Full-stack insurtech Slide Insurance has acquired the exclusive renewal rights for over 91,400 Florida homeowners insurance policies from UPC Insurance.
Slide suggests that the acquired policies represent $272 million in annual premium, bringing its total in-force premium value to $560 million.
Under the terms of the transaction, UPC will cancel most of the policies on February 1st, and Slide will immediately issue replacement policies using UPC’s forms and rates.
Following this, Slide will issue renewal policies using its forms and rates.
Further, the insurtech also acquired UPC’s intellectual property and a dataset of over $1 trillion Total Insured Value (TIV).
Slide’s acquisition increases its dataset to approximately $6 trillion in TIV, with over 20 years of historical claims information.
Bruce Lucas, CEO and co-founder of Slide, commented, “We are accelerating our expansion in Florida given the rising demand from homeowners who need better, more affordable insurance options.”
“The December legislation passed by the Florida Legislature has given us confidence that now is the time to expand our presence in the state.
“I firmly believe that these reforms will work. The reforms apply to all of the newly issued replacement policies, giving Slide a sizeable underwriting advantage over the legacy Florida market.
“UPC has impressive intellectual property and immense data that will add to our data-driven technological advantage.”
In November 2021, Slide closed a record-breaking $105 million Series A funding round and has since recruited more than 100 employees, growing to over $600 million in revenue.