Slide Insurance has acquired renewal rights for 86,000 Florida homeowners insurance policies from Farmers Insurance.
It’s important to note that this acquisition does not include Farmers Insurance renters, auto, or umbrella policies. The The deal represents a strategic move by Slide Insurance, enabling the company to further establish its presence in the Florida insurance market, which is showing signs of stability and growth.
This acquisition aligns with Slide’s ongoing efforts to enhance its financial stability and market position. The company has been actively strengthening its financial base, including securing a second $100m catastrophe bond, obtaining additional capital through a senior credit facility with Regions Bank, and implementing an oversubscribed reinsurance program to protect against extreme events.
Slide Insurance is a full-stack homeowner’s InsurTech that prioritises ease of use for modern consumers seeking homeowners insurance that suits their unique needs and budgets. The company leverages cutting-edge technology, including artificial intelligence and big data, to personalise, optimise, and streamline every aspect of the insurance process. In contrast, Farmers Insurance is a well-established insurance company with a wide range of insurance products.
Bruce Lucas, Founder and CEO of Slide, said, “We remain bullish on Florida’s insurance market and believe the market is ripe for an innovator like Slide. The recent reforms are working and the Florida insurance market is stabilising. This transaction would not be possible without the efforts by CFO Patronis, who worked tirelessly to find a solution for all policyholders. CFO Patronis’ leadership gave us the confidence to offer every policyholder a guaranteed renewal. The transaction with Farmers will provide all policyholders a seamless transition and ongoing coverage.”
Florida Chief Financial Officer Jimmy Patronis said, “The fact that Slide is picking up 86,000 policyholders is great news for those who were getting dumped by Farmers. It also demonstrates that carriers are finding more opportunities, in Florida’s insurance environment, after the reforms we enacted. The coverage that Slide will provide will make policyholders’ lives easier – and we’ll continue working to attract more carriers to Florida.”
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