance Committee are [•].

*Underwriting and Risk Committee* 

Our Underwriting and Risk Committee is responsible for, among other things overseeing, reviewing and evaluating the Company's policies, guidelines, performance, risk management, processes and procedures relating to the underwriting of (re)insurance risks undertaken by the Company and enterprise risk management activities (including the risk management framework employed by management). The Underwriting and Risk Committee of our Board of Directors reviews our cybersecurity and technology policies on at least an annual basis.

The members of our Underwriting and Risk Committee are [•].

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Compensation Committee Interlocks and Insider Participation** 

[None of the expected members of our compensation committee has at any time been one of our officers or employees. None of our executive officers currently serves, or in the past fiscal year has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers on our Board or compensation committee].

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**EXECUTIVE COMPENSATION** 

*The discussion in this section contains forward-looking statements that are based on our current considerations and expectations relating to our executive compensation programs. As our business and our needs evolve, the actual amount and form of compensation and the compensation programs that we adopt may differ materially from current or planned programs as summarized in this section. The following discussion may also contain statements regarding corporate performance targets and goals. These targets and goals are disclosed in the limited context of our compensation programs and should not be understood to be statements of management's expectations or estimates of future results or other guidance. We specifically caution investors not to apply these statements to other contexts.* 

**Compensation of Named Executive Officers** 

The following table sets forth information regarding the compensation awarded to, earned by, or paid to certain of the executive officers of Safepoint Holdings, Inc., or the Company, during the fiscal year ended December 31, 2025. As an emerging growth company, the Company has opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies" as such term is defined in the rules promulgated under the Securities Act, which require compensation disclosure for its principal executive officer and its two other most highly compensated executive officers. Throughout this registration statement, these three officers are referred to as the Company's "named executive officers."

The compensation reported in this summary compensation table below is not necessarily indicative of how the Company will compensate its named executive officers in the future. The Company expects that it will continue to review, evaluate and modify its compensation framework as a result of becoming a publicly-traded company and the Company's compensation program following the completion of this offering could vary significantly from its historical practices.

**Summary Compensation Table** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fiscal Year<br>(1)** | **Salary<br>($)** | **Bonus**<br>**($)(2)** | **Stock Awards<br>($)** | **All Other Compensation<br>($)(3)** | **Total<br>($)** |
|  David Flitman | 2025 |  |  |  |  |  |
|  *Chief Executive Officer* |  |  |  |  |  |  |
|  Steven Hoffman | 2025 |  |  |  |  |  |
|  *Chief Financial Officer* |  |  |  |  |  |  |
|  | 2025 |  |  |  |  |  |

---

(1) The Company's fiscal year ends on December 31.

(2) The amounts reported as earned in this column include the discretionary bonuses earned with respect to the fiscal year
ended December 31, 2025 by each named executive officer pursuant to their respective employment agreements equal to (i) for Mr. Flitman, $, (ii) for Mr. Hoffman, $, and
(iii) for  , $. These amounts were paid on January , 2026. For additional information, please see "— *Narrative to Summary Compensation Table* — *Annual Bonuses*" below. In
addition, the amounts reported as earned in this column also include payments pursuant to the long-term incentive cash awards held by each named executive officer granted on December 31, 2024 and which each vested as to 33.3% on
December 31, 2025 in the following amounts: (i) for Mr. Flitman, $, (ii) for Mr. Hoffman, $, and (iii) for  , $. For additional information, please
see "— *Narrative to Summary Compensation Table* — *Long-Term Incentive Awards*" below.

(3) The amounts reported as earned by each executive in this column represent the following: (i) for Mr. Flitman,
  , (ii) for Mr. Hoffman,  , and (iii) for     , .

*Compensation amounts will be provided and the third named executive officer will be identified in subsequent filings following completion of our fiscal year.* 

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

***Narrative to Summary Compensation Table***

*Executive Employment Agreements* 

Certain of the compensation paid to our named executive officers reflected in the summary compensation table was provided pursuant to employment agreements with the Company, which are summarized below. For a discussion of the severance pay and other benefits to be provided to the Company's named executive officers in connection with a termination of employment and/or a change in control under arrangements with each of the Company's named executive officers, please see "—*Potential Payments Upon Termination or Change in Control*" below.

We generally review the base salaries of our executive officers at the end of each fiscal year and consider and implement any merit or cost of living increases to such base salaries with effect on January 1 of the next fiscal year. Effective as of January 1, 2025, each named executive officer's base salary was increased from $580,000, $325,000 and $ for each of Messrs. Flitman, Hoffman and , respectively to $666,000, $375,000 and $, respectively.

Further, each executive is eligible to earn a discretionary annual bonus, determined by our board of directors, based on its assessment of Company and individual performance, following consultation with our Chief Executive Officer and Chief Financial Officer, subject to the executive's continued employment through the applicable payment date. Each of our named executive officers is eligible to earn a target annual bonus equal to 100% of base salary for Messrs. Flitman and Hoffman and % of base salary for .

Each of Messrs. Flitman, Hoffman and are party to an employment agreement memorializing the terms of the executive's employment with the Company, in each case, which provided for an indefinite term. Each such employment agreement subjects the executive to an indefinite confidentiality provision and an invention assignment provision and to non-competition and non-interference covenants (while employed and for twenty-four (24) months thereafter with respect to Messrs. Flitman and Hoffman, and while employed and for twelve (12) months thereafter for). Our named executive officers will also be entitled to participate in health, insurance, retirement and other benefits that are provided to other similarly situated employees of the Company.

For a discussion of the severance pay and other benefits to be provided in connection with a termination of employment under the employment arrangements at or following this offering, please see "— *Potential Payments Upon Termination or Change in Control*" below.

*Annual Bonuses* 

Bonuses payable to the Company's named executive officers in respect of service during the fiscal year ended December 31, 2025 were paid on January , 2026 and were determined based on our board of directors' assessment of the Company's and each individual's performance. After a review of our performance following the close of each fiscal year, our Chief Executive Officer and Chief Financial Officer make a recommendation to our board of directors regarding the bonus amounts that should be paid to our executive officers. The board of directors considers such recommendations and makes the final determination regarding the actual value of the bonuses that will be paid to our executive officers. For the fiscal year ended December 31, 2025, based on our board of directors' assessment of Company and personal performance, the bonus for each of Messrs. Flitman, Hoffman and was equal to $, $ and $, respectively.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

*Long-Term Incentive Awards* 

On December 31, 2024, each named executive officer was granted a long-term incentive cash award, or the Cash LTIP Awards, in amounts equal to $870,000, $487,500 and $ for each of Messrs. Flitman, Hoffman and , respectively. The Cash LTIP Awards each vest over three years in equal annual installments on each of December 31, 2025, December 31, 2026 and December 31, 2027, subject to continued employment through each vesting date (except that upon a named executive officer's death, any unvested portion of the Cash LTIP Award will immediately vest).

*Performance results and annual bonus payouts will be provided in subsequent filings following completion of our fiscal year*.

*Health and Welfare Plans*. The Company's named executive officers are eligible to participate in its employee benefit plans, including its medical, dental, vision, life, disability, health and dependent care flexible spending accounts and accidental death and dismemberment benefit plans, in each case, on the same basis as all of its other employees.

*Retirement Plan*. The Company sponsors a retirement plan intended to qualify for favorable tax treatment under Section 401(k) of the Internal Revenue Code of 1986, as amended, or the Code, containing a cash or deferred feature that is intended to meet the requirements of Section 401(k) of the Code, for the benefit of its employees, including the named executive officers. Our retirement plan currently provides for employer contributions to all participating employees equal to 3% of compensation plus an additional discretionary profit sharing contribution of up to 3% of compensation. All employer contributions are immediately vested.

*Clawback Policy.* In connection with this offering, the Company will adopt a clawback policy designed to recoup any erroneously awarded compensation resulting from certain accounting restatements. If the Company is required to prepare an accounting restatement because of either (i) the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial restatements that is material to the previously issued financial statements, or (ii) an error that is not material to previously issued financial statements, but would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, then all incentive compensation paid or credited to each current or former executive officer for the restated period (up to three years) will be recalculated based on the restated results. To the extent the recalculated incentive compensation is less than the incentive compensation actually paid or credited to such executive officer for that period, the excess amount must be forfeited or returned to the Company.

In the event of an executive officer's failure to repay any erroneously awarded compensation due under the clawback policy, the Company would enforce the clawback policy and pursue other remedies to the fullest extent permitted by law, unless certain conditions are met and the compensation committee determines that recovery would be impracticable.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Outstanding Equity-Based Awards at Fiscal Year-End** 

The following table sets forth outstanding awards of restricted shares of the Company's common stock, or Restricted Stock, held by each of the Company's named executive officers as of December 31, 2025, the last day of the Company's 2025 fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Number of shares<br>or units of stock<br>that have not<br>vested<sup>(1)</sup>** | **Market Value of shares or<br>units of stock that have not<br>vested** | **Equity Incentive plan<br>awards: number of<br>unearned shares, units<br>or other rights have<br>not vested** | **Equity Incentive plan<br>awards: market or<br>payout value of<br>unearned shares, units<br>or other rights that<br>have not vested** |
|  David Flitman | 300000 |  |  |  |
|  Steven Hoffman | 125000 |  |  |  |

---

(1) Represents shares of Restricted Stock granted to each named executive officer on May 2, 2023 and eligible to vest on
May 2, 2026, subject to the named executive officer's continued employment through such date.

**Potential Payments Upon Termination or Change in Control** 

The following summaries describe the potential payments and benefits that the Company would provide to its named executive officers in connection with a termination of employment and/or a change in control, in each case, as of December 31, 2025, the last day of the Company's 2025 fiscal year.

***Severance Benefits***

Pursuant to the employment agreements with each of our named executive officers as in effect on December 31, 2025, upon a termination of employment by us without "cause" (as defined in the applicable employment agreement) or by the executive with "good reason" (as defined in the applicable employment agreement), subject to the executive's execution and non-revocation of a general release of claims in favor of Company and its affiliates, the named executive officer will be entitled to (i) continued payment of the executive's base salary (for twenty-four (24) months with respect to Messrs. Flitman and Hoffman, and for twelve (12) months with respect to), and (ii) subject to the executive's election of COBRA continuation coverage, provided the executive does not become eligible to receive comparable health benefits through a new employer, a monthly cash payment equal to the monthly COBRA premium cost for current coverage for the eighteen (18)-month (or, for , the twelve (12)-month) period following the date of termination.

Each named executive officer's employment agreement subjects them to customary confidentiality restrictions that apply during their employment and indefinitely thereafter, and provides that during the executive's employment, and for a period of twenty-four (24)-months (or, for , twelve (12)-months) thereafter, each executive will be subject to non-competition and non-interference covenants.

***Restricted Stock***

Except as otherwise set forth below, in the event of a named executive officer's termination for any reason prior to the time that such named executive officer's Restricted Stock has vested, (i) all vesting with respect to such Restricted Stock will cease, and (ii) all unvested shares of Restricted Stock will be forfeited to the Company for no consideration.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Pursuant to each of our named executive officer's Restricted Stock grant agreements, in the event of a "change in control" of the Company prior to May 2, 2026, and the named executive officer has not experienced a termination prior to such change in control, 100% of the shares of Restricted Stock will vest upon the consummation of such change in control. If a named executive officer's employment with the Company is terminated due to his or her death or disability on or after May 2, 2025, 100% of the shares of Restricted Stock granted to each of the named executive officers will immediately vest upon the occurrence of such event.

***2026 Stock Incentive Plan***

In connection with this offering, our board of directors intends to adopt, and we expect our stockholders to approve, the 2026 Incentive Plan, or the 2026 Plan. We expect that the 2026 Plan will become effective upon the completion of the offering and will replace our existing stock incentive plan. Although not yet adopted, we expect that the 2026 Plan will have the features described below.

The total number of shares of our common stock available for issuance pursuant to awards under the 2026 Plan will equal . The total number of shares of our common stock that may be issued in respect of incentive stock options is shares. The number of shares of common stock available for issuance under the 2026 Plan will be subject to adjustment as provided therein. Any of our employees, directors or consultants of any of our subsidiaries or affiliates will be eligible to receive an award under the 2026 Plan, to the extent that an offer of such award is permitted by applicable law, stock market or exchange rules, and regulations or accounting or tax rules and regulations.

The 2026 Plan will permit the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units, performance-based awards, other stock-based awards, and any combination thereof. No determination has been made as to the types or amounts of awards that will be granted to specific individuals under the 2026 Plan. Each award, if and when made, will be set forth in a separate grant notice or agreement and will indicate the type and terms and conditions of the award.

***Employee Stock Purchase Plan***

In connection with this offering, our board of directors intends to adopt, and we expect our stockholders to approve, the 2026 Employee Stock Purchase Plan, or the 2026 ESPP. We do not expect to grant purchase rights under the 2026 ESPP until after the completion of this offering. The maximum number of shares of our common stock that may be issued under the 2026 ESPP is shares and it will be administered by the compensation committee of our board of directors. Our employees, including executive officers, and the employees of any of our designated subsidiary corporations will be eligible to participate in the 2026 ESPP, provided they may have to satisfy one or more service requirements before participating in the 2026 ESPP, as determined by the administrator. An employee may not be granted rights to purchase stock under the 2026 ESPP (x) if such employee immediately after the grant would own stock possessing 5% or more of the total combined voting power or value of all classes of our common stock or (y) to the extent that such rights would accrue at a rate that exceeds $25,000 worth of our stock for each calendar year that the rights remain outstanding, as determined under Section 423 of the Code and the rules thereunder.

The 2026 ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code. The administrator may specify offerings with a duration of not

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

more than twenty-seven (27) months and may specify one or more shorter purchase periods within each offering. Each offering will have one or more purchase dates on which shares of our common stock will be purchased for the employees who are participating in the offering. The administrator, in its discretion, will determine the terms of offerings under the 2026 ESPP.

**Director Compensation** 

For the fiscal year ended December 31, 2025, members of the Company's board of directors received annual cash fees for services rendered. Our directors received either: (i) with respect to Robert Arowood, William Arowood, and Timothy Chesson, an annual cash fee of $100,000, or (ii) with respect to Benjamin Rosenblum, Gary Prestia, Don Rhomberg and Amy Usiak an annual cash fee of $40,000 and, with respect to Messrs. Rosenblum and Prestia, an additional annual cash fee of $40,000 for service as chair of our audit committee and a cash fee of $20,000 for service as chair of our underwriting and risk committee, respectively. We also reimburse our directors for reasonable and necessary out-of-pocket expenses incurred in attending board and committee meetings or performing other services for us in their capacities as directors.

**Director Compensation Table** 

The following table summarizes the total compensation paid to each non-employee director for the fiscal year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned or paid in<br>Cash<sup>(1)</sup>** | **Stock Awards**<br>**($)<sup>(2)</sup>** | **Total<br>($)** |
|  Robert Arowood |  |  |  |
|  William Arowood |  |  |  |
|  Timothy Chesson |  |  |  |
|  Gary Prestia |  |  |  |
|  Don Rhomberg |  |  |  |
|  Benjamin Rosenblum |  |  |  |
|  Amy Usiak |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts in this column represent (i) for Messrs. Rosenblum and Prestia, annual fees equal to
$ for their service as directors during 2025 and additional payments equal to $ and $, respectively, for their service as chairs of the Audit Committee and the Underwriting and Risk
Committee, respectively; (ii) for Messrs. Arowood, Arowood, and Chesson annual fees equal to $ for their service as directors during 2025 and (iii) for Mr. Rhomberg and Ms. Usiak, annual fees equal to
$ for their service as directors during 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The amounts reported in this column reflect the aggregate grant date fair value of awards of Restricted Stock granted to
each non-employee director during the fiscal year ended December 31, 2025, in accordance with FASB ASC 718. The equity awards reported in this column were granted on February 1, 2025, The assumptions
used in calculating the aggregate grant date fair value of the equity awards reported in this column are set forth in *Note 15—Stockholders ' Equity* to our audited consolidated financial statements included elsewhere
in this prospectus.

In connection with this offering, our board is expected to approve a new compensation program for our non-employee directors, pursuant to which non-employee members of our board of directors will receive the following compensation for service on our board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual cash retainer of $ for each non-employee director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional cash retainer for the Chair of the committee of $ for service as chairperson of
the   committee;

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An initial equity award in connection with this offering of    with a grant date value of
$, vesting on the    anniversary of our offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An annual $ award to be granted on the date of the Company's annual meeting of stockholders with
a grant date value of $, with all of the shares of our common stock subject to the award vesting on the earlier of either the date of the Company's next annual meeting of stockholders or the one-year anniversary of the date of the grant.

We will also reimburse our directors for reasonable and necessary out-of-pocket expenses incurred in attending board and committee meetings or performing other services for us in their capacities as directors.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

In addition to the director and executive officer compensation arrangements discussed above under "Executive Compensation," the following is a description of transactions since January 1, 2022, to which we have been a party in which the amount involved exceeded or will exceed $120,000 and in which any of our directors, executive officers, beneficial holders of more than 5.0% of our common stock, or their immediate family members or entities affiliated with them, had or will have a direct or indirect material interest.

**Investment Agreement with ClinchPoint** 

Pursuant to an investment agreement, dated as of August 31, 2023, by and between Safepoint Holdings and ClinchPoint Holdings, LLC ("ClinchPoint"), ClinchPoint purchased 254,159 shares of common stock of Safepoint Holdings. In exchange, ClinchPoint (i) sold its 50% equity ownership interest in Cajun Underwriters Holdings, LLC to Safepoint Holdings and (ii) transferred its $6 million aggregate principal amount of Cajun Surplus Notes (as defined below) surplus notes to Safepoint Holdings. As part of the consideration, ClinchPoint is entitled to appoint three individuals to our board of directors.

**The Shuriken Fund** 

Safepoint Holdings is a limited partner of Shuriken I, L.P., a Delaware limited partnership (the "Shuriken Fund"). The Shuriken Fund is a private investment fund that seeks to achieve favorable-risk adjusted returns by investing primarily in a portfolio of catastrophe bonds selected by its investment manager. The investment manager of the Shuriken Fund is Shuriken Capital Management, LLC, a Delaware limited liability company (the "Shuriken Manager"). A subsidiary of the Shuriken Manager acts as the general partner of the Shuriken Fund. The Shuriken Manager is not owned by Safepoint but majority-owned and controlled by David Flitman and Steve Hoffman. Other employees, officers and/or directors of Safepoint Holdings have, or may in the future be granted, an interest in the Shuriken Manager. ClinchPoint also owns a minority interest in the Shuriken Manager.

Pursuant to a Subscription Agreement dated May 2, 2025, Safepoint Holdings made a seed capital contribution to the Shuriken Fund as its initial limited partner in the amount of $10,000,000 (the "Fund Investment"). The Fund Investment is not currently subject to any management fees or other compensation payable to the Shuriken Manager. Any third party investors in the Shuriken Fund will be subject to management fees payable to the Shuriken Manager. The Fund Investment may not be withdrawn until after May 31, 2027, and then only in accordance with the withdrawal terms applicable to the Fund Investment at the time of withdrawal.

On May 2, 2025, Safepoint Holdings also made an unsecured loan of $1,200,000 to the Shuriken Manager for working capital, which pays interest at 8% (per annum) and is due and payable on April 30, 2035. Safepoint Holdings has also entered into a services agreement with the Shuriken Manager pursuant to which Safepoint Holdings provides, either directly or through the secondment of employees, certain middle- and back-office services to the Shuriken Manager, including operations, accounting, investor relations, and information technology support.

**Nsurehub, Inc.** 

Certain shareholders of Safepoint Holdings and members of management are members of Crawdaddy's Ventures, LLC, a Florida limited liability company ("Crawdaddy"), which is a

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

holding company for Nsurehub, Inc. ("Nsurehub"). David Flitman is the largest shareholder in Crawdaddy and maintains a position of Chief Executive Manager of Crawdaddy. Other employees, officers and/or directors of Safepoint Holdings have, or may in the future be granted, an interest in Crawdaddy. ClinchPoint and Steven Hoffman also own minority interests in Crawdaddy and are managers of Crawdaddy.

Pursuant to a Stock Purchase Agreement, dated March 31, 2024, Safepoint Holdings sold 100% of the equity of Nsurehub, a wholly owned subsidiary of Safepoint Holdings, to Crawdaddy's Ventures, LLC for a purchase price of $120,000. Nsurehub is a non-exclusive insurance agent that writes business on behalf of Safepoint Holdings and other unaffiliated insurers. As of December 31, 2025, Nsurehub was the insurance agent for [•]% of our in-force premiums.

Safepoint Holdings has also entered into a services agreement, dated October 1, 2025, with Nsurehub pursuant to which Safepoint Holdings provides, either directly or through the secondment of employees, certain middle- and back-office services to Nsurehub, including operations, accounting, investor relations, and information technology support.

**Bobcat Re LLC** 

Certain shareholders of Safepoint Holdings and members of management are members of Bobcat Re, LLC, a Florida limited liability company ("Bobcat"), which is a reinsurance managing general underwriter for interventional business. Bobcat is led by an independent management team and writes business that does not compete with Safepoint. David Flitman is the largest shareholder in Bobcat. Other employees, officers and/or directors of Safepoint Holdings have, or may in the future be granted, an interest in Bobcat. Steven Hoffman also owns a minority interest in Bobcat.

On November 12, 2025, Safepoint Holdings made an unsecured loan of $600,000 to Bobcat for working capital, which pays interest at 8% (per annum) and is due and payable on November 30, 2035.

Safepoint Holdings has also entered into a services agreement, dated November 11, 2025, with Bobcat pursuant to which Safepoint Holdings provides, either directly or through the secondment of employees, certain middle- and back-office services to Bobcat, including operations, accounting, investor relations, and information technology support.

**Shareholders Agreement** 

Prior to completion of this offering, we were a party to a shareholders agreement, dated as of July 1, 2015 (the "shareholders agreement"), with certain holders of our outstanding capital stock. The shareholders agreement provides for a right of first refusal, tag-along rights, drag-along rights and preemptive rights in respect of sales by certain holders of our capital stock. [The shareholders agreement was amended on [•], 2025 to terminate automatically upon completion of this offering.]

**Indemnification Agreements and Directors' and Officers' Liability Insurance** 

We have entered into indemnification agreements with each of our directors and executive officers. These agreements, among other things, require us to indemnify each director and executive officer to the fullest extent permitted by Delaware law, subject to certain exceptions, including indemnification of expenses such as attorneys' fees, judgments, penalties fines and

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

settlement amounts incurred by the director or executive officer in any action or proceeding, including any action or proceeding by or in right of us, arising out of the person's services as a director or executive officer.

**Policies and Procedures for Related Party Transactions** 

Our board of directors has adopted a written related person transaction policy, to be effective upon the completion of this offering, setting forth the policies and procedures for the review and approval or ratification of related person transactions. This policy will cover, with certain exceptions set forth in Item 404 of Regulation S-K under the Securities Act, any transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships in which we were or are to be a participant, where the amount involved exceeds $120,000 and a related person had or will have a direct or indirect material interest, including, without limitation, purchases of goods or services by or from the related person or entities in which the related person has a material interest, indebtedness, guarantees of indebtedness and employment by us of a related person. In reviewing and approving any such transactions, our audit committee is tasked to consider all relevant facts and circumstances, including, but not limited to, whether the transaction is on terms comparable to those that could be obtained in an arm's length transaction with an unrelated third party and the extent of the related person's interest in the transaction. All of the transactions described in this section occurred prior to the adoption of this policy.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**PRINCIPAL AND SELLING STOCKHOLDERS** 

The following table sets forth information with respect to the beneficial ownership of our common stock as of [•], and as adjusted to reflect the sale of our common stock offered by us and the selling stockholders in this offering, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our current directors and executive officers as a group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, known by us to be the beneficial owner of more than 5% of our outstanding
shares of common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of the selling stockholders.

