Slide Insurance has successfully completed its reinsurance program ahead of the upcoming hurricane season in the Atlantic. The $1.86 billion program is designed to safeguard the company up to the 175-year return period, offering comprehensive coverage for all perils and third-event protection, surpassing regulatory and rating agency standards.
Founder and CEO of Slide Insurance, Bruce Lucas, highlighted the significance of the reinsurance program, emphasizing the company’s dedication to providing stability in the Florida market. Lucas expressed gratitude towards their reinsurance partners for their continuous support and shared excitement about expanding their services to support homeowners in Florida.
As part of the program, Slide Insurance finalized the pricing for its Purple Re Ltd. catastrophe bond, amounting to $210 million. This initiative aimed to enhance the firm’s reinsurance protection against named storms and hurricanes in Florida and South Carolina, marking its largest catastrophe bond issuance to date. The coverage will be effective for three years, starting from June 1, 2024, until May 31, 2027, on an indemnity and pre-occurrence basis.
Introduced last year, Slide’s Purple Re Ltd. Series, including the Series 2023-1 and Series 2023-2 catastrophe bonds, provided reinsurance protection worth $200 million. Additionally, the company has maintained its Demotech Financial Stability rating of “A” to further solidify its financial standing.
Headquartered in Tampa, Florida, Slide Insurance Company operates as a technology-driven insurance provider, utilizing artificial intelligence and big data to optimize insurance processes. The company specializes in offering insurance coverage for homeowners, focusing on innovation and efficiency in the insurance sector.
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