The program will include all perils coverage and third-event protection
Slide Insurance has announced the completion of its reinsurance program ahead of this year’s hurricane season in the Atlantic.
The $1.86 billion reinsurance program is set to protect the firm to the 175-year return period, and also includes all perils coverage and third-event protection. The program exceeded regulatory and rating agency requirements.
Slide Insurance Company founder and CEO Bruce Lucas spoke about what the reinsurance program will bring to the firm.
“Slide’s oversubscribed reinsurance program underscores our commitment to delivering a stable solution to the Florida market,” said Lucas.
“We deeply appreciate our reinsurance partners’ ongoing support and are excited to continue growing and supporting Florida homeowners by providing a reliable property insurance option,” he added.
The reinsurance program follows the firm’s finalization of its pricing for Purple Re Ltd. catastrophe bond, at $210 million. The move expanded its Florida and South Carolina named storm and hurricane reinsurance protection, and served as the firm’s largest catastrophe bond issuance to date. It will be provided on an indemnity and pre-occurrence basis over a term of three years starting on June 1, 2024 until May 31, 2027.
Slide’s Purple Re Ltd. Series was first introduced last year, including the Series 2023-1 and Series 2023-2 catastrophe bonds, which amounted to reinsurance protection of $200 million.
In addition, the firm has maintained its Demotech Financial Stability rating of “A”.
Based in Tampa, Florida, Slide Insurance Company is a technology-enabled insurance firm. It utilizes artificial intelligence and big data in order to optimize and streamline every part of the insurance process. The firm offers insurance coverage for homeowners.
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