Slide Insurance coverage completes reinsurance program earlier than hurricanes hit

Slide Insurance coverage has introduced the completion of its reinsurance program forward of this 12 months’s hurricane season within the Atlantic.

The $1.86 billion reinsurance program is ready to guard the agency to the 175-year return interval, and likewise contains all perils protection and third-event safety. This system exceeded regulatory and score company necessities.

Slide Insurance coverage Firm founder and CEO Bruce Lucas spoke about what the reinsurance program will deliver to the agency.

“Slide’s oversubscribed reinsurance program underscores our dedication to delivering a steady resolution to the Florida market,” mentioned Lucas.

“We deeply admire our reinsurance companions’ ongoing help and are excited to proceed rising and supporting Florida owners by offering a dependable property insurance coverage choice,” he added.

The reinsurance program follows the agency’s finalization of its pricing for Purple Re Ltd. disaster bond, at $210 million. The transfer expanded its Florida and South Carolina named storm and hurricane reinsurance safety, and served because the agency’s largest disaster bond issuance to this point. It will likely be supplied on an indemnity and pre-occurrence foundation over a time period of three years beginning on June 1, 2024 till Could 31, 2027.

Slide’s Purple Re Ltd. Collection was first launched final 12 months, together with the Collection 2023-1 and Collection 2023-2 disaster bonds, which amounted to reinsurance safety of $200 million.

As well as, the agency has maintained its Demotech Monetary Stability score of “A”.

Primarily based in Tampa, Florida, Slide Insurance coverage Firm is a technology-enabled insurance coverage agency. It makes use of synthetic intelligence and massive information in an effort to optimize and streamline each a part of the insurance coverage course of. The agency gives insurance coverage protection for owners.

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