Slide Insurance, a full-stack InsurTech firm with a keen focus on delivering cost-effective and efficient homeowners insurance, has revealed the successful pricing of its latest catastrophe (cat) bond.
This recent development relates to the completion of the Purple Re Ltd. (Series 2023-2) catastrophe bond, amounting to a significant $100m.
The substantial investment was secured through the issuance of a catastrophe bond, marking Slide Insurance’s second such investment this year. This follows closely on the heels of the InsurTech’s initial $100m Purple Re 2023-1 catastrophe bond, launched in April.
Slide Insurance is a revolutionising force in the homeowner’s InsurTech scene, simplifying the insurance process for the modern consumer through the use of big data and artificial intelligence. By providing hyper-personalised and optimised insurance solutions, Slide leverages cutting-edge technology to achieve superior underwriting outcomes. Since launching operations in February 2022, the Tampa-based firm has swiftly grown into the largest full-stack homeowner’s InsurTech in the country, overseeing over $570m in premiums.
The fresh funding will be utilised to broaden Slide’s reinsurance protection for named storm and hurricane threats in Florida and South Carolina. The extra catastrophe bond safeguards Slide up to a 200-year return period, far exceeding the stipulations of rating agencies and regulatory bodies.
Bruce Lucas, founder and CEO of Slide Insurance, stated, “Slide is committed to building a strong and sustainable future and our first two catastrophe bonds have strengthened our ability to protect policyholders at the height of the 2023 Atlantic Hurricane season.” He went on to express satisfaction at finalising their second catastrophe bond at reduced pricing, which also allowed for additional reinsurance capacity from investors.
In addition to its initial catastrophe bond, Slide Insurance has made significant strides to fortify its financial stability in the first half of 2023. This included securing an additional $35m through a senior credit facility with Regions Bank in June and placing an oversubscribed reinsurance program in May.
Slide Insurance has garnered recognition for its impressive growth and innovation, earning a Tampa Bay Business Journal Best Place to Work award for 2023 and a Tampa Bay Inno Fire Award. Further, Bruce Lucas was recently named a finalist for the EY Entrepreneur of the Year 2023 Florida Award.
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