Florida’s Slide Insurance Secures $210 Million Catastrophe Bond

April 11, 2024

Tampa-based Slide Insurance announced it has finalized pricing for its $210 million Purple Re Ltd. (Series 2024-1) catastrophe bond.

The largest cat bond sponsored by Slide to date, Purple Re Ltd. provides 40% more in fully collateralized reinsurance than the initial target of $150 million and is priced in the lower half of initial spread guidance at 9%.

This cat bond secures an additional $210 million for Slide to expand its Florida and South Carolina named storm and hurricane reinsurance protection, the company said, noting that the cat bond leverages capital market investors to expand its collateralized reinsurance protection for 2024.

“Financial solvency is a key focus, and our latest cat bond helps us to further protect our policyholders in their time of need,” said Bruce Lucas, founder and CEO of Slide Insurance. “We remain committed to securing multi-year reinsurance as a hedge against inflation and increased costs. With the addition of this cat bond, approximately 70% of our reinsurance is placed on a multi-year basis.”

Last year, Slide debuted its Purple Re Ltd. Series 2023-1 and Series 2023-2 cat bonds, generating $200 million in reinsurance protection.

The reinsurance protection from the Purple Re 2024-1 cat bond will be provided within Florida and South Carolina on an indemnity and pre-occurrence basis, over a three-year term from June 1, 2024 through May 31, 2027.

Slide launched operations in February 2022 and has grown to become a leading P/C insurance company in Florida with over 249,000 policyholders.

Source: Slide Insurance

Topics Florida Catastrophe

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