We have determined beneficial ownership in accordance with the rules of the SEC, which generally means that a person has beneficial ownership of a security if he or she possesses sole or shared voting or investment power of that security, including options that are currently exercisable or exercisable, or restricted stock or restricted stock units vesting, within 60 days of [•]. Unless otherwise indicated, to our knowledge, the persons and entities named in the table below have sole voting and sole investment power with respect to all shares that they beneficially own, subject to community property laws where applicable. The information in the table below does not necessarily indicate beneficial ownership for any other purpose, including for purposes of Sections 13(d) and 13(g) of the Securities Act.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

We have based our calculation of the percentage of beneficial ownership prior to this offering on [•] shares of common stock outstanding as of [•]. We have based our calculation of the percentage of beneficial ownership after this offering on shares of common stock outstanding immediately after the closing of this offering. In computing the number of shares beneficially owned by an individual or entity and the percentage ownership of that person, shares of common stock subject to options, convertible securities or other rights, held by such person that are currently exercisable or will become exercisable within 60 days of [•], are considered outstanding. We did not, however, deem such shares outstanding for the purpose of computing the percentage ownership of any other person.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **After this Offering(2)** | **After this Offering(2)** | **After this Offering(2)** | **After this Offering(2)** |
|  | **Prior to this<br>Offering(1)** | **Prior to this<br>Offering(1)** | | **Assuming No<br>Exercise of the<br>Underwriters'<br>Option** | **Assuming No<br>Exercise of the<br>Underwriters'<br>Option** | **Assuming Full<br>Exercise of the<br>Underwriters'<br>Option** | **Assuming Full<br>Exercise of the<br>Underwriters'<br>Option** |
|  | **Shares<br>Owned** | **Percentage** |<br>**Shares<br>Offered** | **Shares<br>Owned** | **Percentage** | **Shares<br>Owned** | **Percentage** |
|  **Name of Beneficial Owner** |  |  |  | | | | |
|  **Greater than 5% Stockholders:** |  |  |  | | | | |
|  ClinchPoint Holdings, LLC(3) |  |  |  |  |  |  |  |
|  David Flitman |  |  |  |  |  |  |  |
|  **Named Executive Officers, Directors and Director Nominees:** |  |  |  |  |  |  |  |
|  Steve Hoffman |  |  |  |  |  |  |  |
|  Jennifer Cotugno |  |  |  |  |  |  |  |
|  Gus Fernandez |  |  |  |  |  |  |  |
|  Michael Mowel |  |  |  |  |  |  |  |
|  All executive officers, directors and director nominees as a group ([•] persons) |  |  |  |  |  |  |  |
|  **Other Selling Stockholders:** |  |  |  |  |  |  |  |
|  [•] |  |  |  |  |  |  |  |

---

(1) As of [ • ].

(2) As of [ • ].

(3) Reflects securities held by ClinchPoint Holdings, LLC. [ClinchPoint to provide description of ownership structure]. The
address of the [ClinchPoint Parties] is [ • ].

(4) Consists of selling stockholders not otherwise listed in this table who within the groups indicated collectively own less
than 1% of our common stock.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**DESCRIPTION OF CAPITAL STOCK** 

**General** 

As of the closing of this offering, our authorized capital stock will consist of [•] shares of common stock, par value $0.01 per share.

The following descriptions of our capital stock, provisions of our Certificate of Incorporation, our Bylaws and the Amended and Restated Stockholders Agreement are summaries and are qualified by reference to the full text of those documents, copies of which will be filed with the SEC as exhibits to the registration statement of which this prospectus forms a part. The following summary of relevant provisions of the DGCL is qualified by the full text of such provisions. The description of our capital stock reflects changes to our capital structure that will occur prior to the closing of this offering.

**Common Stock** 

As of [•], we had [•] shares of common stock outstanding.

The holders of common stock will be entitled to one vote per share on all matters to be voted upon by the stockholders. The holders of common stock will be entitled to receive ratably those dividends, if any, that may be declared from time to time by our board of directors out of funds legally available. In the event of a liquidation, dissolution or winding up of our company, the holders of common stock will be entitled to share ratably in all assets remaining after payment of liabilities. The common stock will have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. Following the completion of this offering, all outstanding shares of common stock will be fully paid and non-assessable.

**Registration Rights / Piggyback Rights** 

Upon the closing of this offering, certain holders of shares of our common stock, which shares we refer to as "registrable securities," will be entitled to rights with respect to the registration of these registrable securities under the Securities Act. These rights are provided under the terms of the Amended and Restated Stockholders' Agreement. The Amended and Restated Stockholders' Agreement includes demand registration rights and piggyback registration rights. Holders of [•] shares of our common stock will be entitled to demand registration rights and holders of [•] shares of our common stock will be entitled to piggyback registration rights.

All underwriting discounts applicable to the sale of registrable securities pursuant to the Amended and Restated Stockholders' Agreement shall be borne by the holders of registrable securities participating in such sale. Any additional expenses incurred in connection with exercise of registration rights under the Amended and Restated Stockholders' Agreement, including all registration, filing and qualification fees, printers' and accounting fees, and fees and disbursements of our counsel shall be borne by us.

Subject to certain exceptions contained in the Amended and Restated Stockholders' Agreement, the underwriters may limit the number of shares included in an underwritten offering by holders of registrable securities to the number of shares which the underwriters determine in their sole discretion will not jeopardize the success of the offering.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Demand Registration Rights** 

*Form S-1*. If at any time following the effective date of the registration statement of which this prospectus forms a part, a holder of registrable securities representing at least 10% of our outstanding common stock requests in writing that we effect a registration and the anticipated price to the public of such registrable securities is $[•] million or more, we may be required to register their shares. We are obligated to effect at most four registrations for the holders of registrable securities in response to these demand registration rights, subject to certain exceptions.

*Form S-3*. If at any time we become entitled under the Securities Act to register our shares on Form S-3, a holder of registrable securities representing at least [•]% of our outstanding common stock requests in writing that we register their shares for public resale on Form S-3 and the price to the public of the offering is $[•] million or more, we will be required to provide notice to all holders of registrable securities and to use all reasonable efforts to effect such registration; provided, however, that we will not be required to effect such a registration if, we have already effected four registrations on Form S-1 for the holders of registrable securities.

**Piggyback Registration Rights** 

After the closing of this offering, if we propose to register the offer and sale of any of our securities under the Securities Act in connection with the public offering of such securities, the holders of registrable securities representing at least [•]% of our outstanding common stock will be entitled to certain "piggyback" registration rights allowing such holders to include their shares in such registration, subject to certain limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to a registration related solely to an employee benefit plan, a registration related solely to a corporate reorganization or transaction under Rule 145 of the Securities Act or any rule adopted by the SEC in substitution thereof or amendment thereto, or a registration on any registration form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of registrable securities, the holders of these shares are entitled to notice of the registration and have the right to include their shares in the registration.

**Anti-Takeover Matters in our Governing Documents and Under Delaware Law** 

Our Certificate of Incorporation and our Bylaws will contain, and the DGCL contains, provisions that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile or abusive change of control, and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an antitakeover effect and may delay, deter, or prevent a merger or acquisition by means of a tender offer, a proxy contest, or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders.

**Authorized but unissued capital stock** 

The authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval, subject to any limitations imposed by the listing standards of the NYSE. These additional shares may be used for a variety of corporate finance

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

transactions, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger, or otherwise.

**Classified board of directors** 

Our Certificate of Incorporation will provide that our board of directors will be divided into three classes, with the classes as nearly equal in number as possible and each class serving three-year staggered terms. Directors may only be removed from our board of directors for cause by the affirmative vote of at least a majority of the confirmed voting power of our common stock. In addition, our Certificate of Incorporation will provide that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on the board of directors that results from an increase in the number of directors and any vacancies on our board of directors will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, or by a sole remaining director. These provisions may have the effect of deferring, delaying, or discouraging hostile takeovers, changes in control of us or changes in our management.

**Delaware Anti-Takeover Law** 

After this offering, we will be subject to Section 203 of the DGCL, which is an anti-takeover law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years following the date that the person became an interested stockholder, unless the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. Generally, a business combination includes a merger, asset or stock sale, or another transaction resulting in a financial benefit to the interested stockholder. Generally, an interested stockholder is a person who, together with affiliates and associates, owns 15% or more of the corporation's outstanding voting stock or is the corporation's affiliate or associate and was the owner of 15% or more of the corporation's outstanding voting stock at any time within the three-year period immediately before the date of determination. The existence of this provision may have an anti-takeover effect with respect to transactions that are not approved in advance by our board, including discouraging attempts that might result in a premium over the market price for the shares of common stock held by stockholders.

**No cumulative voting** 

Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our Certificate of Incorporation will not authorize cumulative voting. Therefore, stockholders holding a majority of the shares of our stock entitled to vote generally in the election of directors will be able to elect all of our directors.

**Special stockholder meetings** 

Our Certificate of Incorporation will provide that special meetings of our stockholders may be called at any time only by or at the direction of the board of directors or the chair of the board of directors. Our Bylaws will prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying, or discouraging hostile takeovers or changes in control or management.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Director nominations and stockholder proposals** 

Our Bylaws will establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our Bylaws will also specify requirements as to the form and content of a stockholder's notice. Our Bylaws will allow the chair of a meeting of the stockholders to adopt rules and regulations for the conduct of that meeting that may have the effect of precluding the conduct of certain business at that meeting if the rules and regulations are not followed. These provisions may also defer, delay, or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to influence or obtain control.

**Stockholder action by written consent** 

Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice, and without a vote if a consent or consents in writing, setting forth the action so taken, is or are signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless the certificate of incorporation provides otherwise. Our Certificate of Incorporation will only permit stockholder action by unanimous written consent.

**Amendment of Certificate of Incorporation or Bylaws** 

The DGCL provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation's certificate of incorporation or bylaws, unless a corporation's certificate of incorporation or bylaws, as the case may be, requires a greater percentage. Upon the closing of this offering, our Bylaws may be amended or repealed by a majority vote of our board of directors or by the affirmative vote of the holders of at least 662/3% of the votes which all our stockholders would be entitled to cast in any annual election of directors. In addition, the affirmative vote of the holders of at least 662/3% of the votes which all our stockholders would be entitled to cast in any election of directors will be required to amend or repeal or to adopt any provisions inconsistent with any of the provisions of our Certificate of Incorporation described above.

The foregoing provisions of our Certificate of Incorporation and our Bylaws could discourage potential acquisition proposals and could delay or prevent a change in control. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by our board of directors and to discourage certain types of transactions that may involve an actual or threatened change of control. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions also are intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our shares of common stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes in our management or delaying or preventing a transaction that might benefit you or other minority stockholders.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Exclusive forum** 

**Limitations of liability and indemnification** 

The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors' fiduciary duties, subject to certain exceptions. We have also entered into and will continue to enter into indemnification agreements with our directors and executive officers which provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL, subject to certain exceptions as described in "Certain Relationships and Related Party Transactions—Indemnification agreements." Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors or executive officers, we have been informed that in the opinion of the SEC such indemnification is against public policy and is therefore unenforceable. We are expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The limitation of liability, indemnification and advancement provisions in our indemnification agreements and our Bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

**Transfer Agent and Registrar** 

Upon the closing of this offering, the transfer agent and registrar for our common stock will be [•]. The transfer agent's address is [•].

**Exchange Listing** 

We have applied to list our common stock on the NYSE under the symbol "SFPT."

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**DESCRIPTION OF CERTAIN INDEBTEDNESS** 

We summarize below the principal terms of the agreements that govern our existing indebtedness. We refer you to the exhibits to the registration statement of which this prospectus forms a part for copies of agreements governing the indebtedness described below.

**Credit Facilities** 

On February 18, 2025, Safepoint Holdings (as the borrower thereunder) and certain of its subsidiaries (as guarantors thereunder) entered into the Credit Agreement with the lenders from time to time party thereto, and Regions Bank as the administrative agent, pursuant to which we incurred a $100 million term loan, as well as commitments in respect of the DDTL Facility and the Revolving Credit Facility. As of December 31, 2025, there was approximately $[•] million in outstanding borrowings under the Credit Agreement, and there remained available for future drawings $[•] million under the DDTL Facility and $[•] million under the Revolving Credit Facility.

The Credit Agreement contains financial covenants, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends and other distributions, and is secured by liens and security interests on substantially all of our assets (subject to customary exceptions) (such assets, collectively, the "collateral"). All of these covenants, restrictions, liens and security interests impact how we operate our business and may limit our flexibility in planning for, or reacting to, changes in our business and industry. Our ability to comply with these covenants may be affected by events beyond our control. If we breach any of the covenants and do not obtain a waiver from the lenders, then, subject to applicable cure periods, any outstanding debt under the Credit Agreement may be declared immediately due and payable. Our assets or cash flow may not be sufficient to fully repay outstanding borrowings if accelerated upon an event of default. Furthermore, if we are unable to repay, refinance, or restructure the Credit Agreement and the outstanding borrowings thereunder, the lenders could proceed against the collateral granted to them to secure such indebtedness, which could force us into bankruptcy or liquidation. As a result, any default by us on our debt could have a materially adverse effect on our business, financial condition, and results of operations.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Cajun Surplus Notes** 

As of September 30, 2025, Cajun has issued approximately $41.75 million in aggregate principal amount of subordinated surplus notes (the "Cajun Surplus Notes") on the terms summarized in the table below. Prior AL DOI approval is required for Cajun to make any payment of interest on, principal of, and any redemption amount with respect to, the Cajun Surplus Notes. If any such payment is not approved and therefore deferred by the AL DOI, no event of default will occur and no interest will accrue on the deferred amount. The Cajun Surplus Notes are unsecured general obligations that are expressly subordinated in their right of payment to policyholder obligations and other obligations of Cajun. The Cajun Surplus Notes were issued in reliance on the exemption for sales of securities not involving a public offering provided by Section 4(a)(2) of the Securities Act.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issue Date** | **Holder** | **Amount** | **Interest<br>Rate** | **Maturity Date** |
|  June 15, 2022 | Safepoint Insurance Company(1) | $6 million | 8% | December 31, 2042 |
|  June 15, 2022 | Cajun Investco I, LLC(2) | $3 million | 8% | December 31, 2042 |
|  June 15, 2022 | Safepoint Insurance Company(1) | $6 million | 8% | December 31, 2042 |
|  September 23, 2022 | Cajun Investco I, LLC(2) | $2 million | 8% | December 31, 2042 |
|  May 4, 2023 | Cajun Underwriters Holdings, LLC(1) | $3 million | 8% | December 31, 2042 |
|  February 7, 2024 | Safepoint Holdings, Inc. | $1.75 million | 8% | December 31, 2044 |
|  November 11, 2024 | Manatee Insurance Exchange | $10 million | 8% | November 11, 2044 |
|  January 31, 2025 | Safepoint Insurance Company(1) | $10 million | 8% | January 31, 2045 |

---

(1) A wholly owned subsidiary of Safepoint Holdings, Inc.

(2) A wholly owned subsidiary of Acrisure, LLC.

**Manatee Surplus Notes** 

As of September 30, 2025, Manatee has issued approximately $25 million in aggregate principal amount of subordinated surplus notes (the "Manatee Surplus Notes") on the terms summarized in the table below. Prior FLOIR approval is required for Manatee to make any payment of interest on, principal of, and any redemption amount with respect to, the Manatee Surplus Notes. If any such payment is not approved and therefore deferred by the FLOIR, no event of default will occur and no interest will accrue on the deferred amount. The Manatee Surplus Notes are unsecured general obligations that are expressly subordinated in their right of payment to policyholder obligations and other obligations of Manatee. The Manatee Surplus Notes were issued in reliance on the exemption for sales of securities not involving a public offering provided by Section 4(a)(2) of the Securities Act.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issue Date** | **Holder** | **Amount** | **Interest<br>Rate** | **Maturity Date** |
|  January 5, 2024 | Safepoint Holdings, Inc. | $20 million | 8% | January 5, 2044 |
|  January 18, 2024 | Acrisure SI-Vehicles, LLC | $5 million | 8% | January 18, 2044 |

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this offering, there has been no public market for our common stock, and we cannot predict the effect, if any, that market sales of shares of our common stock or the availability of shares of our common stock for sale will have on the market price of our common stock prevailing from time to time. Future sales of our common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect market prices prevailing from time to time. As described below, only a limited number of shares of our common stock will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of our common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price at such time and our ability to raise equity capital in the future.

Following the closing of this offering, based on the number of shares of our capital stock outstanding as of [•], [•] shares of common stock will be outstanding, assuming no exercise of the underwriters' option to purchase additional shares to cover over-allotments, if any. Of these outstanding shares, all of the shares of our common stock sold in this offering will be freely tradable, except that any shares purchased in this offering by our affiliates, as that term is defined in Rule 144 under the Securities Act, would only be able to be sold in compliance with the Rule 144 limitations described below.

The remaining outstanding shares of our common stock not sold in this offering will be, and shares subject to outstanding restricted stock awards will, upon issuance, be deemed "restricted securities" as defined in Rule 144 under the Securities Act. Restricted securities may be sold in the public market only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act, which rules are summarized below. Substantially all of our selling stockholders and our executive officers, directors and holders of our capital stock and securities exchangeable or exercisable for our capital stock have entered lock-up agreements with the underwriters under which they have agreed, subject to certain customary exceptions, not to sell any of our stock for 180 days following the date of this prospectus. As a result of these agreements and subject to the provisions of Rule 144 or Rule 701, shares of our common stock will be available for sale in the public market as follows:

beginning on the date of this prospectus, all shares of our common stock sold in this offering will be immediately available for sale in the public market; and

beginning 180 days after the date of this prospectus, the remaining shares of our common stock will be eligible for sale in the public market from time to time thereafter, subject in some cases to the volume and other restrictions of Rule 144, as described below.

**Lock-Up Agreements** 

We, our officers, directors, substantially all the selling stockholders and holders of substantially all of our capital stock and securities convertible into or exchangeable for our capital stock have agreed or will agree, with the underwriters, that, subject to certain exceptions, for a period of 180 days after the date of this prospectus, we and they will not, and will not cause or direct any of our or their respective affiliates to, without the prior written consent of [•], (i) offer, sell, contract to sell, pledge, grant any option to purchase, lend or otherwise dispose of any shares of common stock, any options or warrants to purchase any shares of common stock or any securities convertible into or exchangeable for or that represent the right to receive shares of our common stock, (ii) engage in any hedging or other transaction

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by such holder or someone other than such holder), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any shares of common stock or derivative instruments, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of common stock or other securities, in cash or otherwise, or (iii) otherwise publicly announce any intention to engage in or cause any action or activity described in clauses (i) or (ii) above. [•] may, in their discretion, release any of the securities subject to lock-up agreements at any time. When determining whether or not to release our common stock and other securities from lock-up agreements, [•] will consider, among other factors, the holder's reasons for requesting the release, the number of shares for which the release is being requested and market conditions at the time of the request. In the event of such a release or waiver for one of our directors or officers, [•] shall provide us with notice of the impending release or waiver at least three business days before the effective date of such release or waiver and we will announce the impending release or waiver by issuing a press release at least two business days before the effective date of the release or waiver. See the section entitled "*Underwriting—Lock-Up Agreements*".

**Rule 144** 

In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares of our common stock proposed to be sold for at least six months is entitled to sell those shares without complying with the manner of sale, volume limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person would be entitled to sell those shares without complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling shares of our common stock on behalf of our affiliates are entitled to sell upon expiration of the market standoff agreements and lock-up agreements described above, within any three-month period, a number of shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our capital stock then outstanding, which will equal     shares immediately
after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our common stock during the four calendar weeks preceding the filing of a notice on
Form 144 with respect to that sale.

Sales under Rule 144 by our affiliates or persons selling shares of our common stock on behalf of our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701** 

Rule 701 generally allows a stockholder who purchased shares of our capital stock pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

our company during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701.

**S-8 Registration Statement** 

We intend to file a registration statement on Form S-8 under the Securities Act promptly after the closing of this offering to register shares of our common stock reserved for future issuance under our 2026 Equity Compensation Plans. The registration statement on Form S-8 is expected to become effective immediately upon filing, and shares of our common stock covered by the registration statement will then become eligible for sale in the public market, subject to the Rule 144 limitations applicable to affiliates, vesting restrictions and any applicable market standoff agreements and lock-up agreements. See the section captioned "*Executive Compensation—Employee Benefit and Equity Incentive Plans*" for a description of our equity compensation plans.

**[Registration Rights** 

We have granted certain registration rights to certain of our stockholders to sell our common stock. Registration of the sale of these shares under the Securities Act would result in these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration, except for shares purchased by affiliates. See the section entitled "*Description of Capital Stock—Registration Rights*" for additional information. Shares covered by a registration statement will be eligible for sale in the public market upon the expiration or release from the terms of the lock-up agreement.]

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES** 

**TO NON-U.S. HOLDERS** 

The following is a summary of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the ownership and disposition of our common stock issued pursuant to this offering. This discussion is not a complete analysis of all potential U.S federal income tax consequences relating thereto, does not address the potential application of the alternative minimum tax or Medicare contribution tax on net investment income, and does not address any estate or gift tax consequences (other than those specifically set forth below) or any tax consequences arising under any state, local or foreign tax laws, or any other U.S. federal tax laws. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions and published rulings and administrative pronouncements of the Internal Revenue Service (the "IRS"), all as in effect on the date of this prospectus. These authorities are subject to differing interpretations and may change, possibly retroactively, resulting in U.S. federal income tax consequences different from those discussed below. We have not requested a ruling from the IRS with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This discussion is limited to non-U.S. holders who purchase our common stock pursuant to this offering and who hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all of the U.S. federal income tax consequences that may be relevant to an individual holder in light of such holder's particular circumstances. This discussion also does not consider any specific facts or circumstances that may be relevant to non-U.S. holders subject to special rules under the U.S. federal income tax laws, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other pass-through entities (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "passive foreign investment companies";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations and governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to special tax accounting rules under Section 451(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own or have owned, actually or constructively, more than 5% of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who have elected to mark securities to market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our common stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or
other risk reduction strategy or integrated investment.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds our common stock, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Partnerships holding our common stock and the partners in such partnerships are urged to consult their tax advisors about the particular U.S. federal income tax consequences to them of holding and disposing of our common stock.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF ACQUIRING, OWNING AND DISPOSING OF OUR COMMON STOCK, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL OR FOREIGN TAX LAWS AND ANY OTHER U.S. FEDERAL TAX LAWS.

**Definition of Non-U.S. Holder** 

For purposes of this discussion, a non-U.S. holder is any beneficial owner of our common stock that is not a "U.S. person" or a partnership (including any entity or arrangement treated as a partnership) or other pass-through entity for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (including any entity treated as a corporation for U.S. federal income tax purposes) created or organized
under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (1) whose administration is subject to the primary supervision of a U.S. court and which has one or more
United States persons who have the authority to control all substantial decisions of the trust or (2) that has a valid election in effect under applicable Treasury Regulations to be treated as a United States person.

