TAMPA, Fla.--(BUSINESS WIRE)--Slide Insurance today announced it has finalized pricing for its $210 million Purple Re Ltd. (Series 2024-1) catastrophe (cat) 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.
“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.
About Slide
Slide is a technology enabled insurance company that makes it easy for modern consumers to choose the right coverage for their unique needs and budgets. Slide's cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every part of the insurance process. Based in Tampa, FL the company was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes. Slide launched operations in February 2022 and has quickly grown to become a leading P&C insurance company with over 249,000 policyholders.
