Insurtech Slide Targets $2B-Plus Valuation in IPO

Insurance tech company Slide is aiming for a valuation of up to $2.12 billion in its U.S. initial public offering, joining a lineup of insurance companies that have made impressive stock market debuts in recent weeks.

Slide’s roadshow launch follows stellar first-time share sales in recent weeks from eToro and Circle, underscoring a revival of investor appetite for market debutants after months of dealmaking paralysis from U.S. policy turbulence.

Slide and some of its existing stakeholders are looking to raise up to $340 million by offering 20 million shares priced between $15 and $17 each, the company revealed in a filing on Monday.

Insurers are more immune to market downturns, with heightened uncertainty boosting demand for their risk-mitigation offerings. Sectors focused on intellectual property continue to pique investor interest, some analysts have said.

While, Apollo-backed Aspen Insurance and Florida-based American Integrity Insurance went public last month, specialty insurer Ategrity is poised to debut later this week.

Founded in 2021, Slide offers family and condominium insurance policies in Florida and South Carolina. The company is led by Bruce Lucas, who previously founded and led Heritage Insurance.

Filings show 99.5% of Slide’s policies are concentrated in Florida, where the company is aiming to grow its footprint in a market from which some insurers are pulling back, due to its history of natural disasters, primarily hurricanes.

The company’s profit rose 69.1% to $92.5 million for the quarter ended March 31. Combined ratio was at 58.9%, versus 66.7% last year. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.

Barclays and Morgan Stanley are the lead underwriters on the listing.

The company’s shares are expected to start trading on the Nasdaq under the symbol “SLDE.”