Slide hit the headlines last year, when it secured renewal rights for 86,000 home owners in Florida. The insurtech also raised US$100 million during it’s Series A round in 2021.
The funds will be used to refinance a previous bilateral senior credit facility from Regions and to provide additional capital for various organic and inorganic growth initiatives. The financial bolstering comes as Slide prepares for the 2024 Atlantic hurricane season and the second half of the year.
In recent months, Slide has made strategic moves to strengthen its financial position. In May, the company completed a $1.86 billion reinsurance program for the 2024 hurricane season, meeting all regulatory and rating agency requirements and providing protection up to the 175-year return period. Additionally, in April, Slide finalized pricing for a $210 million Purple Re Ltd. (Series 2024-1) catastrophe bond, enhancing its storm and hurricane reinsurance coverage in Florida and South Carolina.
Slide Insurance maintains a Demotech Financial Stability rating of “A” (Exceptional).
Bruce Lucas, Founder and CEO of Slide Insurance. said: “This is a significant milestone for Slide and further demonstrates our strong financial strength and solvency. We are continuing to grow the company while offering affordable, and much needed, solutions to our policyholders.”
He added: “This is one of the largest loans ever made to a Florida insurer and will provide additional reserve capital to continue our growth trajectory.”
