Slide Insurance has filed with the SEC for an initial public offering and intends to use the net proceeds to underwrite additional policies, fund its business growth, and support general corporate purposes.
While the technology-enabled insurance firm has not disclosed the expected price range or number of shares to be offered, some experts have suggested the firm could raise as much as $300 million.
Slide did, however, reveal that it will not receive any proceeds from the sale of common stock shares by the selling stockholders in this offering.
Founded in 2021 by Bruce and Shannon Lucas, Slide began operations in February 2022.
Since then, it has grown into one of the largest coastal insurance providers in the U.S., offering homeowners, condo, and commercial residential insurance through a network of over 5,000 agents across Florida and South Carolina.
Earlier this month, Slide finalised pricing for its $250 million Purple Re Ltd. (Series 2025-1) catastrophe bond, the fourth and largest issuance from the firm to date.
Slide confirmed that the Series 2025-1 cat bond was offered in two separate fully collateralised classes of $125 million, with the Class A notes priced at 7.25% and the Class B notes priced at 7.75%, both within the lower halves of their respective initial spread guidance.
The proceeds will be used to further expand Slide’s named storm and hurricane reinsurance protection in Florida and South Carolina.
At the time, aforementioned Bruce Lucas, Founder and Chief Executive Officer of Slide, commented, “We are very pleased to complete our latest and largest cat bond offering, which further reinforces and ensures that our policyholders are fully protected in their time of need.
“Securing cat bonds over the past couple of years and building our reinsurance tower has proven to be a prudent source of multi-year reinsurance protection for Slide. With the successful completion of this offering, Slide has placed $660 million of our reinsurance program in the ILS market.”