If you are an individual non-U.S. citizen, you may, in some cases, be deemed to be a resident alien (as opposed to a nonresident alien) by virtue of being present in the United States for at least 31 days in the calendar year and for an aggregate of at least 183 days during a three-year period ending in the current calendar year. Generally, for this purpose, all the days present in the current year, one-third of the days present in the immediately preceding year, and one-sixth of the days present in the second preceding year, are counted.

Resident aliens are generally subject to U.S. federal income tax as if they were U.S. citizens. Individuals who are uncertain of their status as resident or nonresident aliens for U.S. federal income tax purposes are urged to consult their tax advisors regarding the U.S. federal income tax consequences of the ownership or disposition of our common stock.

**Distributions on Our Common Stock** 

If we distribute cash or other property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts distributed in excess of our current and accumulated earnings and profits will constitute a return of capital and will first be applied against and reduce a non-U.S. holder's tax basis in our common stock, but not below zero. Any distribution in excess of a non-U.S. holder's tax basis will be treated as gain realized on the sale or other disposition of our common stock and will be treated as described in the "Gain On Disposition of Our Common Stock" section below.

Subject to the discussion below regarding effectively connected income, backup withholding and FATCA (as defined below), dividends paid to a non-U.S. holder of our common

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

stock generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends or such lower rate specified by an applicable income tax treaty. To receive the benefit of a reduced treaty rate, a non-U.S. holder must furnish the applicable withholding agent with a valid IRS Form W-8BEN or IRS Form W-8BEN-E (or applicable form) certifying such non-U.S. holder's qualification for the reduced rate. This certification must be provided to the applicable withholding agent before the payment of dividends and must be updated periodically. If the non-U.S. holder holds our common stock through a financial institution or other agent acting on the non-U.S. holder's behalf, the non-U.S. holder will be required to provide appropriate documentation to the agent, which then will be required to provide certification to the applicable withholding agent, either directly or through other intermediaries.

If a non-U.S. holder holds our common stock in connection with the conduct of a trade or business in the United States, and dividends paid on our common stock are effectively connected with such holder's U.S. trade or business (and are attributable to such holder's permanent establishment or fixed base in the United States if required by an applicable tax treaty), the non-U.S. holder will generally be exempt from U.S. federal withholding tax, provided that the non-U.S. holder furnishes a valid IRS Form W-8ECI (or applicable successor form) to the applicable withholding agent.

However, any such effectively connected dividends paid on our common stock generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A non-U.S. holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items.

Non-U.S. holders that do not provide the required certification on a timely basis, but that qualify for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Gain on Disposition of Our Common Stock** 

Subject to the discussion below regarding backup withholding and FATCA, a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized on the sale or other disposition of our common stock, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the non-U.S. holder's conduct of a trade or business in the United States and,
if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by the non-U.S. holder in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the non-U.S. holder is a nonresident alien individual present in the United States for 183 days or more during the
taxable year of the disposition, and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our common stock constitutes a "U.S. real property interest" by reason of our status as a U.S. real property
holding corporation ("USRPHC"), for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding the disposition or the non-U.S. holder's holding period for our common stock, and our common
stock is not regularly traded on an established securities market during the calendar year in which the sale or other disposition occurs.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Determining whether we are a USRPHC depends on the fair market value of our U.S. real property interests relative to the fair market value of our other trade or business assets and our foreign real property interests. We believe we are not currently and we do not anticipate becoming a USRPHC for U.S. federal income tax purposes, although there can be no assurance, we will not in the future become a USRPHC.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such non-U.S. holder were a resident of the United States. A non-U.S. holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items. Gain described in the second bullet point above will be subject to U.S. federal income tax at a flat 30% rate (or such lower rate specified by an applicable income tax treaty), but may be offset by certain U.S.-source capital losses (even though the individual is not considered a resident of the United States), provided that the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. Gain described in the third bullet point above will generally be subject to federal income tax in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business (subject to any provisions under an applicable income tax treaty), except that the branch profits tax generally will not apply.

Non-U.S. holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.

**U.S. Federal Estate Tax** 

The estates of nonresident alien individuals generally are subject to U.S. federal estate tax on property with a U.S. situs. Because we are a U.S. corporation, our common stock will be U.S. situs property and, therefore, will be included in the taxable estate of a nonresident alien decedent, unless an applicable estate tax treaty between the United States and the decedent's country of residence provides otherwise. The terms "resident" and "nonresident" are defined differently for U.S. federal estate tax purposes than for U.S. federal income tax purposes. Investors are urged to consult their tax advisors regarding the U.S. federal estate tax consequences of the ownership or disposition of our common stock.

**Information Reporting and Backup Withholding** 

Annual reports are required to be filed with the IRS and provided to each non-U.S. holder indicating the amount of dividends on our common stock paid to such holder and the amount of any tax withheld with respect to those dividends. These information reporting requirements apply even if no withholding was required because the dividends were effectively connected with the holder's conduct of a U.S. trade or business, or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the non-U.S. holder resides or is established.

Backup withholding, currently at a 24% rate, generally will not apply to payments to a non-U.S. holder of dividends on or the gross proceeds of a disposition of, our common stock provided the non-U.S. holder furnishes the required certification for its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, or certain other requirements are met. Backup withholding may apply if the payor has actual knowledge, or reason to know, that the holder is a U.S. person who is not an exempt recipient.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

Backup withholding is not an additional tax. If any amount is withheld under the backup withholding rules, the non-U.S. holder should consult with a U.S. tax advisor regarding the possibility of and procedure for obtaining a refund or a credit against the non-U.S. holder's U.S. federal income tax liability, if any.

Information reporting and backup withholding will generally apply to the proceeds of a disposition of our common stock by a non-U.S. holder effected by or through the U.S. office of any broker, U.S. or foreign, unless the holder certifies its status as a non-U.S. holder and satisfies certain other requirements, or otherwise establishes an exemption. Generally, information reporting and backup withholding will not apply to a payment of disposition proceeds to a non-U.S. holder where the transaction is effected outside the United States through a non-U.S. office of a broker. However, for information reporting purposes, dispositions effected through a non-U.S. office of a broker with substantial U.S. ownership or operations generally will be treated in a manner similar to dispositions effected through a U.S. office of a broker. Prospective investors should consult their own tax advisors regarding the application of the information reporting and backup withholding rules to them, including the availability of and procedure for obtaining an exemption from backup withholding.

**Withholding on Foreign Entities** 

The Foreign Account Tax Compliance Act ("FATCA"), as reflected in Sections 1471 through 1474 of the Code, imposes a U.S. federal withholding tax of 30% on certain payments, including dividends paid in respect of our common stock and the gross proceeds of disposition on our common stock, made to a "foreign financial institution" (as specially defined under these rules) unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding certain U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or an exemption applies. FATCA also generally will impose a U.S. federal withholding tax of 30% on certain payments, including dividends paid in respect of our common stock and the gross proceeds of disposition on our common stock, made to a non-financial foreign entity unless such entity provides the withholding agent a certification identifying certain direct and indirect U.S. owners of the entity or an exemption applies. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. FATCA currently applies to dividends paid on our common stock. Proposed Treasury Regulations, which may be relied upon until final Treasury Regulations are finalized, currently eliminate FATCA withholding on payments of gross proceeds from sales or other dispositions of our common stock.

Prospective investors are encouraged to consult with their tax advisors regarding the possible implications of FATCA on their investment in our common stock.

EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR COMMON STOCK, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAW, AS WELL AS TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, NON-U.S. OR U.S. FEDERAL NON-INCOME TAX LAWS SUCH AS ESTATE AND GIFT TAX.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**UNDERWRITING** 

Subject to the terms and conditions of the underwriting agreement, the underwriters named below, through their representative Deutsche Bank Securities Inc., have severally agreed to purchase from us the following number of shares of common stock at a public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Underwriters** | **Number<br>of Shares** |
|  Deutsche Bank Securities Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |

---

The underwriting agreement provides that the obligations of the several underwriters to purchase the shares of common stock offered hereby are subject to certain conditions precedent and that the underwriters will purchase all of the shares of common stock offered by this prospectus, other than those covered by the underwriters' option to purchase additional shares described below unless and until this option is exercised, if any of these shares are purchased.

We have been advised by the representative of the underwriters that the underwriters propose to offer the shares of common stock to the public at the initial public offering price set forth on the cover of this prospectus and to dealers at a price that represents a concession not in excess of $ per share under the initial public offering price. Any such dealers may resell shares to certain other brokers or dealers at a discount of up to $ per share from the initial public offering price. After the initial public offering, the representative of the underwriters may change the offering price and other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part. Sales of any shares made outside of the United States may be made by affiliates of the underwriters.

The selling stockholders has granted to the underwriters an option, exercisable not later than 30 days after the date of this prospectus, to purchase up to additional shares of common stock at the initial public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus. To the extent that the underwriters exercise this option, each of the underwriters will become obligated, subject to conditions, to purchase approximately the same percentage of these additional shares of common stock as the number of shares of common stock to be purchased by it in the above table bears to the total number of shares of common stock offered by this prospectus. We and the selling stockholder will be obligated, pursuant to the option, to sell these additional shares of common stock to the underwriters to the extent the option is exercised. If any additional shares of common stock are purchased, the underwriters will offer the additional shares on the same terms as those on which the shares are being offered.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

The underwriting discounts and commissions per share are equal to the public offering price per share of common stock less the amount paid by the underwriters to us or the selling stockholder per share of common stock. The underwriting discounts and commissions are % of the initial public offering price. We and the selling stockholder have agreed to pay the underwriters the following discount, assuming either no exercise or full exercise by the underwriters of the underwriters' option to purchase additional shares:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total Fees** | **Total Fees** |
|  |<br>**Fee per<br>share** | **Without<br>Exercise of<br>Underwriters'<br>Option** | **With Full<br>Exercise of<br>Underwriters'<br>Option** |
|  Discounts paid by us | $| $| $|
|  Discounts paid by the selling stockholders | $| $| $|

---

In addition, we estimate that our share of the total expenses of this offering, excluding underwriting discount, will be approximately $ million. We have agreed to reimburse the underwriters for certain of their expenses up to a maximum amount of $[•].

We and the selling stockholders have agreed to indemnify the underwriters against some specified types of liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriters may be required to make in respect of any of these liabilities.

We, our officers and directors, the selling stockholders and certain other stockholders have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of the representative. See "*Shares Eligible for Future Sale*."

The representative of the underwriters has advised us that the underwriters do not intend to confirm sales to any account over which they exercise discretionary authority.

In connection with the offering, the underwriters may purchase and sell shares of our common stock in the open market. These transactions may include may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions, and penalty bids in accordance with Regulation M under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a
specified maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over-allotment involves sales by the underwriters of shares of common stock in excess of the common stock the underwriters
are obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of common stock over-allotted by the underwriters is
not greater than the number of common stock that they may purchase in the over-allotment option. In a naked short position, the number of common stock involved is greater than the number of common stock in the over-allotment option. The underwriters
may close out any covered short position by either exercising their over-allotment option and/or purchasing common stock in the open market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions involve purchases of shares of common stock in the open market after the distribution has
been completed in order to cover syndicate short positions. In determining the source of common stock to close out the short position, the

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

underwriters will consider, among other things, the price of common stock available for purchase in the open market as compared to the price at which they may purchase common stock through the over-allotment option. If the underwriters sell more common stock than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying common stock in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of common stock in the open market after pricing that could adversely affect investors who purchase in the offering. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penalty bids permit the representative to reclaim a selling concession from a syndicate member when common stock originally
sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of common stock or preventing or retarding a decline in the market price of common stock. As a result the price of common stock may be higher than the price that might otherwise exist in the open market. These transactions may be effected on the NYSE, if commenced, may be discontinued at any time.

A prospectus in electronic format may be made available on the web sites maintained by one or more of the underwriters, or selling group members, if any, participating in this offering and one or more of the underwriters participating in this offering may distribute prospectuses electronically. The representative may agree to allocate a number of our common stock to underwriters and selling stockholders for sale to their online brokerage account holders. Internet distributions will be allocated by the underwriters and selling stockholders that will make internet distributions on the same basis as other allocations.

We have applied to list our common stock on the New York Stock Exchange (the "NYSE") under the symbol "SFPT."

Prior to this offering, there has been no public market for our common stock. Consequently, the initial public offering price of our common stock will be determined by negotiation among us, the selling stockholder and the representative of the underwriters. Among the factors that will be considered in determining the public offering price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information presented in this prospectus and otherwise available to the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the history of, and prospects for, the industry in which we will compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prospects for our future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the present state of our development, results of operations and our current financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general condition of the securities markets at the time of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors deemed relevant by the underwriters and us.

Neither we nor the underwriters can assure investors that an active trading market will develop for our common stock, or that the shares will trade in the public market at or above the initial public offering price.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**[Directed Share Program** 

At our request, the underwriters have reserved for sale, at the initial public offering price, up to % of the common stock offered by this prospectus for sale to our director, director nominees, officers and certain of our employees and other persons associated with us. Pursuant to the underwriting agreement, the sales will be made by [•], an underwriter of this offering, through a Directed Share Program. If these persons purchase reserved common stock, it will reduce the number of shares of common stock available for sale to the general public. Any reserved shares of common stock that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares of common stock offered by this prospectus. Any shares sold in the Directed Share Program to a party who has entered into a lock-up agreement described above shall be subject to the provisions of such lock-up agreement.]

**Conflicts of Interest** 

The underwriters and their respective affiliates are full-service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. These investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Selling Restrictions** 

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Notice to Prospective Investors in the European Economic Area** 

In relation to each Member State of the European Economic Area (each, a "Member State"), no shares of common stock have been offered or will be offered pursuant to this offering to the public in that Member State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation (as defined herein), except that offers of shares may be made to the public in that Member State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation (as defined
herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation),
subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of shares
of common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any
shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the representative and us that it is a "qualified investor" as defined in the Prospectus Regulation.

In the case of any shares of common stock being offered to a financial intermediary as that term is used in Article 5 of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a nondiscretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares of common stock to the public other than their offer or resale in a Member State to qualified investors as so defined or in circumstances in which the prior consent of the representative has been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of common stock in any Member State means the communication in any form and by means of sufficient information on the terms of the offer and the shares of common stock to be offered so as to enable an investor to decide to purchase shares of common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

**Notice to Prospective Investors in the United Kingdom** 

No shares of common stock have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares of common stock which has been approved by the Financial Conduct Authority, except that the shares of common stock may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation (as defined
herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus
Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000
("FSMA");

*provided* that no such offer of the shares of common stock shall require any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares of common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares of common stock and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and each person who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the underwriters and us that it is a qualified investor within the meaning of Article 2(e) of the UK Prospectus Regulation.

Each person in the UK who receives any communication in respect of, or who acquires any of our shares of common stock under, the offers to the public contemplated in this prospectus, or to whom our shares of common stock are otherwise made available, will be deemed to have represented, warranted, acknowledged, and agreed to and with us, the underwriters, and their respective affiliates that it meets the criteria outlined in this section.

This prospectus is only for distribution to and directed at: (i) in the United Kingdom, persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") and high net worth entities falling within Article 49(2)(a) to (d) of the Order; (ii) are persons falling within Article 49(2)(a) to (d)("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order; (iii) persons who are outside the United Kingdom; and (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "Relevant Persons"). The shares of common stock will only be available to, and any invitation, offer, or agreement to subscribe for, purchase, or otherwise acquire such shares will be engaged only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this prospectus or any of its contents.

**Notice to Prospective Investors in the Dubai International Financial Centre** 

This prospectus relates to an "Exempt Offer" in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the "DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of our common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Notice to Prospective Investors in Switzerland** 

The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the offering, us, or the shares of common stock have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of shares of common stock will not be supervised by, FINMA, and the offer of shares of common stock has not been and will not be authorized under CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares of common stock.

**Notice to Prospective Investors in Hong Kong** 

The shares of common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation, or document relating to the shares of common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

**Notice to Prospective Investors in Australia** 

No placement document, prospectus, product disclosure statement, or other disclosure document has been lodged with the Australian Securities and Investments Commission in relation to this offering. This prospectus does not constitute a prospectus, product disclosure statement, or other disclosure document under Chapter 6D.2 of the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement, or other disclosure document under the Corporations Act.

Any offer in Australia of the shares may only be made to persons, or the Exempt Investors, who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act), or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.

The shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise, or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation, or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives, and circumstances, and, if necessary, seek expert advice on those matters.

**Notice to Prospective Investors in Japan** 

The shares of common stock have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended; the "FIEA") and no shares of common stock will be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person "resident" in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

**Notice to Prospective Investors in Singapore** 

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of common stock may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares of common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which
is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of
the trust is an individual who is an accredited investor;

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the shares under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to an institutional investor or to a relevant person, or to any person arising from an offer referred to in
Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the transfer is by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as specified in Section 276(7) of the SFA.

Singapore Securities and Futures Act Product Classification—Solely for the purposes of its obligations pursuant to Section 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons (as defined in Section 309A of the SFA), that the shares of common stock are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on the Recommendations on Investment Products).

**Notice to Prospective Investors in Canada** 

The shares of common stock may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**Notice to Prospective Investors in Brazil** 

The offer and sale of the shares of common stock have not been, and will not be, registered with the Brazilian Securities Commission, Comissão de Valores Mobiliários ("CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No. 160, dated July 13, 2022, as amended, or unauthorized distribution under Brazilian laws and regulations. The shares may only be offered to Brazilian Professional Investors (as defined by the applicable CVM regulation), who may only acquire the shares through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these shares of common stock on regulated securities markets in Brazil is prohibited.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Notice to Prospective Investors in Bermuda** 

The shares of common stock may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of securities in Bermuda. Additionally, non-Bermudian persons (including companies) may not carry on or engage in any trade orbusiness in Bermuda unless such persons are permitted to do so under applicable Bermuda legislation.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**LEGAL MATTERS** 

Willkie Farr & Gallagher LLP will pass upon the validity of the shares of our common stock being offered by this prospectus. Latham & Watkins LLP is acting as counsel to the underwriters.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**CHANGE IN ACCOUNTANTS** 

On November 18, 2024, our board of directors approved the engagement of PricewaterhouseCoopers LLP as our independent registered public accounting firm to audit our consolidated financial statements for the year ended December 31, 2024. We were not an SEC filer at the time of RSM US LLP's replacement by PricewaterhouseCoopers LLP. The audited financial statements included in this prospectus for the years ended December 31, 2024 and 2025 have been audited by PricewaterhouseCoopers LLP.

During the year ended December 31, 2023, and through November 22, 2024, there were no disagreements with RSM US LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of RSM US LLP, would have caused them to make reference thereto in their report on our financial statements for the year ended December 31, 2023. The report of RSM US LLP on our financial statements for the year ended December 31, 2023, did not contain an adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principle.

During the year ended December 31, 2023, and through [•], 2024, there were no reportable events, as defined in Item 304(a)(1)(v) of Regulation S-K.

During the year ended December 31, 2023 and the subsequent interim period preceding the engagement of PricewaterhouseCoopers LLP, the Company did not consult with PricewaterhouseCoopers LLP with respect to: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the consolidated financial statements, and no written report or oral advice of PricewaterhouseCoopers LLP was provided that was an important factor considered by the Company in reaching a decision as to the accounting, auditing, or financial reporting issue; or (ii) any matter that was either the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K), or any "reportable event" (as defined in Item 304(a)(1)(v) of Regulation S-K).

We provided RSM US LLP with a copy of the foregoing disclosure and requested that RSM US LLP provide a letter addressed to the SEC stating whether it agrees with the above facts and, if not, stating the respects in which it does not agree. A copy of RSM US LLP's letter, dated [•], 2025, provided in response to that request, is filed as Exhibit 16.1 to the Registration Statement of which this prospectus forms a part.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**EXPERTS** 

The financial statements as of and for the year ended December 31, 2024 included in this Prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of our common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our common stock, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains a website that contains reports, proxy statements and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

As a result of this offering, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, will file periodic reports, proxy statements and other information with the SEC. These periodic reports, proxy statements and other information will be available for inspection at the website of the SEC referred to above. We also maintain a website at www.safepointins.com where, upon closing of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information on or that can be accessed through our website is not a part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Index to Consolidated Financial Statements** 

**Consolidated Financial Statements** 

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fintoc73198_7) | F-2 |
|  [Consolidated Balance Sheet as of December 31, 2024](#fintoc73198_1) | F-3 |
|  [Consolidated Statement of Comprehensive Income for the year ended December 31, 2024](#fintoc73198_2) | F-4 |
|  [Consolidated Statement of Stockholders' Equity for the year ended December 31, 2024](#fintoc73198_3) | F-5 |
|  [Consolidated Statement of Cash Flows for the year ended December 31, 2024](#fintoc73198_4) | F-6 |
|  [Notes to Consolidated Financial Statements](#fintoc73198_5) | F-7 |
|  [Schedule II Condensed Financial Information of Registrant at December 31, 2024 and for the year ended December 31, 2024](#fintoc73198_6) | F-49 |

---

Schedules other than those listed are omitted for the reason that they are not required, are not applicable or that equivalent information has been included in the financial statements or notes thereto or elsewhere herein.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Stockholders of Safepoint Holdings, Inc.

