Four years after it was founded, Florida-based Slide Insurance plans to go public.
The holding company for the Tampa-headquartered company, which has more than 343,000 policies in Florida, last week filed registration paperwork with the U.S. Securities and Exchange Commission. A projected share price, to be listed as SLDE on the Nasdaq exchange, was not published in the SEC filing.
Slide could raise as much as $300 million with the initial public offering, Renaissance Capital reported.
“Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer,” Slide’s reads. “We focus on profitable underwriting of single family and condominium policies in the property and casualty (“P&C”) industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies.”
For 2023 and 2024, Slide said in the filing that it had gross premiums written of $875 million and $1.3 million. It enjoyed a combined ratio of 78.9% and 72.3% for those years and net income of $87 million and $201 million respectively.
Slide, led by former Heritage Insurance CEO Bruce Lucas, has grown rapidly since its inception, partly through large takeouts of Citizens Property Insurance Corp. policies and assumptions of policies left behind by an insolvent carrier. Slide ruffled the feathers of some other Florida insurers in early 2022 when it was allowed by state regulators to assume some of the 147,000 policies from defunct St. Johns Insurance. Other carriers were not given the same opportunity to scoop up the policies, executives complained at the time.
Slide’s initial public offering is the second announced by a major Florida property insurer this year. Tampa-based American Integrity Insurance, with more than 350,000 policies in force, said in April that it had registered for an IPO and hoped to raise $100 million.
Slide and American Integrity join Universal Property & Casualty Insurance (Universal Insurance Holdings), and Heritage Insurance (Heritage Insurance Holdings) as Florida-based publicly traded insurance companies.
The Slide S-1 form filing can be .
Topics Florida
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