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheet of Safepoint Holdings, Inc. and its subsidiaries (the "Company") as of December 31, 2024, and the related consolidated statement of comprehensive income, of stockholders' equity and of cash flows for the year then ended, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

November 26, 2025

We have served as the Company's auditor since 2024.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Consolidated Balance Sheet** 

**(In thousands, except per share amounts)** 

---

| | |
|:---|:---|
|  | **December 31,**<br>**2024** |
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities, available for sale, at fair value (amortized cost of $60,973)(1) | $62053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities, at fair value | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 62171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash(1) | 11545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable, net(1) | 20343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable, net(1) | 70925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid reinsurance premiums(1) | 113542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumed reinsurance receivable, net(1) | 76917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net(1) | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax asset, net | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs, net(1) | 71888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net(1) | 24744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 17932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 14636 |
|  Total assets | $742326 |
|  Liabilities and Stockholders' Equity |  |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and loss adjustment expenses(1) | $145221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums(1) | 356835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance premiums(1) | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses(1) | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions payable(1) | 5812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Checks issued in excess of funds | 5484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable, net(1) | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt(1)(2) | 31715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable(1) | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance payable(1) | 21864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds held under reinsurance contracts(1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities(1) | 18708 |
|  Total liabilities | 597142 |
|  Commitments and Contingencies (Note 13) |  |
|  Preferred stock, $0.001 par value, 6.0% cumulative dividend,<br>(114,622 shares authorized, issued, and outstanding)(2) | 9841 |
|  Refundable reciprocal subscriber contributions | 15338 |
|  Stockholders' Equity: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, par value $0.001 (5,000,000 authorized, 2,306,390 issued, 472,797 outstanding) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 53393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 66610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock, at cost 43,174 shares | $(799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income, net of tax | 801 |
|  Total stockholders' equity | 120005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest | (4825) |
|  Total equity attributable to controlling interest | 124830 |
|  Total liabilities and stockholders' equity | $742326 |

---

(1) See Note 10 for details of balances associated with variable interest entities

(2) See Note 16 for additional information regarding related party transactions

*See accompanying Notes to the Consolidated Financial Statements.*

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Consolidated Statement of Comprehensive Income** 

**(In thousands, except per share amounts)** 

---

| | |
|:---|:---|
|  | **Year Ended<br>December 31,<br>2024** |
|  Revenues: |  |
|  Gross written premiums | $642591 |
|  Change in gross unearned premiums | (114052) |
|  Gross earned premiums | 528539 |
|  Ceded earned premiums | (289378) |
|  Net earned premiums | 239161 |
|  Policy fee income | 5992 |
|  Net investment income | 14183 |
|  Net realized investment gain | 177 |
|  Other insurance related income | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 260298 |
|  Expenses: |  |
|  Losses and loss adjustment expenses, net | 136050 |
|  Policy acquisition costs, net of ceding commissions | (6221) |
|  General and administrative expenses | 52202 |
|  Interest expense(1) | 4744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 186775 |
|  Income before income taxes | 73523 |
|  Provision for income tax expense | 13243 |
|  Net income | 60280 |
|  Net loss attributable to non-controlling interest | (17124) |
|  Net income attributable to controlling interest | 77404 |
|  Other comprehensive income: |  |
|  Change in net unrealized gain on fixed maturity investments | 62 |
|  Reclassification adjustment for net realized investment losses | 43 |
|  Income tax expense related to items of other comprehensive income | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other comprehensive income | 23 |
|  Total comprehensive income | 60303 |
|  Less: Comprehensive loss attributable to non-controlling interest | (17385) |
|  Comprehensive income attributable to controlling interest | $77688 |
|  Earnings per share: |  |
|  Basic | $162.45 |
|  Diluted | $61.49 |
|  Weighted average shares outstanding |  |
|  Basic | 472797 |
|  Diluted | 1258712 |

---

(1) See Note 16 for additional information regarding related party transactions

*See accompanying Notes to the Consolidated Financial Statements.*

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Consolidated Statement of Stockholders' Equity** 

**(In thousands, except per share amounts)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable<br>Preferred Stock** | **Redeemable<br>Preferred Stock** | **Reciprocal<br>Subscriber**<br>**Contributions** | **Common Stock** | **Common Stock** | **Additional<br>Paid-In** | **Treasury**<br>**Stock** | **Accumulated<br>Other<br>Comprehensive<br>Income,**<br>**Net of Tax** | **Retained**<br>**Earnings** | **Total<br>Stockholders'**<br>**Equity** | **Non-<br>Controlling**<br>**Interests** | **Total Equity<br>Attributable<br>to Controlling**<br>**Interest** |
|  | **Shares** | **Amount** | **Reciprocal<br>Subscriber**<br>**Contributions** | **Shares** | **Amount** | **Capital** | **Treasury**<br>**Stock** | **Accumulated<br>Other<br>Comprehensive<br>Income,**<br>**Net of Tax** | **Retained**<br>**Earnings** | **Total<br>Stockholders'**<br>**Equity** | **Non-<br>Controlling**<br>**Interests** | **Total Equity<br>Attributable<br>to Controlling**<br>**Interest** |
|  **Balance as of January 1, 2024** | **114622** | $**9841** | $**5049** | **472797** | $**—** | $**34169** | $**(799)** | $**778** | $**6930** | $**41078** | $**(4126)** | $**45204** |
|  Equity-based compensation |  |  |  |  |  | 2538 |  |  |  | 2538 |  | 2538 |
|  Other comprehensive income |  |  |  |  |  |  |  | 23 |  | 23 | (261) | 284 |
|  Preferred stock dividends |  |  |  |  |  |  |  |  | (600) | (600) |  | (600) |
|  Refundable subscriber contributions(1) |  |  | 26975 |  |  |  |  |  |  |  |  |  |
|  Subscriber contributions |  |  | (16686) |  |  | 16686 |  |  |  | 16686 | 16686 |  |
|  Net income |  |  |  |  |  |  |  |  | 60280 | 60280 | (17124) | 77404 |
|  **Balance as of December 31, 2024** | **114622** | $**9841** | $**15338** | **472797** | $**—** | $**53393** | $**(799)** | $**801** | $**66610** | $**120005** | $**(4825)** | $**124830** |

---

(1) The refundable subscriber contributions are presented net of $6.1 million of cancellations

*See accompanying Notes to the Consolidated Financial Statements.* 

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Consolidated Statement of Cash Flows** 

**(In thousands)** 

---

| | |
|:---|:---|
|  | **Year Ended<br>December 31,<br>2024** |
|  **Operating activities** |  |
|  Net income | $60280 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 9249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of bond premium and discount, net | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of equity-based compensation | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains on investments | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in net operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable | 40014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid reinsurance premiums | 46806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income taxes | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (4049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid loss and loss adjustment expenses | (2663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 114052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance premiums | (1463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumed reinsurance receivable | (57393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance payable | (32732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | (1193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds held under reinsurance treaties | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission payable | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable(1) | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | (73363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 8537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 119929 |
|  **Investing activities** |  |
|  Purchases of fixed-maturity securities available for sale | (32474) |
|  Proceeds from sales and maturities of fixed-maturity securities available for sale | 9940 |
|  Purchases of equity securities | (32) |
|  Cost of property and equipment acquired | (3559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (26125) |
|  **Financing activities** |  |
|  Preferred stock dividends(1) | (600) |
|  Issuance of notes payable(1) | 5000 |
|  Reciprocal subscriber contributions received | 33061 |
|  Reciprocal subscriber contributions refunded | (6086) |
|  Outstanding checks in excess of funds on deposit | 4246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 35621 |
|  **Net increase in cash and cash equivalents** | $129425 |
|  **Cash, cash equivalents, and restricted cash at beginning of period** | 133389 |
|  **Cash, cash equivalents, and restricted cash at end of period** | $262814 |
|  Supplemental disclosures of cash flow information: |  |
|  Interest paid | $(4560) |
|  Cash paid for federal income taxes | $(5500) |

---

(1) See Note 16 for additional information regarding related party transactions

*See accompanying Notes to the Consolidated Financial Statements.*

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements** 

**Note 1 – Summary of Significant Accounting Policies**

***Organization and Description of the Company*** 

Safepoint Holdings, Inc. (individually and together with its subsidiaries, "SPH" and "the Company") is an insurance underwriting services platform, focused on delivering catastrophe-exposed property insurance predominantly in Florida, Louisiana, and other U.S. Gulf Coast states. The Company's platform is supported by SPH and certain SPH subsidiaries. Insurance operations are underwritten by Safepoint Insurance Company ("SPI"), which is licensed to write business in Florida, Louisiana, Texas, Mississippi, Alabama, and New Jersey. SPH's wholly owned subsidiary, Cajun Underwriters Risk Management, LLC ("CURM"), serves as the Attorney-in-Fact ("AIF") for Cajun Underwriters Reciprocal Exchange ("Cajun"), a reciprocal exchange owned by its policyholders licensed to write business in Louisiana. SPH's wholly owned subsidiary, Manatee Risk Management, LLC ("MRM"), serves as the AIF for Manatee Insurance Exchange ("Manatee"), a reciprocal exchange owned by its policyholders licensed to write business in Florida. Although the Company does not have any equity interest in Cajun or Manatee, the Company is required to consolidate Cajun and Manatee, both of which qualify as variable interest entities ("VIEs"). In addition, the Company has servicing subsidiaries to support the Insurance Operations of SPI and the fee business derived from the AIF. These wholly owned subsidiaries are Safepoint MGA, LLC ("SPM") and Insight Risk Solutions, LLC ("Insight"). In addition, the Company has three wholly owned subsidiaries domiciled in Bermuda to support the platform: Pompano Re Ltd. ("Pompano"), Canal Re Ltd. ("Canal"), and Bobcat Re Ltd. ("Bobcat"). Pompano supports SPI, Canal supports Cajun, and Bobcat supports Manatee with various reinsurance transactions.

***Basis of Presentation*** 

The Company has prepared the Consolidated Financial Statements in conformity with U.S. GAAP and has included the financial information of SPH and its subsidiaries.

*Principles of Consolidation* 

The accompanying Consolidated Financial Statements reflect the consolidation of the Company with its wholly owned subsidiaries and all entities for which it holds a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. In addition, the Company evaluates its relationships or investments for consolidation pursuant to authoritative accounting guidance related to the consolidation of VIEs under the Variable Interest Model prescribed by the Financial Accounting Standards Board ("FASB"). A VIE is consolidated when the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. When a VIE is not consolidated, the Company uses the equity method to account for the investment. Under this method, the carrying value is generally the Company's share of the net asset value of the unconsolidated entity, and changes in the Company's share of the net asset value are recorded in net investment income. See *Note 10*—*Variable Interest Entities* for further information.

*Use of Estimates* 

The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Changes in circumstances could cause actual results to differ materially from those estimates.

The most significant estimates include those used in determining the reserves for losses and loss adjustment expenses, reinsurance recoverables, any provision for income taxes and valuation of deferred tax assets, and the valuation of investments. Management bases its estimates and assumptions on historical experience and other factors, including the current economic environment and on various other judgments that it believes to be reasonable under the circumstances. Management periodically reviews its estimates and assumptions and makes adjustments thereto when facts and circumstances dictate.

*Concentrations of Geographic Risk* 

A significant portion of the Company's premiums are written within a limited number of states. As a result, the Company's financial condition and operating results are subject to heightened exposure to regional economic, regulatory, and environmental conditions. Adverse developments in any of these concentrated markets – including unfavorable regulatory changes, localized economic downturns, or increased catastrophic events could have a disproportionate impact on the Company's overall results and profitability. For the year ended December 31, 2024, 55.4% and 39.4% of the Company's gross premium written was recognized in Florida and Louisiana, respectively.

*Cash and Cash Equivalents* 

Cash, money market accounts and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents.

*Restricted Cash* 

Restricted cash represents funds in the Company's sole ownership held by certain states in which the Company's insurance subsidiaries conduct business to meet regulatory requirements and is not available for immediate business use. Funds withheld in an account for which the Company is a co-owner but not the named beneficiary are not considered restricted cash and are included in funds withheld for assumed business within Other Assets on the Consolidated Balance Sheet.

The Company maintains a restricted cash deposit of $11.5 million, with $8.1 million and $3.4 million attributed to SPI and Cajun, respectively, pledged to the Louisiana Department of Insurance ("LDOI") for grant funds received under the Insure Louisiana Incentive Program ("Incentive Program"), which encourages additional property insurers to participate in the voluntary property insurance market. The minimum requirements of the program have been met by the Company as of December 31, 2024. After review and of compliance and approval from the LDOI, 20% of the restricted cash will be released annually, starting in 2025.

*Fair Value of Financial Instruments* 

The carrying amounts for the Company's cash and cash equivalents approximate their fair values as of December 31, 2024. Fair values for securities or financial instruments are based on the framework for measuring fair value established by U.S. GAAP. See *Note 3—Fair Value Measurements* for more information.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

*Available for Sale Fixed-Maturity Securities* 

Fixed-maturity securities available for sale, including debt securities and redeemable preferred stock, are carried at fair value. Unrealized gains and losses (excluding credit losses) are reported in stockholders' equity as part of accumulated other comprehensive income, net of deferred taxes. Realized gains and losses from sales are recorded on the trade date using the first in, first out ("FIFO") method. Investment income is recognized as earned, with discounts or premiums on debt securities amortized over their remaining term using the interest method. Gains and losses from call redemptions and repayments are included in investment income.

The Company reviews fixed-maturity securities for impairment quarterly. Securities that the Company intends to sell or is likely required to sell before recovery are written down to fair value, with unrealized losses recognized as an allowance for credit losses in income. For securities held until recovery, impairment is assessed based on credit-related factors, such as issuer financial condition, security ratings, payment history, and market conditions. If the present value of expected cash flows is less than the amortized cost, a credit loss is recorded to the Consolidated Statement of Comprehensive Income. Changes in this allowance are also recorded to the Consolidated Statement of Comprehensive Income. Impairments from non-credit factors are reported in accumulated other comprehensive income.

*Allowance for Credit Losses* 

The allowance for credit losses estimates potential losses due to credit risk and is a contra account reflecting the net amount expected to be collected. Changes in this allowance for investments are recorded as credit losses on the Consolidated Statement of Comprehensive Income, while for other financial assets, credit loss expense is included in operating expenses. When credit loss becomes certain, the allowance is written off against the financial asset.

The Company does not measure an allowance for credit losses on accrued interest receivable, as uncollectible amounts are adjusted to interest income on a monthly basis. For paid reinsurance recoverable due within 90 days, credit risk is assessed based on reinsurer credit ratings and financial condition. Dispute risk related to reinsurance agreements is estimated using an incurred loss method. As of December 31, 2024, there were no disputes related to reinsurance recoverables.

*Equity Securities* 

Equity securities represent ownership interests held by the Company in entities for investment purposes. Unrealized holding gains and losses related to equity securities are reported as net unrealized investment gains and losses within the Consolidated Statement of Comprehensive Income. Realized investment gains and losses from sales are recorded on the trade date and are determined using the FIFO method. See *Note 2—Investments* for further detail.

*Realized Gains and Losses and Investment Income* 

Realized gains and losses on sales of available for sale and equity securities are recognized in income based upon the specific identification method and reported in net realized investment gains (losses) within the Consolidated Statement of Comprehensive Income. Interest income is

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on its prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Interest and dividend income are reported as net investment income. The Company does not record an allowance for credit losses on accrued investment income on its available for sale securities as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults.

*Real Estate Properties* 

Real estate properties consist of real estate and other related depreciable assets that are carried at cost, net of accumulated depreciation and impairment charge. Real estate is included in the Property and Equipment, net on the Consolidated Balance Sheet. Depreciation of real estate investments is allocated over the estimated useful life of the assets using the straight-line method of depreciation and is included in General and Administrative Expenses within the Consolidated Statement of Comprehensive Income. Land is not depreciated. Real estate is evaluated for impairment when events or circumstances indicate the carrying value of the real estate may not be recoverable. See *Note 2—Investments* and *Note 6—Property and Equipment* for additional detail.

*Deferred Policy Acquisition Costs* 

Deferred policy acquisition costs ("DAC") represent direct costs for the successful acquisition of new or renewal insurance contracts and consist of premium taxes and commissions paid to outside agents at the time of collection of the policy premium. DAC may also include expenses associated with the transition of policies from other insurers for replacement policies and the issuance of renewal policies under the Company's own rates and terms. DAC are amortized over the life of the related policy in relation to the amount of gross earned premiums. Ceding commission and related costs paid associated with assumed business are also deferred and amortized over the life of the reinsurance agreement.

The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value, which gives effect to the gross premium earned, related investment income, unpaid losses and loss adjustment expenses and certain other costs expected to be incurred as the premium is earned. DAC are reviewed to determine if it is recoverable from future premium income, including investment income. If such costs are determined to be unrecoverable, they are expensed at the time of determination. The amount of DAC considered recoverable could be reduced in the near term if the estimates of total gross premium earned are reduced or permanently impaired as a result of the disposition of a line of business. The amount of amortization of DAC could be revised in the near term if any of the gross premium earned estimates discussed above are revised. Anticipated investment income is considered in determining if a premium deficiency exists. As of December 31, 2024, the Company did not recognize any premium deficiency. During the year ended December 31, 2024, the Company had several ceded reinsurance quota share agreements in-force, which led to substantially high earned ceded premiums. The earned ceding commissions for these contracts were greater than the overall gross acquisition costs which resulted in a net policy acquisition benefit for the period. As a result, the Company recognized $6.2 million of policy acquisition benefit for the year ended December 31, 2024.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

*Property and Equipment* 

Property and equipment are stated at cost less accumulated depreciation and amortization and impairment charge, which are included in other operating expenses. Depreciation is calculated on a straight-line basis over the estimated useful lives as follows: land improvements, five years; building, 39 years; building improvements, three to ten years; computer hardware and software, three years; and furniture and office equipment, three to seven years. Leasehold improvements are amortized over the shorter of the lease term or the asset's useful life. Land is not depreciated. Expenditures for improvements are capitalized to the property accounts. Replacements and maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. The Company capitalizes both internal and external costs for internally developed software during the application development stage. During the preliminary project and post-implementation stage, internal-use software development costs are expensed as incurred. Capitalized software costs are depreciated on a straight-line basis over the estimated useful life of seven years.

*Impairment of Long-Lived Assets* 

Long-lived assets, such as property and equipment, are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company assesses the recoverability of long-lived assets by determining whether the assets can be recovered from undiscounted future cash flows. Recoverability of long-lived assets is dependent upon, among other things, the Company's ability to maintain profitability so as to be able to meet its obligations when they become due. In the Company's opinion, based upon current information and projections, tangible long-lived assets will be recovered over the period of benefit.

*Advance Premiums* 

Premium payments received prior to the policy effective date are recorded as advance premiums. Once the policy is in force, the premiums are recorded as described under "Premium Revenue" below.

*Premiums Receivable* 

Premiums receivable represents amounts due from policyholders for insurance coverage and are recorded as a receivable in the Company's Consolidated Balance Sheet on the effective date of the policy. Premiums receivable are carried net of a cancellation reserve, which is an estimate of premiums for policies that are expected to cancel during the policy term. As of December 31, 2024, the cancellation reserves were $6.9 million. The increase in the cancellation reserves during 2024 resulted in a $4.4 million decrease in unearned premiums during the year ended December 31, 2024.

*Reinsurance* 

The Company enters into reinsurance agreements to limit its exposure to potential large losses. Ceded reinsurance contracts do not relieve the Company from its obligations to policyholders. Premiums ceded and the related recoverable amounts are reported on a gross basis in the Consolidated Financial Statements. Reinsurance recoverables on unpaid losses are

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

estimated in a manner consistent with the claims liability associated with the reinsured business. Reinsurance contracts that do not transfer significant risk are accounted for using the deposit method of accounting. As of December 31, 2024, the Company did not have any reinsurance contracts that required the deposit method of accounting.

*Reinsurance Recovered in Advance on Unpaid Losses* 

Reinsurance recovered in advance on unpaid losses represents cash received in advance from a reinsurer under a reinsurance contract to reimburse the Company's losses and loss adjustment expenses. The Company is contractually permitted to apply these funds to offset the paid portion of reinsurance recoverable only. These funds are carried as a funds held liability on the Consolidated Balance Sheet, until they are applied to paid claims.

*Premium Revenue* 

Premium revenue includes premium from the direct issuance of policies to insureds or the renewal or replacement of insureds' policies and assumed premium for providing coverage under reinsurance agreements. Premium revenue is earned on a daily pro-rata basis over the term of the policies and is included in gross earned premiums. Unearned premiums represent the portion of the premiums attributable to the unexpired policy term.

*Policy Fees* 

Policy fees represent nonrefundable fees for insurance coverage, which are intended to reimburse a portion of the costs incurred to underwrite the policy. Policy fees revenue is recognized ratably over the term of insurance contracts in accordance with ASC 944, *Insurance*.

*Reciprocal Exchange Operations* 

The Company owns two AIFs, which operates Cajun and Manatee, where policyholders (also referred to as subscribers) collectively own the reciprocal insurance exchanges. The Company, as the AIF, manages the reciprocals' operations in exchange for a management fee of 17% of the reciprocals' gross written premiums. The Company accounts for its AIF revenue in accordance with ASC 606, *Revenue Recognition*. The 17% management fee is allocated between two performance obligations of the AIFs based on the standalone prices of the insurance placement and corporate services provided to Cajun and Manatee by their respective AIFs, which are represented by the respective percentages of gross written premiums.

The first performance obligation is to provide insurance placement services that result in executed insurance policies between Cajun and Manatee and their subscribers, facilitated by each respective AIF. The performance obligation is substantially satisfied upon the effective date of the policy and are, therefore, recognized as revenue on the effective date of a bound policy. Revenues from insurance placement services are allocated at 14% of the gross written premiums. The AIFs of Cajun and Manatee recognized $27.8 million and $40.9 million, respectively, of revenue from insurance placement services for the year ended December 31, 2024.

The second performance obligation relates to daily corporate management services (legal, accounting, underwriting) provided to Cajun and Manatee by their respective AIF entity and is

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

recognized ratably over 12 months, as the underlying insurance policy is a 12-month policy, with the AIF promising to provide corporate services over the life of the policy. As such, the Company recognizes 3% of the gross written premiums over an annual period such that the 3% is then deferred and recognized ratably over 12 months from the policy effective date. The AIFs of Cajun and Manatee recognized $4.0 million and $2.1 million, respectively, of revenue from corporate services for the year ended December 31, 2024.

*Government Grants* 

In March 2024, the Company was awarded and received $3.3 million in grants with $1.5 million and $1.8 million attributable to SPI and Cajun, respectively. The grants were received from the state of Louisiana as part of the Incentive Program enacted through the passage of Act 754 by the Louisiana legislature. The total grants of $14.8 million received to date has already been received and was transferred to a custody account for the benefit of the Company and is reported as restricted cash on the Consolidated Balance Sheet as of December 31, 2024. As a recipient of these grant funds, the Company is subject to Louisiana statute RS 22:2370 which states that within 24 months of receiving the grant, the Company must write four times the amount of grant funds received and maintain that ratio for the next three years. The state of Louisiana will review compliance with the requirements beginning with the year ended December 31, 2024, and will release twenty percent of each grant after each annual review. As a business entity that received grants from a state government, the Company accounted for the transactions using a grant model by analogy to International Accounting Standards 20 ("IAS 20"), Accounting for Government Grants and Disclosure of Government Assistance. The Company evaluated the requirements under IAS 20, attained reasonable assurance that the Company will comply with a portion of the grant, and determined to recognize such a portion into income on a systematic basis. For the year ended December 31, 2024, the Company reported $4.3 million in Other Revenue in the Consolidated Statement of Comprehensive Income, with $1.7 million in income attributed to the Cajun. The remaining unearned portion of the grants are reported as Other Liabilities on the Consolidated Balance Sheet.

*Insurance Guaranty Association Assessments* 

The Company's insurance subsidiaries may be assessed by state associations such as the Florida Insurance Guaranty Association ("FIGA") and Louisiana Insurance Guaranty Association ("LIGA"). The assessments are intended to be used for the payment of covered claims of insolvent insurance entities. The assessments are generally based on a percentage of premiums written during or following the year of insolvency. Liabilities are recognized when the assessments are probable to be imposed on the premiums on which they are expected to be based and the amounts can be reasonably estimated. An insurer is generally permitted to recover the entire number of assessments from in-force and future policyholders through policy surcharges. U.S. GAAP provides that the Company should record an asset based on the amount of written or obligated-to-write premiums and limited to the amounts recoverable over the life of the in-force policies.

*Reserves for Losses and Loss Adjustment Expenses* 

Reserves for losses and loss adjustment expenses ("LAE") are determined by establishing liabilities in amounts estimated to cover incurred losses and LAE. Such reserves are determined

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

based on the assessment of claims reported and the development of pending claims. These reserves are based on individual case estimates for the reported losses and LAE and estimates of such amounts that are incurred but not reported. Changes in the estimated liability are charged or credited to income as the losses and LAE are settled.

The estimates of unpaid losses and LAE are subject to trends in claim severity and frequency and are continually reviewed. As part of the process, the Company reviews historical data and considers various factors, including known and anticipated regulatory and litigation developments, changes in social attitudes, legislative activity, inflation, and economic conditions. As experience develops and other data becomes available, these estimates are revised, as required, resulting in increases or decreases to the existing unpaid losses and LAE. The Company's reserve estimates reflect current inflation in legal claims' settlements and assume there will not be losses from significant new legal liability theories. The Company's reserve estimates assume that there will not be significant changes in the regulatory and legislative environment as well.

The Company's expected assumptions, such as the initial expected loss ratio, reporting patterns and payment patterns, are based on the Company's and industry historical data. To the extent the actual experience differs from the initial expectations, the estimated of the loss reserves could vary significantly. The Company regularly reviews its estimates and adjusts them as necessary as experience develops or as new information is made available to the Company. Adjustments are reflected in the results of operations in the period in which they are made, and the liabilities may deviate substantially from prior estimates. Losses and LAE ceded to or recovered from reinsurers are recorded as a reduction to losses and LAE on the Consolidated Statement of Comprehensive Income.

*Income Taxes* 

The Company records income tax expense using the asset-and-liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying values and the income tax bases of the Company's assets and liabilities.

The Company files a consolidated federal income tax return and has elected to file consolidated returns in certain states. Deferred income taxes are provided for in the Consolidated Financial Statements and relate principally to expenses charged to income for financial reporting purposes in one period and deducted for income tax purposes in other periods. Cajun and Manatee's income tax returns are filed separately.

*Leases* 

The Company accounts for leases in accordance with ASC 842, *Leases*. For operating leases, the Company determines if an arrangement is a lease at inception and recognizes the operating lease right-of-use ("ROU") asset and lease liability within Other Assets and Other Liabilities, respectively, on the Consolidated Balance Sheet. The ROU asset and lease liability are both measured at the present value of the future minimum lease payments at the commencement date. Lease expense is recognized on a straight-line basis over the lease term.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

*Goodwill* 

Goodwill is not amortized, but instead, is reviewed for impairment at the reporting unit level on an annual basis, during the fourth quarter, or more frequently if indicators of impairment exist. The annual impairment test for goodwill is initially completed through a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value. If facts and circumstances determine that it is not more likely than not that a reporting unit fair value is less than its carrying amount, then additional testing of goodwill is not required. However, if it is determined that it is more likely than not that the fair value of a reporting unit is less than the carrying value, then a quantitative analysis is performed. The quantitative analysis compares the estimated fair value of a reporting unit to its carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill is considered not the be impaired. However, if the carrying value exceeds the fair value of a reporting unit, an impairment loss will be recognized in the amount of the excess carrying value over fair value limited by the total amount of goodwill for the reporting unit. There were no circumstances that indicate that the carrying value of goodwill was more likely than not greater than the fair value of a reporting unit for the period ended December 31, 2024.

*Intangible Assets* 

Indefinite-lived intangible assets are tested for impairment at least annually, or more frequently if events or such as a change in business circumstances that indicates the carrying value of the assets may not be recoverable. The annual impairment test for indefinite-lived intangible assets may be completed through a qualitative assessment to determine if the fair value of the indefinite-lived intangible assets is more likely than not greater than the carrying amount. The Company may elect to bypass the qualitative assessment, or if a qualitative assessment indicates it is more likely than not that the estimated carrying value exceeds the fair value, the Company will test for impairment using a quantitative process. If the Company determines that impairment of its intangible assets may exist, the amount of impairment loss is measured as the excess of carrying value over fair value. The estimates in the determination of the fair value of indefinite-lived intangible assets include the anticipated future revenues of the Company and the resulting cash flows. There were no circumstances that indicate that the carrying amount of intangible assets deemed to have an indefinite useful life may not be recoverable for the period ended December 31, 2024.

Definite-lived intangible assets subject to amortization are amortized over the estimated useful life and reviewed for impairment when indicators exist.

*Value of Business Acquired* 

The Company recognizes the value of business acquired ("VOBA") arising from insurance contracts in a business combination in accordance with ASC 944-20-S99-2(1). In a business combination, the fair value of insurance contracts acquired is determined based on the present value of expected future cash flows, which includes the consideration of premiums, claims, and other contract-related cash flows. The initial measurement of these contracts is based on observable market inputs, if available, or on a discounted cash flow approach using management's best estimates of future cash flows and appropriate discount rates.

The value of business acquired related to insurance contracts is recorded as an intangible asset on the Consolidated Balance Sheet and amortized over the estimated useful life of the

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

contracts, typically reflecting the period over which the insurance contracts are expected to generate cash flows. This amortization expense is recognized as General and Administrative Expense within the Statement of Comprehensive Income.

The Company reviews the carrying amount of this intangible asset for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment testing is performed by comparing the carrying value of the asset to its recoverable amount, which is based on the expected future cash flows discounted at an appropriate rate.

*Warrants* 

The Company accounts for warrants in accordance with ASC 480, *Distinguishing Liabilities from Equity*, and ASC 815, *Derivatives and Hedging*, as applicable.

The Company issues warrants in connection with equity financing and other transactions. Warrants are financial instruments that give the holder the right to purchase shares of the Company's common stock at a predetermined price within a specified period. Warrants are classified as either equity or liabilities based on the specific terms and conditions. Warrants that are indexed to the Company's own stock and meet the conditions for equity classification are accounted for as equity instruments. Warrants that do not meet these conditions are classified as liabilities. Warrants classified as equity are initially recorded at fair value on the grant date, with the fair value determined using the Black-Scholes option-pricing model. This value is credited to additional paid-in capital. Warrants classified as liabilities are initially recorded at fair value on the grant date and remeasured at fair value each reporting period. For warrants classified as equity, no subsequent remeasurement is performed. For warrants classified as liabilities, changes in fair value are recognized in the Consolidated Statement of Comprehensive Income as a component of other revenues.

Direct and incremental costs associated with the issuance of warrants classified as equity are recorded as a reduction to additional paid-in capital. Costs associated with the issuance of warrants classified as liabilities are expensed as incurred.

The Company discloses the nature and terms of the warrants, including the number of shares issuable upon exercise, the exercise price, and the expiration date. Additionally, the Company provides information about the valuation techniques and significant assumptions used in determining the fair value of the warrants. See *Note 15—Stockholders' Equity* for additional information.

*Variable Interest Entities* 

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity's operations through voting rights or do not participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect that entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company determines whether it is the

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

primary beneficiary of a VIE upon initial involvement with a VIE and reassesses whether it is the primary beneficiary of a VIE on an ongoing basis. The determination of whether an entity is a VIE and whether the Company is the primary beneficiary of a VIE is based upon the facts and circumstances for the VIE and requires significant judgments such as whether the Company's interest in a VIE is a variable interest, whether the Company controls the activities that most significantly impact the economic performance of the VIE, and whether the Company has the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the VIE. Risks associated with the Company's involvement with VIEs primarily include the potential requirement to fund the VIEs' obligations or the potential requirement to fund the VIEs' operating losses.

The Company is the primary beneficiary of Cajun, a Louisiana reciprocal insurer, and Manatee, a Florida reciprocal insurer. The Company became the primary beneficiary of Cajun upon acquiring the remaining 50% ownership of Cajun Underwriters Holding, LLC ("CUH") on August 31, 2023. This acquisition triggered a reevaluation of the VIE analysis over Cajun and resulted in a conclusion to consolidate Cajun as a non-controlling interest, despite no equity ownership/interest, in the Company as of August 31, 2023. The Company became the primary beneficiary of Manatee on February 2, 2024, the date Manatee received its' certificate of authority. Reciprocal exchanges are insurance carriers organized as unincorporated associations. The Company does not own the equity of Cajun or Manatee, which is owned by the reciprocal's policyholders (known as subscribers). The Company manages the business operations of Cajun and Manatee and has the power to direct their activities that most significantly impact their economic performance. The Company receives a management fee for the services provided to Cajun and Manatee. In addition, as of December 31, 2024, the Company holds interests of $16.8 million, in the form of surplus notes included on the balance sheet of Cajun that provides capital to Cajun and would absorb any expected losses. As of December 31, 2024, the Company holds interests of $20.0 million in the form of surplus notes included on the balance sheet of Manatee. These surplus notes are eliminated in consolidation. Therefore, the Company is the primary beneficiary of both Cajun and Manatee. In the event of dissolution, policyholders would share any residual unassigned surplus but are not subject to assessment for any deficit in unassigned surplus.

The assets of Cajun and Manatee can be used only to settle the obligations of Cajun and Manatee, respectively, and general creditors have no recourse to the Company. The results of operations of the Reciprocal Exchanges are included in the Company's Consolidated Statement of Comprehensive Income and generated ($3.1 million) of net earned premiums for the year ended December 31, 2024. Total costs and expenses for the Reciprocal Exchanges were $23.3 million for the year ended December 31, 2024 and are included as General and Administrative Expense within the Company's Consolidated Statement of Comprehensive Income. See *Note 10—Variable Interest Entities* for further information.

*Refundable Reciprocal Subscriber Contributions* 

Refundable reciprocal subscriber contributions represent economic interests in Manatee and Cajun not held by SPH. They are presented in the temporary equity (mezzanine) section of the Company's Consolidated Balance Sheet. The interest in Manatee and Cajun represents a refundable portion of each exchange's subscriber surplus contributions. Cajun and Manatee, reciprocal insurance exchanges, collect surplus contributions in addition to policy premiums from its policyholders referred to as subscribers. The purpose of the surplus contribution is to

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

support Cajun and Manatee's financial strength and lower the Exchange's cost of capital. The surplus contribution made during a policy term may be returned on a pro-rata basis to a subscriber in the event of policy cancellation. The amount of the contributions received are reported as redeemable non-controlling interests and reclassified to stockholders' equity on a pro-rata basis.

*Non-controlling Interests* 

The Company has non-controlling interests attributable to Cajun and Manatee. A non-controlling interest arises when the Company has less than 100% of the voting rights and economic interests in a subsidiary or a consolidated variable interest entity. The non-controlling interests in Cajun and Manatee are periodically adjusted for the interest share of each exchange's net income or loss attributable to common stockholders and the reclassification of surplus contributions from refundable to nonrefundable amount.

*Redeemable Preferred Stock* 

The Company applies *ASC Topic 480, Distinguishing Liabilities from Equity*, when determining the classification of preferred stock. The Company classifies instruments that are conditionally redeemable for cash or other assets outside of permanent equity if they are redeemable (i) at a fixed or determinable price on a fixed or determinable date, (ii) at the option of the holder, or (iii) upon the occurrence of an event that is not solely within the control of the issuer.

The Company classifies redeemable, convertible preferred stock ("Redeemable Preferred Stock") as temporary equity on the accompanying Consolidated Balance Sheet as it is redeemable solely on the passage of time or upon an event outside the control of the Company.

See *Note 15—Stockholders' Equity* for additional detail over the significant terms and conditions of the Redeemable Preferred Stock.

*Earnings Per Share* 

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. The Company's Redeemable Preferred Stock is classified as temporary equity and is considered probable of becoming redeemable. Additionally, Redeemable Preferred Stock is a convertible instrument and receives cumulative dividends at a rate of 6.0% per annum on a quarterly basis, payable in cash. Net income applicable to holders of common stock is reduced by the amount of accumulated dividends payable to the Redeemable Preferred Stock in the current period. The Company assesses potential dilution using the if converted method.

Diluted earnings per share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the reported period. Common equivalent shares include incremental shares from diluted vested and unvested shares of common stock-based awards outstanding during the period based on the treasury stock method under the guidance of ASU 2020-06. See *Note 19—Earnings Per Share* for additional information about per share data.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

*Long-Term Debt* 

Long-term debt includes debt instruments which are generally classified as a liability and carried at amortized cost, net of any issuance costs. Debt issuance costs are capitalized and amortized to interest expense over the expected life of the debt instrument using the effective interest method. At issuance, a debt instrument with embedded features such as conversion and redemption options is evaluated to determine whether bifurcation and derivative accounting is applicable.

*Statutory Accounting Practices* 

The Company's U.S. insurance subsidiaries comply with statutory accounting practices prescribed by the National Association of Insurance Commissioners and as adopted or permitted by the Florida Office of Insurance Regulation ("FLOIR") and the LDOI. There are no state prescribed or permitted practices that have been adopted by the Company's U.S. subsidiaries regulated by the LDOI. Manatee has adopted an accounting practice prescribed by the FLOIR related to the deferral of AIF fees. In addition, the Company's Bermuda insurance subsidiaries prepares and files financial statements in accordance with the prescribed regulatory accounting practices of the Bermuda Monetary Authority.

*Stock-Based Compensation* 

The Company accounts for stock-based compensation under the fair value recognition provisions of U.S. GAAP which require the measurement and recognition of compensation for all stock-based awards made to employees, non-employee directors (see *Note 15—Stockholders' Equity* for further detail), and third-party award recipients based on estimated fair values. The fair value of stock-based awards granted to employees and non-employee directors is generally recognized as compensation expense over the requisite service period, which is defined as the period during which a recipient is required to provide service in exchange for an award. Forfeitures of the Company's stock-based awards are accounted for as they occur. The Company uses a straight-line attribution method for all grants that include only a service-based vesting condition.

*Recent Accounting Pronouncements* 

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company is provided an option to adopt new or revised accounting guidance as an "emerging growth company" under the JOBS Act either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as private companies, including early adoption when permissible.

*Newly Adopted Accounting Standards* 

The Company adopted Accounting Standards Update ("ASU") 2020-06, *Accounting for Convertible Instruments and Contracts in an Entity's Own Equity*, issued by the FASB, on January 1, 2024. ASU 2020-06 simplifies the accounting for convertible instruments and the application of the guidance for contracts in an entity's own equity, which primarily affects the

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

accounting for convertible debt and certain equity-linked instruments. The update eliminates the separation models for convertible instruments with cash conversion features and beneficial conversion features, allowing for the accounting of these instruments as a single liability or equity instrument. The Company has applied the new guidance on a modified basis, with no cumulative effect adjustment to retained earnings as of the adoption date. The adoption of ASU 2020-06 did not have a material impact on the Company's financial position, results of operations, or cash flows.

The Company adopted ASU 2023-07, *Improvements to Reportable Segment Disclosures (Topic 280)*, issued by the FASB, on January 1, 2024 retrospectively to all prior periods presented in the financial statements. ASU 2023-07 expands public entities' segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The adoption of ASU 2023-07 did not have a material impact on the Company's consolidated financial statements or disclosures, as the Company's reportable segments and related disclosures already aligned with the new requirements. The Company will continue to evaluate and implement any necessary changes to comply with this guidance.

*Recently Issued Accounting Standards* 

The FASB issued ASU 2023-09, *Improvements to Income Tax Disclosures (Topic 740) In December 2023*, which requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosures of specific categories and additional information that meet a quantitative threshold. This update also requires public companies to provide additional disclosures regarding income taxes paid, including jurisdictional details. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the effect of the amendments on its consolidated financial statements and does not expect a material impact on its financial position or results of operations.

The FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* in November 2024, which enhances the transparency of expense information by requiring public business entities to disclose specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of this ASU on its financial statement disclosures.

The FASB issued ASU 2024-04, *Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments*, which provides guidance on the accounting for induced conversions of convertible debt instruments. ASU 2024-04 clarifies how entities should account for debt modifications when a convertible debt instrument is converted in a manner that is induced by the issuer. This guidance is intended to address concerns related to the accounting treatment of costs and gains or losses associated with induced conversions. The Company plans to adopt ASU 2024-04 January 1, 2026, the required effective date. The adoption of this update is not expected to have a material impact on the Company's financial position, results of operations, or cash flows; however, the Company is currently evaluating the potential impact on its accounting policies and disclosures related to convertible debt instruments.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Note 2 Investments** 

The amortized cost and fair value of securities available for sale as of December 31, 2024 are summarized as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Fair<br>Value** |
|  **December 31, 2024:** |  |  |  |  |
|  U.S. Government and government agencies | $8048 | $327 | $— | $8375 |
|  Corporate bonds | 31103 | 735 | (47) | 31791 |
|  Mortgage-backed securities | 5495 | 208 |  | 5703 |
|  States, municipalities and political subdivisions | 16327 | 86 | (229) | 16184 |
|  Total fixed-maturities | $60973 | $1356 | $(276) | $62053 |
|  Total equity securities | 118 |  |  | 118 |
|  Total investments | $61091 | $1356 | $(276) | $62171 |

---

A summary of the aggregate fair values of securities available for sale with unrealized losses segregated by time period in an unrealized loss position as of December 31, 2024 is as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or<br>Greater** | **12 Months or<br>Greater** | **Total** | **Total** |
|  | **Fair<br>Value** | **Unrealized<br>Losses** | **Fair<br>Value** | **Unrealized<br>Losses** | **Fair<br>Value** | **Unrealized<br>Losses** |
|  **December 31, 2024:** |  |  |  |  |  |  |
|  Corporate bonds | $17361 | $(47) | $— | $— | $17361 | $(47) |
|  States, municipalities and political subdivisions | 8360 | (229) |  |  | 8360 | (229) |
|  Total fixed-maturities | 25721 | (276) |  |  | 25721 | (276) |
|  Total investments | $25721 | $(276) | $— | $— | $25721 | $(276) |

---

The Company evaluates its securities for impairment on a quarterly basis. The Company evaluated its fixed-maturity securities in an unrealized loss position and concluded that the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors, and the issuers of the fixed-maturity securities in which the Company invests continue to make interest payments on a timely basis. The Company does not intend to sell nor is it likely that it would be required to sell the fixed-maturity securities before the Company recovers its amortized cost basis.

As of December 31, 2024, there were 12 securities in an unrealized loss position, zero of which had been in an unrealized loss position for 12 months or greater. The Company determined that no credit impairment existed in the gross unrealized holding losses because the credit ratings of these securities were consistent with the credit ratings when purchased and/or at origination, there were no adverse changes in financial condition of the issuer and no adverse credit quality events in underlying assets. The Company attributed the unrealized losses to the changes in interest rates.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

The expected maturities of fixed-maturity securities available for sale may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of fixed-maturity securities available for sale as of December 31, 2024, by contractual maturity, is as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Amortized Cost** | **Fair Value** |
|  **As of December 31, 2024:** |  |  |
|  Due in one year or less | $21901 | $21903 |
|  Due after one year through five years | 12481 | 12836 |
|  Due after five years through ten years | 6330 | 6648 |
|  Due after ten years | 14766 | 14963 |
|  Mortgage-backed securities | 5495 | 5703 |
|  Total | $60973 | $62053 |

---

Proceeds received and the gross realized gains and losses from sales of securities for year ended December 31, 2024 were as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Proceeds** | **Gross<br>Realized<br>Gains** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Realized<br>Losses** | **Gross<br>Unrealized<br>Losses** | **Net<br>Realized &<br>Unrealized<br>Gains** |
|  **December 31, 2024:** |  |  |  |  |  |  |
|  Fixed maturity securities | $619382 | $177 | $— | $— | $— | $177 |
|  Total investments | $619382 | $177 | $— | $— | $— | $177 |

---

Major categories of the Company's net investment income are summarized below for year ended December 31, 2024 were as follows *(*in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Fixed maturity securities | $2149 |
|  Equity securities | 8 |
|  Cash and cash equivalents | 12077 |
|  Investment expenses | (51) |
|  Total | $14183 |

---

**Note 3 Fair Value Measurements** 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on the Consolidated Balance Sheet at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows:

Level 1: Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

Level 2: Assets and liabilities whose values are based on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Quoted prices for similar assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quoted prices for identical or similar assets or liabilities in markets that are not active;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or
liability.

Level 3: Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect estimates of the assumptions that market participants would use in valuing the assets and liabilities.

The Company estimates the fair value of its equity securities using the closing prices on the last business day of the reporting period, obtained from active markets. For securities for which quoted prices in active markets are unavailable, the Company uses a third-party pricing service that utilizes quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs to estimate the fair value of those securities for which quoted prices are unavailable. Estimates of fair value reflect the interest rate environment that existed as of the close of business on December 31, 2024. Changes in interest rates subsequent to December 31, 2024 may affect the fair value of investments.

The fair value for fixed-maturity securities is initially calculated by a third-party pricing service. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources, and through the use of proprietary models, produce valuation information in the form of a single fair value for individual fixed income and other securities for which a fair value has been requested. The inputs used by the valuation service providers include, but are not limited to, market prices from recently completed transactions and transactions of comparable securities, interest rate yield curves, credit spreads, liquidity spreads, currency rates, and other information, as applicable. Credit and liquidity spreads are typically implied from completed transactions and transactions of comparable securities. Valuation service providers also use proprietary discounted cash flow models that are widely accepted in the financial services industry and similar to those used by other market participants to value the same financial information. The valuation models take into account, among other things, market observable information as of the measurement date, as described above, as well as the specific attributes of the security being valued including its term, interest rate, credit rating, industry sector, and where applicable, collateral quality and other issue or issuer specific information. Executing valuation models effectively requires seasoned professional judgment and experience. The carrying values of cash and cash equivalents, accrued investment income, accounts payable, and accrued expenses approximate their fair value. The carrying value of the Company's notes payable, which are categorized as Level 3 investments, approximate their fair value.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

The tables below present the Company's fair value hierarchy of financial instruments measured at fair value on a recurring basis as of December 31, 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets:** |  |  |  |  |
|  U.S. Government and government agencies | $8375 | $489 | $7886 | $— |
|  Corporate bonds | 31791 |  | 31791 |  |
|  Mortgage-backed securities | 5703 |  | 5703 |  |
|  State, municipalities and political subdivisions | 16184 |  | 16184 |  |
|  Total fixed-maturities | $62053 | $489 | $61564 | $— |
|  Common stocks | 118 | 118 |  |  |
|  Total equity securities | 118 | 118 |  |  |
|  Total investments | $62171 | $607 | $61564 | $— |

---

The Company had no Level 3 investments as of December 31, 2024.

*Long-Term Debt* 

The following table summarizes components of the Company's long-term debt and methods used in estimating their fair values:

---

| | | |
|:---|:---|:---|
|  | **Maturity<br>Date** | **Vaulation Methodology** |
|  Senior Note, 18% | 2029 | Discounted cash flow method, Level 3 inputs |
|  Subordinated Surplus Notes, 8% | 2042 | Market approach method, Level 3 inputs |

---

The following table presents fair value information for financial liabilities that are carried on the Consolidated Balance Sheet as of December 31, 2024 (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying<br>Value** | **Level 1** | **Level 2** | **Level 3** | **Estimated<br>Fair Value** |
|  **Financial Liabilities:** |  |  |  |  |  |
|  Long-Term Debt |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18% Senior Note | $22000 | $— | $— | $29960 | $29960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8% Subordinated Surplus Notes | 10000 |  |  | 10000 | 10000 |
|  Total Long-Term Debt | $32000 | $— | $— | $39960 | $39960 |

---

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Note 4 Goodwill** 

The changes to the carrying value of goodwill for the year ended December 31, 2024 are as follows (in thousands):

---

| | |
|:---|:---|
|  | **Total** |
|  Balance as of January 1, 2024 | $17932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill acquired during period |  |
|  Balance as of December 31, 2024 | $17932 |

---

**Note 5 Intangible Assets** 

The carrying value of indefinite-lived intangible assets and definite-lived intangible assets subject to amortization and accumulated amortization as of December 31, 2024 consisted of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| **Intangible Asset** | **Gross<br>Carrying<br>Value** | **Accumulated<br>Amortization** | **Net<br>Carrying<br>Value** | **Weighted<br>Average<br>Remaining<br>Useful Life** |
|  Broker relationships | $5300 | $(357) | $4943 | 19.5 |
|  Policyholder relationships | 15000 | (1391) | 13609 | 14.0 |
|  Trade names | 2500 | (362) | 2138 | 8.6 |
|  Technology | 4000 | (696) | 3304 | 7.0 |
|  VOBA—reserves | 1287 | (1287) |  |  |
|  VOBA—unearned premiums | 5906 | (5906) |  |  |
|  State licenses | 750 |  | 750 | Indefinite |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | $34743 | $(9999) | $24744 |  |

---

For the year ended December 31, 2024, amortization expense associated with intangible assets was $7.1 million. Amortization expense for intangible assets after December 31, 2024 is as follows (in thousands):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2025 | $2209 |
| 2026 | 2209 |
| 2027 | 2209 |
| 2028 | 2209 |
| 2029 | 2209 |
|  Thereafter | 12949 |

---

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Note 6 Property and Equipment, Net** 

Property and equipment consisted of the following as of December 31, 2024 (in thousands):

---

| | |
|:---|:---|
|  | **December 31,<br>2024** |
|  Land, building, and improvements | $2614 |
|  Computer hardware, software, and office equipment | 4986 |
|  Total, at cost | 7600 |
|  Less: accumulated depreciation and amortization | (3172) |
|  Property and equipment, net | $4428 |

---

Depreciation expense for the year ended December 31, 2024 was $2.1 million. During the year ended December 31, 2024, $2.5 million of accumulated depreciation was written off related to disposals of fully depreciated property and equipment.

**Note 7 Deferred Policy Acquisition Costs and Unearned Ceding Commissions** 

Deferred policy acquisition costs are presented on the Consolidated Balance Sheet as net of unearned ceding commissions, and result in a net asset position as of the year ended December 31, 2024. Policy acquisition costs deferred and amortized and unearned ceding commission deferred and earned as of the year ended December 31, 2024 were as follows (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Beginning balance | $(1475) |
|  Policy acquisition costs deferred | 62697 |
|  Ceding commission deferred | (13006) |
|  Policy acquisition costs amortized | 2640 |
|  Ceding commission earned | 21032 |
|  Ending balance | $71888 |

---

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Note 8 Unpaid Losses and Loss Adjustment Expenses** 

The following table provides a reconciliation of beginning and ending reserve balances for losses and LAE for the year ended December 31, 2024 (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Loss and LAE reserves at beginning of period | $147885 |
|  Less: anticipated reinsurance recoverable on unpaid losses and LAE | 99824 |
|  Net Loss and LAE at beginning of year | 48061 |
|  Losses and LAE incurred related to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current year | 137785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior years | (1735) |
|  Total incurred | 136050 |
|  Losses and LAE paid related to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current year | 84055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior years | 17585 |
|  Total Paid | 101640 |
|  Net loss and LAE reserves at end of year | 82471 |
|  Plus: anticipated reinsurance recoverable on unpaid losses and LAE | 62750 |
|  Loss and LAE reserves at end of period | $145221 |

---

As reflected by the losses incurred in the year ended December 31, 2024 related to the prior year, the Company had favorable loss reserve development on prior accident years, primarily driven by reductions in reserves for reported claims, as well as lower than anticipated claims emergence. The Company places substantial reliance on loss-development-based actuarial models when determining the estimate of ultimate losses.

For the year ended December 31, 2024, the Company has incurred gross losses and LAE of $136.1 million.

Reinsurance recoverable as of December 31, 2024 was $70.9 million, of which $62.8 million was unpaid as of December 31, 2024.

The following tables present undiscounted, incurred and paid losses and allocated loss adjustment expenses by accident year, on a net basis after reinsurance. The information about incurred and paid loss development for all periods preceding the year ended December 31, 2024 and the related historical claims payout percentage disclosure is unaudited and is presented as supplementary information.

To provide a comprehensive and consistent view of the liability for unpaid losses and loss adjustment expenses, the loss triangles are presented by reportable segment, consistent with how the Company evaluates and manages its overall insurance operations. There was no liability for unpaid losses and loss adjustment expenses for the Insurance Services segment for the year ended December 31, 2024.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

The amounts for the Reciprocal Exchanges and Risk-bearing Entities segments below are presented, respectively, in thousands, except claim counts:

**Reciprocal Exchanges:** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **Total of<br>Incurred-<br>but-Not-<br>Reported<br>Liabilities<br>Plus<br>Expected<br>Development<br>on Reported<br>Claims** | **Cumulative<br>Number of<br>Reported<br>Claims<br>Unaudited** |
|  | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | **Total of<br>Incurred-<br>but-Not-<br>Reported<br>Liabilities<br>Plus<br>Expected<br>Development<br>on Reported<br>Claims** | **Cumulative<br>Number of<br>Reported<br>Claims<br>Unaudited** |
| **Accident Year** | **2015<br>Unaudited** | **2016<br>Unaudited** | **2017<br>Unaudited** | **2018<br>Unaudited** | **2019<br>Unaudited** | **2020<br>Unaudited** | **2021<br>Unaudited** | **2022<br>Unaudited** | **Predecessor<br>2023<br>Unaudited** | **Successor<br>2023<br>Unaudited** | **2024** | **Total of<br>Incurred-<br>but-Not-<br>Reported<br>Liabilities<br>Plus<br>Expected<br>Development<br>on Reported<br>Claims** | **Cumulative<br>Number of<br>Reported<br>Claims<br>Unaudited** |
| 2015 |  |  |  |  |  |  |  |  |  |  | $— |  |  |
| 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
| 2022 |  |  |  |  |  |  |  |  |  | 790 | 21 | 1416 | 468 |
| 2023 |  |  |  |  |  |  |  |  |  | 3088 | 2860 | 7232 | 866 |
| 2024 |  |  |  |  |  |  |  |  |  |  | 47265 | 22438 | 3422 |
|  |  |  |  |  |  |  |  | Total | $— | $3878 | $50145 |  |  |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** |
|  | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** | <br> **For the Years Ended December 31,** |
|  | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** |
| **Accident Year** | **2015<br>Unaudited** | **2016<br>Unaudited** | **2017<br>Unaudited** | **2018<br>Unaudited** | **2019<br>Unaudited** | **2020<br>Unaudited** | **2021<br>Unaudited** | **2022<br>Unaudited** | **Predecessor<br>2023<br>Unaudited** | **Successor<br>2023<br>Unaudited** | **2024** |
| 2015 |  |  |  |  |  |  |  |  |  |  | $— |
| 2016 |  |  |  |  |  |  |  |  |  |  |  |
| 2017 |  |  |  |  |  |  |  |  |  |  |  |
| 2018 |  |  |  |  |  |  |  |  |  |  |  |
| 2019 |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  | 2035 | 2304 |
| 2023 |  |  |  |  |  |  |  |  |  | 1051 | 2599 |
| 2024 |  |  |  |  |  |  |  |  |  |  | 25783 |
|  |  |  |  |  |  |  |  |  | $— | $3086 | $30686 |
|  |  |  |  | Liabilities for claims and allocated<br>claim adjustment expenses, net of<br>reinsurance | Liabilities for claims and allocated<br>claim adjustment expenses, net of<br>reinsurance | Liabilities for claims and allocated<br>claim adjustment expenses, net of<br>reinsurance | Liabilities for claims and allocated<br>claim adjustment expenses, net of<br>reinsurance | Liabilities for claims and allocated<br>claim adjustment expenses, net of<br>reinsurance | $— | $792 | $19459 |

---

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Risk-Bearing Entities** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **Total of<br>Incurred-<br>but-Not-<br>Reported<br>Liabilities<br>Plus<br>Expected<br>Development<br>on Reported<br>Claims** | **Cumulative<br>Number of<br>Reported<br>Claims<br>Unaudited** |
|  | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | **Total of<br>Incurred-<br>but-Not-<br>Reported<br>Liabilities<br>Plus<br>Expected<br>Development<br>on Reported<br>Claims** | **Cumulative<br>Number of<br>Reported<br>Claims<br>Unaudited** |
| **Accident Year** | **2015<br>Unaudited** | **2016<br>Unaudited** | **2017<br>Unaudited** | **2018<br>Unaudited** | **2019<br>Unaudited** | **2020<br>Unaudited** | **2021<br>Unaudited** | **2022<br>Unaudited** | **Predecessor<br>2023<br>Unaudited** | **Successor<br>2023<br>Unaudited** | **2024** | **Total of<br>Incurred-<br>but-Not-<br>Reported<br>Liabilities<br>Plus<br>Expected<br>Development<br>on Reported<br>Claims** | **Cumulative<br>Number of<br>Reported<br>Claims<br>Unaudited** |
| 2015 | $34750 | $41227 | $45432 | $48675 | $50720 | $50925 | $50664 | $50733 | $50744 | $50752 | $50787 |  | 3345 |
| 2016 |  | 33827 | 37091 | 40128 | 41282 | 41222 | 40365 | 40624 | 40549 | 40487 | 40547 |  | 3765 |
| 2017 |  |  | 43973 | 40762 | 31030 | 19414 | 15779 | 17131 | 11025 | 6004 | 5707 | (39) | 15575 |
| 2018 |  |  |  | 49460 | 58635 | 58463 | 59826 | 59824 | 59843 | 59845 | 60046 | (112) | 4370 |
| 2019 |  |  |  |  | 23751 | 23650 | 24017 | 23728 | 23798 | 23856 | 11590 | 1271 | 3974 |
| 2020 |  |  |  |  |  | 42730 | 30718 | 32070 | 33238 | 34199 | 23873 | 1853 | 5480 |
| 2021 |  |  |  |  |  |  | 44515 | 42059 | 42428 | 42732 | 56125 | 4820 | 6502 |
| 2022 |  |  |  |  |  |  |  | 80895 | 79634 | 78597 | 96247 | 3855 | 8999 |
| 2023 |  |  |  |  |  |  |  |  | 27711 | 48319 | 39132 | 35 | 4384 |
| 2024 |  |  |  |  |  |  |  |  |  |  | 90520 | 24008 | 6372 |
|  |  |  |  |  |  |  |  | Total | $368971 | $384791 | $474574 |  |  |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** | **Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance** |
|  | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** | <br>**For the Years Ended December 31,** |
|  | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** | <br> **Supplementary** |
| **Accident Year** | **2015<br>Unaudited** | **2016<br>Unaudited** | **2017<br>Unaudited** | **2018<br>Unaudited** | **2019<br>Unaudited** | **2020<br>Unaudited** | **2021<br>Unaudited** | **2022<br>Unaudited** | **Predecessor<br>2023<br>Unaudited** | **Successor<br>2023<br>Unaudited** | **2024** |
| 2015 | $16075 | $30516 | $38667 | $44326 | $47576 | $49323 | $49787 | $50103 | $50438 | $50466 | $50507 |
| 2016 |  | 14720 | 29104 | 35017 | 36047 | 37141 | 37590 | 37925 | 38215 | 38239 | 38745 |
| 2017 |  |  | 20959 | 30538 | 27571 | 20164 | 24494 | 23441 | 5413 | 2364 | 6878 |
| 2018 |  |  |  | 25725 | 49594 | 54113 | 55528 | 56872 | 57413 | 57458 | 57505 |
| 2019 |  |  |  |  | 13669 | 22514 | 24555 | 25557 | 26024 | 26063 | 26217 |
| 2020 |  |  |  |  |  | 17785 | 23141 | 29100 | 31155 | 31326 | 33273 |
| 2021 |  |  |  |  |  |  | 17982 | 19702 | 24195 | 24568 | 28682 |
| 2022 |  |  |  |  |  |  |  | 72103 | 73076 | 71078 | 69988 |
| 2023 |  |  |  |  |  |  |  |  | 40053 | 42527 | 48062 |
| 2024 |  |  |  |  |  |  |  |  |  |  | 58271 |
|  |  |  |  |  |  |  |  |  | $345982 | $344089 | $418129 |
|  |  |  |  | Liabilities for claims and allocated claim<br>adjustment expenses, net of reinsurance | Liabilities for claims and allocated claim<br>adjustment expenses, net of reinsurance | Liabilities for claims and allocated claim<br>adjustment expenses, net of reinsurance | Liabilities for claims and allocated claim<br>adjustment expenses, net of reinsurance | Liabilities for claims and allocated claim<br>adjustment expenses, net of reinsurance | $22989 | $40702 | $56445 |

---

The following table provides a reconciliation of the disclosure of incurred and paid claims development tables to the liability for unpaid losses and loss adjustment expenses presented on the Company's Consolidated Balance Sheet. The amounts below are presented in thousands, except claim counts:

---

| | |
|:---|:---|
|  | **2024** |
|  Net outstanding liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reciprocal Exchanges | $19459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-bearing Entities | 56445 |
|  Unpaid claims acquired in business combination | 6567 |
|  Liabilities for unpaid claims and allocated claims adjustment expenses, net of reinsurance | 82471 |
|  Reinsurance recoverable on unpaid claims | 62750 |
|  Total gross liability for unpaid claims and claims adjustment expense | $145221 |

---

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

The following supplementary table illustrates the Company's average annual payout of incurred claims by age, net of reinsurance. The data represents the Company's property and casualty business in the States of Florida, Louisiana, New Jersey, Texas, Mississippi, and Alabama, which as of December 31, 2024, represents all of the Company's business.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **Years** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** |
|  | 94.2% | 43.5% | 4.6% | -12.6% | 16.6% | -2.3% | -91.9% | 26.8% | 1.0% | 0.1% |

---

The negative amounts in Years 4, 6, and 7 represent reinsurance recoveries for a 2017 catastrophe event.

**Note 9 Reinsurance** 

Certain premiums and benefits are ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements allow the Company to limit its exposure to losses on catastrophic events.

The Company's reinsured risks are treated, to the extent of reinsurance, as though they are risks for which the Company is not liable. However, the Company remains contingently liable in the event the reinsuring companies do not meet their obligations under these reinsurance contracts. Given the quality of the reinsuring companies, management believes this possibility to be remote.

The following is a summary of the reinsurance coverage for the following periods noted:

*2023 – 2024 Treaty Year (June 1, 2023 – May 31, 2024):* 

The catastrophe excess of loss coverage is provided by agreements with reinsurers and by the FHCF. The excess of loss treaties generally provide coverage on ultimate net losses of $556.9 million in excess of $5.0 million for the first occurrence ($891.9 million for all occurrences) with the FHCF providing coverage for losses from qualifying catastrophic events in excess of $45.5 million up to a maximum payout of $87.9 million.

Effective December 1, 2023, the Company entered into two reinsurance agreements with Nature Coast Re, Ltd. in the form of Catastrophe Bonds. Nature Coast Re, Ltd. issued two classes of notes in the amount of $195.0 million in total as collateral for the reinsurance coverage provided. This coverage is effective from December 1, 2023 through November 30, 2026, which covers three hurricane seasons, and does not contain a reinstatement provision.

The Company executed a facultative reinsurance agreement with coverage of $3.0 million in excess of $1.0 million for personal lines and $5.0 million in excess of $5.0 million for commercial lines. The agreement is subject to a $15.0 million per occurrence limit with no aggregate limit. In addition to the facultative agreement the Company entered into a per risk excess of loss agreement for commercial lines only which provides coverage for $3.0 million in excess of $2.0 million.

The FHCF provides coverage for named hurricanes only and provides no coverage after the onetime limit is exhausted. Reinsurance premiums for the FHCF are paid on a total insured value basis. In the event of a FHCF loss assessment, the Company may recoup the assessments from its policyholders.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

The Company did not engage in any loss portfolio transfers for this treaty year.

*2024 – 2025 Treaty Year (June 1, 2024 – May 31, 2025):* 

The catastrophe excess of loss coverage is provided by agreements with reinsurers and by the FHCF. The excess of loss treaties generally provide coverage on ultimate net losses of $1,205.9 million in excess of $10.0 million for the first occurrence ($1,798.6 million for all occurrences) with the FHCF providing coverage for losses from qualifying catastrophic events in excess of $72.4 million up to a maximum payout of $128.4 million.

Effective June 25, 2024, the Company entered into one reinsurance agreement with Nature Coast Re, Ltd. in the form of Catastrophe Bonds. Nature Coast Re, Ltd. issued one note in the amount of $50.0 million in total as collateral for the reinsurance coverage provided. This coverage is effective from June 25, 2024 through June 7, 2028, which covers four hurricane seasons, and does not contain a reinstatement provision. The total amount of reinsurance protection for the 2024-2025 treaty year available from Nature Coast Re was $245.0 million.

The Company executed a facultative reinsurance agreement with coverage of $3.5 million in excess of $1.5 million for personal lines and $10.0 million in excess of $5.0 million for commercial lines. The agreement is subject to a $30.0 million per occurrence limit with no aggregate limit. In addition to the facultative agreement, the Company entered into a per risk excess of loss agreement for personal lines only which provides coverage for $0.8 million in excess of $0.8 million.

The FHCF provides coverage for named hurricanes only and provides no coverage after the onetime limit is exhausted. Reinsurance premiums for the FHCF are paid on a total insured value basis. In the event of a FHCF loss assessment, the Company may recoup the assessments from its policyholders.

The Company did not engage in any loss portfolio transfers for this treaty year.

*Net Quota Share Reinsurance* 

Effective June 1, 2024, the Company entered into a 5.0% whole account quota share reinsurance agreement for its Florida personal and commercial lines business. Under the terms of the agreement, the Company cedes 5.0% of earned premium, and this treaty covers catastrophe losses and all other catastrophe reinsurance inures to the treaty's benefit. In exchange, the Company receives a ceding commission of 35.5%.

During the first quarter of 2024, the Company entered into two commutation agreements on its 10% and 50% quota share treaty contracts that were originally effective in 2023. Per the terms of the agreement, the Company received $24.5 million from the reinsurers as full and final settlement for all liabilities subject to the contracts.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

The effects of reinsurance on premiums written and earned for the year ended December 31, 2024 are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Premiums<br>Written** | **Increase in<br>Unearned<br>Premiums** | **Premiums<br>Earned** |
|  **Year Ended December 31, 2024:** |  |  |  |
|  Direct | $559537 | $(70979) | $488558 |
|  Assumed | 83054 | (43073) | 39981 |
|  Ceded | (242573) | (46805) | (289378) |
|  Net | $400018 | $(160857) | $239161 |

---

The Company's reinsurance arrangements, excluding the Florida and Louisiana Citizens assumptions, decreased certain items in the accompanying Consolidated Financial Statements for the year ended December 31, 2024, by the following amounts (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Premiums earned | $(289378) |
|  Losses and loss adjustment expenses incurred | (31136) |

---

**Note 10 Variable Interest Entities** 

Cajun, a Louisiana-domiciled reciprocal insurance exchange, is managed by CURM, an AIF company which is a wholly owned subsidiary of CUH. At the formation date of Cajun, management determined that Cajun is a VIE.

Manatee, a Florida-domiciled reciprocal insurance exchange, is managed by MRM, an AIF company which is a wholly owned subsidiary of SPH. At the formation date of Manatee, management determined that Manatee is a VIE.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

Cajun and Manatee's assets are legally restricted for the purpose of fulfilling obligations specific to Reciprocal Exchanges. The Reciprocal Exchanges segment consists of the operations of Cajun and Manatee. The creditors of the Reciprocal Exchanges have no legal right to pursue additional sources of payment from the Company. The following table summarizes the assets and liabilities related to Reciprocal Exchanges segment, which is included in the accompanying Consolidated Balance Sheet as of December 31, 2024 (in thousands):

---

| | |
|:---|:---|
|  | **December 31,<br>2024** |
|  | **Reciprocal<br>Exchanges** |
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities, available for sale, at fair value | $23403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 74975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 3403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable | 13084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable | 7776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid reinsurance premiums | 65759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumed reinsurance receivable, net | 78356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | (1879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs, net | 23651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $288558 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and loss adjustment expenses | $20303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 164944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance premiums | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions payable | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable, net | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes payable | 24063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance payable | 26289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds held under reinsurance contracts | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities, net | 28840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | $277739 |

---

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

The intangible assets, net, included in the Reciprocal Exchanges' assets are primarily the VOBA related to unearned premiums on insurance contracts issued by the Reciprocal Exchanges segment. Additionally, certain intercompany payables between the Reciprocal Exchanges and SPH, including intercompany surplus notes, eliminate upon consolidation, and therefore are not included within the Reciprocal Exchanges' liabilities above. The following table summarizes the revenues and expenses related to the Reciprocal Exchanges segment as of December 31, 2024, which is included in the accompanying Consolidated Statement of Comprehensive Income (in thousands):

---

| | |
|:---|:---|
|  | **December 31,<br>2024** |
|  | **Reciprocal<br>Exchanges** |
|  Revenue: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross written premiums | $431584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in gross unearned premiums | (231479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross earned premiums | 200105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded earned premiums | (203160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums | (3055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy fee income | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment gain | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance related income | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 6206 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss adjustment expenses, net | 31696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs, net of ceding commissions | (23221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 11093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 3768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 23336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss before income taxes | (17130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income tax benefit | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(17124) |

---

For year ended December 31, 2024, the Company waived $3.0 million in fees for the Reciprocal Exchanges segment. During the same period, there were no events or circumstances that exposed the Company to loss or required the Company to provide any form of liquidity. As of December 31, 2024, the Company has $36.8 million of surplus notes issued by the Reciprocal Exchanges segment.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Note 11 Income Taxes** 

The income tax expense for the year ended December 31, 2024 is as follows (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Current: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $9947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current tax expense | 11856 |
|  Deferred: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax expense | 1387 |
|  Income tax expense | $13243 |

---

The components of the Company's net deferred tax asset as of December 31, 2024 is as follows (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Deferred tax assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and LAE | $1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premium | 11767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating loss | 13158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1481 |
|  Gross deferred tax asset | 29358 |
|  Deferred tax liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | (16703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangibles | (5054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets | (279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized capital gains | (278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use asset | (332) |
|  Gross deferred tax liability | (22956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance | (4416) |
|  Net deferred tax asset | $1986 |

---

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

A reconciliation of the income tax provision computed by applying the statutory federal income tax rate to the income tax expense is as follows for the year ended December 31, 2024 (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Income tax computed at statutory rate | $15440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State income taxes, net of federal benefit | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee equity compensation | (5092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nondeductible expenses | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in valuation allowance | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return to provision adjustment | (57) |
|  Income tax expense | $13243 |

---

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that management believes is more likely than not to be realized. After weighing factors and performing the analysis, the Company concluded that a $4.4 million valuation allowance should be recorded for the year ended December 31, 2024.

For the year ended December 31, 2024 the Company had federal net operating losses of $58.8 million, which expire at various dates beginning in 2038 through 2044 if not utilized. For the year ended December 31, 2024, the Company had $26.0 million of state operating losses, which will expire on various dates from 2038 through 2044.

The utilization of net operating loss carryforwards is subject to annual limitations due to ownership changes that previously occurred or that could occur in the future. In general, an ownership change as defined by Internal Revenue Code 382 occurs when shareholder ownership changes by more than 50% over a three-year period. An ownership change of greater than 50% occurred during 2023, resulting in the future limitation of annual federal and state net operating losses.

The Company has not recorded any amounts for unrecognized tax benefits for the year ended December 31, 2024. The Company's policy is to record estimated interest and penalties related to the underpayment of income taxes as a component of its income tax provision. For the year ended December 31, 2024, the Company had no accrued interest or tax penalties recorded. The Company does not anticipate any material changes for unrecognized benefits over the next twelve months.

The Company files income tax returns in the U.S. federal jurisdiction, Florida, Louisiana, New Jersey, Texas, Mississippi, and Alabama. All net operating losses generated to date are subject to adjustment for U.S. federal and state income tax purposes. The statute of limitations for federal and state purposes is open for tax years from 2021 to 2024.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Note 12 Long-Term Debt** 

The following table summarizes the Company's long-term debt for the years ended December 31, 2024 (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  18% Senior Note, due October 6, 2029 (a) | $22000 |
|  8% Subordinated Surplus Notes, December 31, 2042 (b) | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total principal amount | 32000 |
|  Less: unamortized Senior Note issuance costs | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt | $31715 |

---

(a) See *Note 15—Stockholders' Equity* for disclosure of detachable warrants issued concurrently with
Convertible Senior Note.

(b) Notes issued by Cajun and Manatee to a subsidiary of Acrisure

As of December 31, 2024, the Company reported $0.3 million of unamortized debt issuance costs which are carried on the Consolidated Balance Sheet as a reduction to Notes Payable.

Interest expense on all notes payable, which includes amortization of the debt issuance costs, for the year ended December 31, 2024 was $4.7 million.

The following table summarizes the future maturities of long-term debt as of December 31, 2024, which takes into consideration the assumption that the 8.0% and 18.0% notes are repurchased at their respective earliest call dates (in thousands):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2025 | $— |
| 2026 |  |
| 2027 |  |
| 2028 |  |
| 2029 | 22000 |
|  Thereafter | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $32000 |

---

The information with respect to interest expense related to long-term debt is as follows (in thousands):

---

| | |
|:---|:---|
|  | **December 31,<br>2024** |
|  Interest Expense: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual interest | $4684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 60 |
|  Total | $4744 |

---

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

On October 6, 2023, the Company issued an 18.0% $22.0 million subordinated note due October 6, 2029. Interest payments are due quarterly. In conjunction with this issuance, the Company also executed a common stock purchase warrant contract, which provides the holders the right to purchase up to 70,404 common shares (par value $.001) in exchange for $177.55 per share. The warrant contract expires October 6, 2033. The warrants were initially valued using the Black-Scholes option pricing model to calculate the fair value of the warrants, with the following assumptions: dividend yield of 25.0%, expected volatility of 75%, risk free interest rate of 4.7% and warrant life of approximately 10 years.

In March of 2017, SPI became a member of the Federal Home Loan Bank of Atlanta ("FHLB"). As a member, SPI is granted a line of credit that must be fully collateralized with cash and securities, or a combination of both. As of December 31, 2024, $0 of the $15.1 million of the available line of credit was drawn upon by the Company.

**Note 13 Commitments and Contingencies** 

The Company is named defendant in various legal actions arising in the normal course of business from claims made under insurance policies and contracts. These actions are considered by the Company in estimating the loss and LAE reserves. The Company's management believes that the resolution of these actions will not have a material adverse effect on the Company's financial position or results of operations.

*Obligations under One Multi-Year Reinsurance Contract* 

As of December 31, 2024, the Company has a contractual obligation related to a one multi-year reinsurance contract. The contract was entered into effective November 29, 2023. The contract may be cancelled only with the other party's consent or when its experience account is positive at the end of each contract year. The future minimum aggregate premium amount payable to the reinsurer is $23.3 million due in 2024, $21.5 million due in 2025 and $21.3 million due in 2026, with a total due of $66.1 million.

As of December 31, 2024, the Company has a second contractual obligation related to a one multi-year reinsurance contract. The contract was entered into effective June 25, 2024. The contract may be cancelled only with the other party's consent or when its experience account is positive at the end of each contract year. The future minimum aggregate premium amount payable to the reinsurer is $5.4 million due in 2024, $7.4 million due in 2025, $7.5 million due in 2026, $7.5 million due in 2027, and $3.9 million due in 2028, with a total due of $31.7 million.

*Louisiana Insurance Guaranty Association Assessments* 

The LIGA assessed its members 1.0% of the Company's 2022 written premium equal to $0.8 million which was paid in June 2023. The Company will collect the assessment from the policyholder based on an approved rate. The receivable balance as of December 31, 2024 was $0.7 million.

The LIGA assessed its members 1.0% of the Company's 2023 written premium equal to $1.2 million which was paid in June 2024. The Company will collect the assessment from the policyholder based on an approved rate. The receivable balance as of December 31, 2024 was $2.1 million.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Note 14 Incentive Plan Compensation** 

The Company has an incentive bonus plan that employees are eligible to participate in strictly at the discretion of senior management and the Board of Directors. For the year ended December 31, 2024, $5.1 million was charged to General and Administrative Expense within the Consolidated Statement of Comprehensive Income under the plan.

**Note 15 Stockholders' Equity** 

*Restricted Stock Awards* 

The Company's Employee Equity-Based Compensation Plan ("the Plan"), which became effective in 2013, is shareholder approved and grants shares of the Company to certain employees. There were no modifications to the Plan during the year ended December 31, 2024.

Grants issued in 2024 all have a three-year vesting period, had an average-weighted remaining vesting period of 2.2 years, and contained only service-based conditions. The Company determined grant date fair value for these shares using both a discounted cash flows approach and a market multiples approach to fair value common equity and then applied a discount for lack of marketability. Certain awards provide for accelerated vesting if there is a change in control (as defined by the Plan). Stock compensation expense is recognized ratably over the vesting period of the grants.

Information with respect to the activity of unvested restricted stock awards during the year ended December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  |<br>**Shares** | **Weighted-Average**<br>**Grant Date**<br>**Fair Value** |
|  Outstanding at January 1, 2024 | 804000 | $9.22 |
|  Granted | 4000 | 22.50 |
|  Vested |  |  |
|  Forfeited | (12000) | 9.22 |
|  Outstanding at December 31, 2024 | 796000 | $9.43 |

---

As of December 31, 2024, there was $3.5 million of total unrecognized compensation cost related to unvested equity-based compensation granted under the plan. The amortization expense recognized on unvested shares during the year ended December 31, 2024, was $2.5 million. Amortization expense recognized on unvested shares is recognized as General and Administrative Expense on the Consolidated Statement of Comprehensive Income.

*Redeemable Preferred Stock* 

On April 27, 2023, the Company issued 114,622 shares of perpetual Series A Redeemable Preferred Stock at a price of $87.24 per share, for total gross proceeds of $10.0 million. Each share of Redeemable Preferred Stock is convertible into one common stock of the Company if the Company reaches an enterprise valuation of $200.0 million. The total number of shares is subject to adjustment for stock splits, stock dividends, and similar dilutive transactions. The Redeemable Preferred Stock does not have a stated maturity date and is callable by the Company effective April 28, 2025. The call option, if exercised, would require the Company to

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

pay the holder of the Redeemable Preferred Stock face value plus any accrued and unpaid interest. The Redeemable Preferred Stock investment agreement does not include a net settlement provision for either embedded feature.

The Company has evaluated the embedded conversion feature for bifurcation and has determined that it does not require separate accounting as a derivative under ASC 815, *Derivatives and Hedging*.

Holders of Redeemable Preferred Stock are entitled to receive cumulative dividends at a rate of 6.0% per annum, payable in cash. Dividends are payable quarterly in arrears on each March 31, June 30, September 30, and December 31. Dividends of $0.6 million were paid during the year ended December 31, 2024. There was no dividends payable as of December 31, 2024.

Holders of Redeemable Preferred Stock are not entitled to vote on an as-converted basis with the holders of common stock. In the event of any liquidation, dissolution, or winding up of the Company, holders of Redeemable Preferred Stock are entitled to receive, prior and in preference to any distribution of any assets to the holders of common stock, $87.24 per share, plus any accrued but unpaid dividends.

Upon conversion of Redeemable Preferred Stock into common stock, the carrying amount of the Redeemable Preferred Stock is reclassified to common stock and additional paid-in capital based on the number of shares of common stock issued. During the year ended December 31, 2024, no Redeemable Preferred Stock was converted into common stock.

*Detachable Warrants* 

On October 6, 2023, the Company issued an 18.0% $22.0 million subordinated note due October 6, 2029. In conjunction with this issuance, the Company also issued detachable warrants, which provide the holders the right to purchase 70,404 shares of the Company's common stock at an exercise price of $177.55 per share. The warrants are exercisable beginning on October 6, 2023, and expire on October 6, 2033. As of December 31, 2024, the warrants were out-of-the-money and not included in the calculation of weighted average dilutive shares.

The issuance of these detachable warrants was accounted for separately from the debt securities in accordance with ASC 470-20. The fair value of the warrants on the issuance date was determined using the Black-Scholes pricing model. Key assumptions used in the valuation model included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expected volatility: 75%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expected dividend yield: 25%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk-free interest rate: 4.69%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expected life of the warrants: 10 years

The fair value of the warrants was recorded as a component of equity and as a debt discount on the balance sheet. This discount is being amortized to interest expense over the term of the debt using the effective interest method.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

As of December 31, 2024, the remaining unamortized debt discount related to the detachable warrants was immaterial. For the year ended December 31, 2024, the Company recognized immaterial interest expense related to the amortization of this debt discount.

If the warrants are exercised, the Company will issue new shares of common stock and receive proceeds of $177.55 per share. As of December 31, 2024, none of the warrants have been exercised.

The following table summarizes the activity of the detachable warrants:

---

| | | |
|:---|:---|:---|
|  | **Warrants** | **Warrants** |
|  Outstanding at January 1, 2024 |  | 70404 |
|  Expirations |  |  |
|  Exercised |  |  |
|  Issued |  |  |
|  Outstanding at December 31, 2024 |  | 70404 |

---

**Note 16 Related Party Transactions** 

The Company's relationship with Acrisure Re ("Acrisure") is broad. Acrisure is the holder of the Company's Redeemable Preferred Stock (see *Note 15—Stockholders' Equity* for additional detail) as well as investors in the surplus notes of Cajun (see *Note 12—Long-Term Debt* for additional detail). Acrisure is also the primary reinsurance broker for Cajun.

Pursuant to an investment agreement, dated as of August 31, 2023, by and between SPH and ClinchPoint Holdings, LLC ("ClinchPoint"), ClinchPoint purchased 254,159 shares of common stock of SPH. In exchange, ClinchPoint (i) sold its 50% equity ownership interest in CUH to SPH and (ii) transferred its $6 million aggregate principal amount of surplus notes to the Company. As part of the consideration, ClinchPoint is entitled to appoint three individuals to the Company's board of directors.

Certain shareholders of the Company and members of management are members of Crawdaddy's Ventures, LLC ("Crawdaddy"), a Florida limited liability company, which is a holding company for Nsurehub, Inc. ("Nsurehub"). David Flitman is the largest shareholder in Crawdaddy and maintains a position of Chief Executive Manager of Crawdaddy. Other employees, officers and/or directors of Safepoint Holdings have, or may in the future be granted, an interest in Crawdaddy. ClinchPoint also owns a minority interest in Crawdaddy and is a manager of Crawdaddy.

Pursuant to a Stock Purchase Agreement, dated March 31, 2024, the Company sold 100% of the equity of Nsurehub, a wholly owned subsidiary of SPH, to Crawdaddy. Nsurehub is a non-exclusive insurance agent that writes business on behalf of the Company and other unaffiliated insurers.

**Note 17 Segment Information** 

The Company generates revenue primarily through fees from insurance services and premiums earned from contracts with policyholders. The Company evaluates ongoing

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

economic and operating activities primarily through management of components of its operations primarily focused on its insurance production and underwriting results.

The Company has three operating segments: Insurance Services, Risk-bearing Entities, and Reciprocal Exchanges.

The Insurance Services segment mainly consists of Cajun AIF and Manatee AIF, as the attorneys-in-fact of Cajun and Manatee, respectively, which manage the reciprocals' operations in exchange for a management fee. The Insurance Services segment also generates fee income from the Company's wholly owned insurers and by delivering services to other unaffiliated MGAs and carriers.

The Risk-bearing Entities segment consists of business written and assumed on entities owned by Safepoint shareholders, including Safepoint Insurance Company and the Company's captives. The Risk-bearing Entities segment opportunistically writes insurance and reinsurance to drive additional profitability for the Safepoint shareholders.

The Reciprocal Exchanges segment consists of the operations of Cajun and Manatee. Cajun and Manatee are unincorporated groups of members, called subscribers, licensed to write insurance and not owned by the Safepoint shareholders. The economic outcomes of the reciprocals are classified as one-hundred percent non-controlling interests. See *Note 10—Variable Interest Entities* for additional information.

Intersegment transactions are accounted for in accordance with U.S. GAAP. Intersegment eliminations are mainly comprised of ceded premium, policy fees, policy administration costs, claims management costs, and intercompany surplus note interest. All three operating segments are also the Company's three reportable segments as they meet the criteria for separate disclosure based on the internal information reviewed by the CODM. Each of these segments is evaluated individually for performance and resource allocation, aligning with the Company's internal reporting structure.

The Company has identified its Chief Executive Officer ("CEO") as the CODM, as the CEO is responsible for making strategic decisions and allocating resources across the organization. The CODM regularly reviews revenue and income (loss) before income taxes at the operating segment level to assess performance and determine resource allocation. Assets by operating segment are not used by the CODM for purposes of making decisions about allocating resources to the segments and assessing performance. Monitoring of budgeted versus actual results are used in assessing performance of the segments and in establishing management's compensation.

The Company's operations and assets are located entirely within the United States and Bermuda.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

*Segment Results* 

Management uses revenue and income (loss) before income taxes as the basis for the segment performance reviews. The following table presents the Company's operating performance by segment for the year ended December 31, 2024 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Insurance<br>Services** | **Risk-<br>bearing<br>Entities** | **Reciprocal<br>Exchanges(1)** | **Corporate<br>& Other** | **Eliminations** | **Total** |
|  Gross written premium | $— | $469486 | $431584 | $— | $(258479) | $642591 |
|  Earned revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums | $— | $242216 | $(3055) | $— | $— | $239161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy fee income | 5244 | 2948 | 3044 |  | (5244) | 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy administration income | 74102 |  |  |  | (73444) | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims management income | 18583 |  |  |  | (18583) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 265 | 9940 | 4381 | 3160 | (3386) | 14360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance related income | 17 | 2883 | 1836 |  | (4609) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue  | 98211 | 257987 | 6206 | 3160 | (105266) | 260298 |
|  Expenses: |  |  |  |  |  |  |
|  Losses and loss adjustment expenses | 7744 | 115193 | 31696 |  | (18583) | 136050 |
|  Policy acquisition costs, net of ceding commission | 10888 | 85333 | (23221) | 2270 | (81491) | (6221) |
|  General and administrative expenses  | 29053 | 10298 | 11093 | 3695 | (1937) | 52202 |
|  Interest expense |  |  | 3768 | 4231 | (3255) | 4744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 47685 | 210824 | 23336 | 10196 | (105266) | 186775 |
|  Income (loss) before income taxes | $50526 | $47163 | $(17130) | $(7036) | $— | $73523 |

---

---

| | |
|:---|:---|
| ***(1)*** = | The Reciprocal Exchanges receive a subscriber contribution of 10% of the policy premium which is recorded to additional paid-in capital as received. The exchanges received $26,975, net of cancellations, during the year ended December 31, 2024.  |

---

Intersegment transactions are not eliminated from segment results but are eliminated in consolidation. Total revenue eliminations of $105.2 million include eliminations of $101.9 million in Insurance Services (which includes fees and commissions paid by the Reciprocal Exchanges to Insurance Services) and $3.4 million in Risk-bearing Entities.

The Company's Corporate & Other function consists of business through SPH, which manages its management team, investors, debtholders, and shared service cost centers.

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

General and administrative expenses are comprised of employee compensation and benefits, depreciation and amortization, technology costs, and stock-based compensation. Depreciation and amortization costs included $1.7 million recognized on Insurance Services, $0.1 million recognized on Risk-bearing Entities, and $8.7 million recognized on Reciprocal Exchanges.

**Note 18 – Statutory Reporting** 

The assets, liabilities, and results of operations for SPI, Cajun, and Manatee have been reported in accordance with U.S. GAAP, which varies from statutory accounting practices ("SAP") prescribed or permitted by insurance regulatory authorities. Prescribed SAPs are found in a variety of publications of the National Association of Insurance Commissioners ("NAIC"), state laws and regulations, as well as through general practices. The principal differences between SAP and GAAP are that under SAP: (1) certain assets that are not admitted assets are eliminated from the balance sheet, (2) acquisition costs for policies are expensed as incurred, while they may be deferred and amortized over the estimated life of the policies under U.S. GAAP, (3) differences may arise in the computation of deferred income taxes, (4) valuation allowances are established against investments, and (5) statutory accounting requires that unearned premiums and loss reserves are presented net of related reinsurance rather than on a gross basis under U.S. GAAP. SPI, Manatee, and Cajun must file with applicable state insurance regulatory authorities an "Annual Statement" which reports, among other items, net income and stockholders' equity (called "surplus as regards policyholders" in statutory reporting).

*Florida* 

SPI and Manatee are domiciled in the state of Florida. Florida Statutes (F.S. 624.408) require property and casualty insurers to maintain minimum capital and surplus of $15.0 million or 10% of the insurer's total liabilities for losses, loss adjustment expenses, and unearned premiums, whichever is greater, and to meet the risk-based capital requirements. Additionally, Florida Statutes (F.S. 624.4095) also limit gross and net written premiums relative to capital and surplus of property and casualty insurers writing property business. The maximum allowable ratios of gross and net written premiums to capital and surplus are 10-to-1 and 4-to-1, respectively. For the purposes of calculating the ratios, recorded gross and net written property premiums are multiplied by 0.9. SPI's ratios as of December 31, 2024, were 2.1-to-1 on a gross basis and 1.42-to-1 on a net basis, which are in compliance with the statutory requirements for minimum capital and surplus and limits on written premiums.

SPI's Statutory Pre-tax income and Surplus as of December 31, 2024 was (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Pre-tax income | $14586 |
|  Surplus | 90914 |

---

Manatee's Statutory Pre-tax income and Surplus as of December 31, 2024 was (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Pre-tax income | $21013 |
|  Surplus | 52663 |

---

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

SPI has maintained a cash deposit with the Insurance Commissioner of the State of Florida in the amount of $0.7 million to meet regulatory requirements. In addition, SPI maintains a cash deposit of $10.0 million pledged to the LDOI for grant funds received under the Incentive Program enacted in 2022 by the state of Louisiana to encourage additional property insurers to participate in the voluntary property insurance market. As a recipient of these grant funds, SPI is subject to Louisiana RS 22:2370, which states that the grant funds shall be earned at the rate of twenty percent per year and are subject to minimum premium requirements of four times the amount of grant funds received. The minimum premium requirement must be met within the first 24 months. The minimum requirements have been met by SPI as of December 31, 2024. Under Florida law, a domestic insurer may not pay any dividend or distribute cash or other property to its stockholders except out of that part of its available and accumulated capital and surplus funds which is derived from realized net operating profits on its business and net realized capital gains. A Florida domestic insurer may not make dividend payments or distributions to stockholders without prior approval of the FLOIR if the dividend or distribution would exceed the larger of (1) the lesser of (a) 10.0% of its capital surplus or (b) net income, not including realized capital gains, plus a two year carry forward, (2) 10.0% of capital surplus with dividends payable constrained to unassigned funds minus 25.0% of unrealized capital gains or (3) the lesser of (a) 10.0% of capital surplus or (b) net investment income plus a three year carry forward with dividends payable constrained to unassigned funds minus 25.0% of unrealized capital gains.

Alternatively, a Florida domestic insurer may pay a dividend or distribution without the prior written approval of the FLOIR if (1) the dividend is equal to or less than the greater of (a) 10.0% of the insurer's capital surplus as regards to policyholders derived from realized net operating profits on its business and net realized capital gains or (b) the insurer's entire net operating profits and realized net capital gains derived during the immediately preceding calendar year, (2) the insurer will have policy holder capital surplus equal to or exceeding 115.0% of the minimum required statutory capital surplus after the dividend or distribution, (3) the insurer files a notice of the dividend or distribution with the FLOIR at least ten business days prior to the dividend payment or distribution and (4) the notice includes a certification by an officer of the insurer attesting that, after the payment of the dividend or distribution, the insurer will have at least 115% of required statutory capital surplus as to policyholders. Except as provided above, a Florida domiciled insurer may only pay a dividend or make a distribution (1) subject to prior approval by the FLOIR or (2) 30 days after the FLOIR has received notice of such dividend or distribution and has not disapproved it within such time.

*Louisiana* 

Cajun is domiciled in the state of Louisiana. Louisiana requirements mandate that reciprocal insurers authorized to transact homeowners' insurance or fire and allied lines after August 1, 1967, to have initial minimum surplus in the amount of $5.0 million.

Under Louisiana law, a domestic insurer may not pay any extraordinary dividend or distribution of cash or other property, whose fair market value together with that of other dividends or distributions made within the preceding twelve months exceeds the lesser of the following amounts: (a) 10% of the insurer's surplus as regards policyholders as of the thirty-first day of December next preceding or (b) net income for the twelve-month period ending the thirty-first day of December next preceding but shall not include pro rata distributions of any class of the insurer's own securities. In determining whether a dividend or distribution is

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

extraordinary, an insurer may carryforward net income attributable to the previous two calendar years that has not already been paid out as dividends. This carryforward shall be computed by taking the net income attributable to the second and third preceding calendar years, not including realized capital gains, less dividends paid in the second and immediately preceding calendar years.

Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the commissioner's approval, and the declaration shall confer no rights upon shareholders until either the commissioner has approved the payment of the dividend or distribution, or the commissioner has not disapproved payment within the thirty-day period referred to above.

Cajun's Statutory Pre-tax income and Surplus as of December 31, 2024 was (in thousands):

---

| | |
|:---|:---|
|  | **2024** |
|  Pre-tax income | $(27511) |
|  Surplus | 30156 |

---

Cajun maintains a cash deposit of $4.8 million pledged to the LDOI for grant funds received under the Incentive Program, as described above. The miniumum requirements of the program have been met by Cajun as of December 31, 2024.

*Risk-Based Capital* 

The NAIC publishes risk-based capital guidelines for insurance companies that are designed to assess capital adequacy and to raise the level of protection that statutory surplus provides for policy holders. Most states, including Florida and Louisiana, have enacted the NAIC guidelines as statutory requirements, and insurers having less statutory surplus than required will be subject to varying degrees of regulatory action, depending on the level of capital inadequacy. State insurance regulatory authorities could require an insurer to cease operations in the event the insurer fails to maintain the required statutory capital.

The ratio of adjusted capital to authorized control level risk-based capital as of December 31, 2024 was as follows, all of which exceed statutory requirements:

---

| | |
|:---|:---|
|  | **2024** |
|  Safepoint Insurance Company | 794% |
|  Cajun Underwriters Reciprocal Exchange | 433% |
|  Manatee Insurance Exchange | 658% |

---

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

**Note 19 – Earnings Per Share** 

The following table set forth the computation of basic and dilutive earnings per share for the year ended December 31, 2024 (in thousands, except share and per share data):

---

| | |
|:---|:---|
|  | **Year Ended<br>December 31, 2024** |
|  **Basic earnings per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Numerator:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to controlling interest | $77404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: accumulated dividends on redeemable preferred stock | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to common stockholders | $76804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Denominator:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average shares outstanding | 472797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share | $162.45 |
|  **Diluted earnings per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Numerator:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income available to common stockholders | $76804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plus: accumulated dividends on redeemable preferred stock | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income available to common stockholders—diluted | $77404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Denominator:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average shares outstanding | 472797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of dilutive shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact of unvested shares | 671293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact of redeemable preferred stock | 114622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted weighted average shares outstanding | 1258712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share | $61.49 |

---

The Company had 70,404 anti-dilutive warrants that were excluded from the calculation of diluted weighted-average common share equivalents for the year ended December 31, 2024

**Note 20 – Subsequent Events** 

On January 30, 2025, the Company's Board of Directors declared a dividend of $25 per common share, totaling $31.8 million, payable to shareholders of record as of January 31, 2025. The dividend was paid in cash on February 12, 2025.

In January 2025, the Company, including its current insurance company subsidiaries and affiliates, entered into a reinsurance agreement with Nature Coast Re Ltd. in the form of Catastrophe Bonds. Nature Coast Re Ltd. issued one class of notes in the amount of $200.0 million in total as collateral for the reinsurance coverage provided above the attachment level of $475.0 million. This coverage is effective from January 2025 through January 2029 and covers named storms in the states of Florida, Louisiana, Alabama, Mississippi, and Texas.

On February 18, 2025, the Company entered into a credit agreement comprising a $100.0 million term loan, a $25.0 million revolving loan facility, and a $15.0 million delayed draw term loan. On August 15, 2025, the credit agreement was amended to increase the revolving

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Notes to the Consolidated Financial Statements—(Continued)** 

loan facility to $75.0 million, the delayed draw term loan to $115.0 million, and decrease the term loan to $97.5 million. As of September 30, 2025, $97.5 million was outstanding under the term loan, $22.0 million was drawn under the revolving loan facility, and no amount was drawn for the delayed draw term loan. The term loan bears interest at Secured Overnight Financing Rate plus 3.5% and matures on February 18, 2030. The agreement includes customary covenants and conditions.

On February 18, 2025, $31.1 million was used to repay outstanding debt, specifically the $22.0 million subordinated note due October 6, 2029, along with an early payoff premium of $9.1 million.

In April 2025, the Company, including its current insurance company subsidiaries and affiliates, entered into a reinsurance agreement with Nature Coast Re Ltd. in the form of Catastrophe Bonds. Nature Coast Re Ltd. issued one class of notes in the amount of $150.0 million in total as collateral for the reinsurance coverage provided above the attachment level of $600.0 million. This coverage is effective from April 2025 through April 2029 and covers named storms in the states of Florida, Louisiana, Alabama, Mississippi, and Texas.

On May 2, 2025, the Company made a seed capital contribution to Shuriken I, L.P., a Delaware limited partnership (the "Shuriken Fund") as its initial limited partner in the amount of $10.0 million. The investment manager of the Shuriken Fund is Shuriken Capital Management, LLC, a Delaware limited liability company (the "Shuriken Manager"). A subsidiary of the Shuriken Manager acts as the general partner of the Shuriken Fund. The Shuriken Manager is not owned by the Company but majority-owned and controlled by David Flitman and Steve Hoffman. Other employees, officers and/or directors of the Company have, or may in the future be granted, an interest in the Shuriken Manager. ClinchPoint also owns a minority interest in the Shuriken Manager.

On June 26, 2025, Acrisure converted all its outstanding preferred shares into common shares based on a modified conversion formula that excluded the impact of the Company's outstanding warrants. The carrying value of the preferred shares at redemption was $9.8 million. The conversion is an equity transaction, and, as a result, no gain or loss was recognized (ASC 260-10-S99 and ASC 505-10). The carrying value of the preferred shares was reclassified to common stock (at par value of $0.001) and additional paid-in capital (for the excess over par). Immediately following the conversion, the Company repurchased 26,958 of the 67,395 common shares held by Acrisure. The repurchase was accounted for under the cost method per ASC 505-30, with the repurchased shares recorded as treasury stock at the acquisition cost.

In accordance with ASC 855, *Subsequent Events*, the Company has evaluated all events and transactions that occurred subsequent to the balance sheet date through November 26, 2025 and determined that there were no subsequent events requiring recognition within the Consolidated Balance Sheet as of December 31, 2024.

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Schedule II – Condensed Financial Information of Registrant** 

**Balance Sheet (Parent Company)** 

***(In thousands, except per share amounts)***

---

| | |
|:---|:---|
|  | **December 31,<br>2024** |
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $39193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable, net | 14959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | 19695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 9978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in subsidiaries | 182972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4845 |
|  Total assets | $272518 |
|  Liabilities and Stockholders' Equity |  |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | $503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | 10250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliates | 105379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 21715 |
|  Total liabilities | 137847 |
|  Preferred stock, $0.001 par value, 6.0% cumulative dividend, (114,622 shares authorized, issued, and outstanding) | 9841 |
|  Stockholders' Equity: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, par value $0.001 (5,000,000 authorized, 2,306,390 issued, 472,797 outstanding) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 30663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock, at cost 43,174 shares | (799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income, net of tax | 94815 |
|  Total equity attributable to controlling interest | 124830 |
|  Total liabilities and stockholders' equity | $272518 |

---

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Schedule II – Condensed Financial Information of Registrant** 

**Statement of Comprehensive Income (Parent Company)** 

***(In thousands)***

---

| | |
|:---|:---|
|  | **Year Ended<br>December 31,<br>2024** |
|  Revenues: |  |
|  Net investment income | $2788 |
|  Net realized investment gain | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 2920 |
|  Expenses: |  |
|  Policy acquisition costs, net of ceding commissions | 2269 |
|  General and administrative expenses | 3367 |
|  Interest expense | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9868 |
|  Loss before income taxes | (6948) |
|  Provision for income tax benefit | (9007) |
|  Income before equity in net income of subsidiaries | 2059 |
|  Equity in net income of subsidiaries | 58221 |
|  Net income | $60280 |
|  Other comprehensive loss of subsidiaries | (261) |
|  Other comprehensive income | 284 |
|  Total comprehensive income | $60303 |

---

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Safepoint Holdings, Inc. and Subsidiaries** 

**Schedule II – Condensed Financial Information of Registrant** 

**Statement of Cash Flows (Parent Company)** 

***(In thousands)***

---

| | |
|:---|:---|
|  | **Year Ended<br>December 31,<br>2024** |
|  **Operating activities** |  |
|  Net income | $60280 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in net income of subsidiaries | (58221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | (1511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of equity-based compensation | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment gain | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in net operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income taxes | (8662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (2669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in subsidiaries | 46136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 39813 |
|  **Financing activities** |  |
|  Preferred stock dividends | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in financing activities | (600) |
|  **Net increase in cash and cash equivalents** | 39213 |
|  **Cash, cash equivalents, and restricted cash at beginning of period** | (20) |
|  **Cash, cash equivalents, and restricted cash at end of period** | $39193 |
|  Supplemental disclosures of cash flow information: |  |
|  Interest paid | $(3960) |

---

------

##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Prospectus Summary](#rom73198_1) | 1 |
|  [Summary Consolidated Financial and Other Data](#rom73198_2) | 20 |
|  [Risk Factors](#rom73198_3) | 22 |
|  [Special Note Regarding Forward-Looking Statements](#rom73198_4) | 65 |
|  [Use of Proceeds](#rom73198_5) | 67 |
|  [Dividend Policy](#rom73198_6) | 68 |
|  [Capitalization](#rom73198_7) | 69 |
|  [Dilution](#rom73198_8) | 71 |
|  [Management's Discussion and Analysis of Financial Condition And Results of Operations](#rom73198_9) | 73 |
|  [Business](#rom73198_10) | 95 |
|  [Regulation](#rom73198_11) | 121 |
|  [Management](#rom73198_12) | 132 |
|  [Executive Compensation](#rom73198_13) | 140 |
|  [Certain Relationships and Related Party Transactions](#rom73198_14) | 147 |
|  [Principal and Selling Stockholders](#rom73198_15) | 150 |
|  [Description of Capital Stock](#rom73198_16) | 152 |
|  [Description of Certain Indebtedness](#rom73198_17) | 158 |
|  [Shares Eligible for Future Sale](#rom73198_18) | 160 |
|  [Material U.S. Federal Income Tax Consequences to Non-U.S. Holders](#rom73198_19) | 163 |
|  [Underwriting](#rom73198_20) | 168 |
|  [Legal Matters](#rom73198_21) | 178 |
|  [Change In Accountants](#rom73198_22) | 179 |
|  [Experts](#rom73198_23) | 180 |
|  [Where You Can Find Additional Information](#rom73198_24) | 181 |
|  [Index to Consolidated Financial Statements](#rom73198_25) | F-1 |

---

**You should rely only on the information contained in this prospectus and any free writing prospectus that we may provide to you in connection with this offering. We, the selling stockholders and the underwriters have not authorized anyone to provide you with different information or to make any other representations, and we, the selling stockholders and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. We and the selling stockholders are offering to sell, and seeking offers to buy, shares of our common stock only under circumstances and in jurisdictions where it is lawful to do so. Neither we, the selling stockholders nor any of the underwriters are making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than its date. Our business, financial condition, results of operations and prospects may have changed since that date.** 

**For investors outside the United States: Neither we, the selling stockholders nor any of the underwriters have done anything that would permit this offering or the possession or distribution of this prospectus in any jurisdiction where action for those purposes is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our common stock and the distribution of this prospectus outside of the United States.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** 

**SAFEPOINT HOLDINGS, INC.** 

**Common Stock**![LOGO](g73198g22m01.jpg)

**PROSPECTUS** 

*Book-Running Manager* 

**Deutsche Bank Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026

**Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.** 

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##### [**Table of Contents**](#toc)
**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 13. Other Expenses of Issuance and Distribution.** 

The actual and estimated expenses in connection with this offering, all of which will be borne by us, are as follows:

---

| | |
|:---|:---|
|  SEC registration fee | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
|  FINRA filing fee | \* |
|  Printing and engraving expenses | \* |
|  Legal fees and expenses | \* |
|  Accounting fees and expenses | \* |
|  Transfer agent and registrar fees | \* |
|  Miscellaneous expenses | \* |
|  Total | $\* |

---

\* To be completed by amendment

**Item 14. Indemnification of Directors and Officers.** 

As permitted by Section 102(b)(7) of the DGCL, we plan to include in our certificate of incorporation a provision to eliminate the personal liability of our directors for monetary damages for breach of their fiduciary duties as directors, subject to certain exceptions. In addition, our certificate of incorporation and by-laws will provide that we are required to indemnify our directors under certain circumstances, including those circumstances in which indemnification would otherwise be discretionary, and we are required to advance expenses to our directors as incurred in connection with proceedings against them for which they may be indemnified, in each case except to the extent that the DGCL prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.

Section 145(a) of the DGCL provides that a corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interest of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.

Section 145(b) of the DGCL provides that a corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

We have entered into indemnification agreements with our directors and, prior to the completion of this offering, intend to enter into indemnification agreements with certain of our officers. These indemnification agreements will provide broader indemnity rights than those provided under the DGCL and our certificate of incorporation. These indemnification agreements are not intended to deny or otherwise limit third-party or derivative suits against us or our directors or officers, but to the extent a director or officer were entitled to indemnity or contribution under the indemnification agreement, the financial burden of a third-party suit would be borne by us, and we would not benefit from derivative recoveries against the director or officer. Such recoveries would accrue to our benefit but would be offset by our obligations to the director or officer under the indemnification agreement.

The underwriting agreement will provide that the underwriters are obligated, under certain circumstances, to indemnify our directors, officers and controlling persons against certain liabilities, including liabilities under the Securities Act.

We maintain directors' and officers' liability insurance for the benefit of our directors and officers.

**Item 15. Recent Sales of Unregistered Securities.** 

Since January 1, 2023, the Registrant has issued the following unregistered securities:

&nbsp;&nbsp;&nbsp;&nbsp;*(a) Sale of 114,622 shares of Series A Preferred Stock* 

On April 27, 2023, the registrant issued 114,622 shares of Series A Preferred Stock to Acrisure SI-Vehicles, LLC ("Acrisure SI"), at a price of $87.24 per share, for an aggregate purchase price of approximately $10 million. The proceeds from such sale were used to fund management's buyout transaction of the Company. Such shares were freely convertible into a certain number of fully-paid and nonassessable shares of common stock at any time once the registrant obtained an enterprise value of $200 million. On June 26, 2025, (i) all shares of Acrisure SI's Series A Preferred Stock were converted into 67,395 shares of our common stock and subsequently (ii) Safepoint Holdings repurchased 26,958 shares of such common stock for an aggregate purchase price of $10 million. Following these transactions, Acrisure SI owns 40,437 shares of our common stock.

No broker-dealers were involved in the foregoing issuances of securities. The securities described in this section (a) of Item 15 were issued to investors in reliance upon the exemption from the registration requirements of the Securities Act, as set forth in Section 4(a)(2) under the Securities Act, to the extent an exemption from such registration was required. All holders of securities described above represented to the Registrant in connection with their purchase or

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

issuance that they were accredited investors and were acquiring the securities for their own account for investment purposes only and not with a view to, or for sale in connection with, any distribution thereof and that they could bear the risks of the investment and could hold the securities for an indefinite period of time. The holders received written disclosures that the securities had not been registered under the Securities Act and that any resale must be made pursuant to a registration statement or an available exemption from such registration.

&nbsp;&nbsp;&nbsp;&nbsp;*(b) Sale of Debt Securities* 

On October 6, 2023, Safepoint Holdings entered into a Note Purchase Agreement pursuant to which Safepoint Holdings issued to Tacora Capital, LP $22 million of subordinated secured notes due 2029 (referred to as the 2029 Notes) at a per annum interest rate equal to 18.0%. The proceeds were used to purchase surplus notes of Manatee. The 2029 Notes were redeemed in full as of February 18, 2025.

No broker-dealers were involved in the foregoing issuances of securities. The securities described in this section (b) of Item 15 were issued to investors in reliance upon the exemption from the registration requirements of the Securities Act, as set forth in Section 4(a)(2) under the Securities Act, to the extent an exemption from such registration was required. All holders of securities described above represented to the Registrant in connection with their purchase or issuance that they were accredited investors and were acquiring the securities for their own account for investment purposes only and not with a view to, or for sale in connection with, any distribution thereof and that they could bear the risks of the investment and could hold the securities for an indefinite period of time. The holders received written disclosures that the securities had not been registered under the Securities Act and that any resale must be made pursuant to a registration statement or an available exemption from such registration.

&nbsp;&nbsp;&nbsp;&nbsp;*(c) [Grants of Stock Awards and Issuance of Shares]* 

[•]

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**Item 16. Exhibits and Financial Statement Schedules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Exhibits* 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| 1.1\* | Form of Underwriting Agreement |
| 3.1\* | Articles of Incorporation, dated [•], of Safepoint Holdings, Inc. |
| 3.2\* | Form of Certificate of Incorporation of Safepoint Holdings, Inc., to be in effect upon closing of this offering |
| 3.3\* | Bylaws, adopted [•], of Safepoint Holdings, Inc. |
| 3.4\* | Form of Bylaws of the Registrant, to be in effect upon the closing of this offering |
| 4.1\* | Form of Common Stock Certificate |
| 4.2\* | Credit Agreement, dated as of February 18, 2025, by and among Safepoint Holdings, Inc., the guarantors named therein and Regions Bank as administrative agent, collateral agent, issuing bank, and swingline lender with respect to a $100 million term loan, as well as commitments in respect of a delayed law term loan facility and a revolving credit facility |
| 4.3\* | First Amendment, dated as of April 11, 2025 to the Credit Agreement, dated as of February 18, 2025, by and among Safepoint Holdings, Inc., the guarantors named therein and Regions Bank as administrative agent, collateral agent, issuing bank, and swingline lender |
| 4.4\* | Second Amendment, dated as of May 30, 2025 to the Credit Agreement, dated as of February 18, 2025, by and among Safepoint Holdings, Inc., the guarantors named therein and Regions Bank as administrative agent, collateral agent, issuing bank, and swingline lender |
| 4.5\* | Third Amendment, dated as of August 15, 2025 to the Credit Agreement, dated as of February 18, 2025, by and among Safepoint Holdings, Inc., the guarantors named therein and Regions Bank as administrative agent, collateral agent, issuing bank, and swingline lender |
| 4.6\* | Class A Subordinated Surplus Debenture, dated as of June 15, 2022, by and between Cajun Underwriters Reciprocal Exchange and Safepoint Insurance Company |
| 4.7\* | Class A Subordinated Surplus Debenture, dated as of June 12, 2022, by and between Cajun Underwriters Reciprocal Exchange and Cajun Investco I, LLC |
| 4.8\* | Class A Subordinated Surplus Debenture, dated as of June 15, 2022, by and between Cajun Underwriters Reciprocal Exchange and Safepoint Insurance Company (as successor in interest to ClinchPoint Holdings LLC) |
| 4.9\* | Class A Subordinated Surplus Debenture, dated as of September 23, 2022, by and between Cajun Underwriters Reciprocal Exchange and Cajun Investco I, LLC |
| 4.10\* | Class A Subordinated Surplus Debenture, dated as of May 4, 2023, by and between Cajun Underwriters Reciprocal Exchange and Cajun Underwriters Holdings, LLC |
| 4.11\* | Class A Subordinated Surplus Debenture, dated as of February 7, 2024, by and between Cajun Underwriters Reciprocal Exchange and Safepoint Holdings, Inc. |
| 4.12\* | Subordinated Surplus Debenture, dated as of January 5, 2024, by and between Manatee Insurance Exchange and Safepoint Holdings, Inc. |

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| 4.13\* | Subordinated Surplus Debenture, dated as of January 18, 2024, by and between Manatee Insurance Exchange and Acrisure—SI Vehicles, LLC |
| 5.1\* | Opinion of Willkie Farr & Gallagher LLP |
| 10.1\* | Form of Indemnification Agreement |
| 10.2\* | Assumption Agreement, dated [•], between Citizens Property Insurance Company and Safepoint Insurance Company |
| 10.3\* <sup>+</sup> | Form of Catastrophe Aggregate Excess of Loss Reinsurance Contract, effective June 1, 2025, issued to Safepoint Insurance Company by the Subscribing Reinsurers identified in the Interests and Liabilities Agreements |
| 10.4\* | Reimbursement Contract, effective June 1, 2015, between Safepoint Insurance Company and the State Board of Administrators of the State of Florida which administrates the Florida Hurricane Catastrophe Fund |
| 10.5\* | Managing General Agency and Claims Administration Agreement, dated as of February 1, 2024, between Safepoint MGA, LLC and Manatee Risk Management, LLC, acting as attorney-in-fact for Manatee Insurance Exchange |
| 10.6\* | Managing General Agency and Claims Administration Agreement, dated as of November 14, 2013, between Safepoint MGA, LLC and Safepoint Insurance Company |
| 10.7\* | Sixth Amendment, dated as of December 1, 2024, to the Managing General Agency and Claims Administration Agreement, dated as of November 14, 2013, between Safepoint MGA, LLC and Safepoint Insurance Company |
| 10.8\* | Policy Administration and Claims Servicing Agreement, dated as of June 15, 2022, by and between Cajun Underwriters Risk Managers and Insight Risk Solutions |
| 10.9\* | Agreement of the Attorney-In-Fact of Cajun Underwriters Reciprocal Exchange, dated as of June 15, 2022, by and between Cajun Underwriters Reciprocal Exchange and Cajun Underwriters Risk Management LLC |
| 10.10\* | Agreement of the Attorney-In-Fact of Manatee Insurance Exchange, dated as of January 4, 2024, by and between Manatee Insurance Exchange and Manatee Risk Management LLC |
| 10.11\* | Safepoint Holdings, Inc. 2024 Stock Incentive Plan |
| 10.12\* | Form of Restricted Stock Grant Notice and Agreement for the Safepoint Holdings, Inc. 2024 Stock Incentive Plan |
| 10.13\* | Form of Director Restricted Stock Grant Notice and Agreement for the Safepoint Holdings, Inc. 2024 Stock Incentive Plan |
| 10.14\* | Form of Amended and Restated Restricted Stock Grant Notice and Agreement for the Safepoint Holdings, Inc. 2024 Stock Incentive Plan |
| 10.15\* | Form of Amendment to Amended and Restated Restricted Stock Grant Notice and Agreement (Vesting Schedule) for the Safepoint Holdings, Inc. 2024 Stock Incentive Plan |
| 10.16\* | Form of Amendment to Amended and Restated Restricted Stock Grant Notice and Agreement (Transferability) for the Safepoint Holdings, Inc. 2024 Stock Incentive Plan |

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| 10.17\* | Safepoint Holdings, Inc. 2026 Stock Incentive Plan |
| 10.18\* | [Forms of Award Agreement under the 2026 Plan] |
| 10.19\* | Safepoint Holdings, Inc. 2026 Employee Stock Purchase Plan |
| 10.20\* | Second Amended and Restated Employment Agreement, dated as of September 3, 2024, by and between Safepoint Holdings, Inc. and David Flitman |
| 10.21\* | Amended and Restated Employment Agreement, dated as of September 3, 2024, by and between Safepoint Holdings, Inc. and Steven Hoffman |
| 10.22\* | Long-Term Incentive Plan Agreement, dated as of December 31, 2024, by and between Safepoint Holdings, Inc. and David Flitman |
| 10.23\* | Long-Term Incentive Plan Agreement, dated as of December 31, 2024, by and between Safepoint Holdings, Inc. and Steven Hoffman |
| 10.24\* | [Form of Cajun Subscriber Agreements] |
| 10.25\* | [Form of Manatee Subscriber Agreements] |
| 16.1\* | Letter from RSM US LLP Regarding Change in Accountants |
| 21.1\* | List of Subsidiaries |
| 23.1\* | Consent of PricewaterhouseCoopers LLP |
| 23.2\* | Consent of Willkie Farr & Gallagher LLP (included in Exhibit 5.1) |
| 24.1\* | Power of Attorney (included in the signature page to Registration Statement) |
| 107\* | Filing Fees Table |

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\* To be filed by amendment

+ Portions of this exhibit (indicated by asterisks) have been omitted pursuant to a request for confidential treatment, and this exhibit has been filed separately with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Financial Statement Schedules.* All financial statement schedules are omitted because the information called
for is not required or is shown either in the consolidated financial statements or in the notes thereto.

**Item 17.** **Undertakings.** <br>

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid by a director, officer or controlling person of us in the successful defense of any action, suit, or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

We hereby undertake that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this
registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for purposes of determining any liability under the Securities Act, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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**Safepoint Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Confidential draft submitted to the Securities and Exchange Commission on November 26, 2025. This draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this registration statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in [•], on the [•] day of [•], 2025.

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|:---|
| **Safepoint Holdings, Inc.** |
| By: |

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Name: <br> Title:

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints [•], [•] and [•], and each of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution and full power to act without the other, for him or her and to act in his or her name, place and stead, in any and all capacities, to execute the Registration Statement on Form S-1 of Safepoint Holdings, Inc. and any or all amendments (including post-effective amendments) thereto and any new registration statement with respect to the offering contemplated hereby filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on Form S-1 has been signed by the following persons in the capacities and on the dates indicated.

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|:---|:---|:---|
| **Signature** | **Title** | **Date** |

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