Slide Insurance, the technology-enabled insurance company, has secured a $175 million senior credit facility led by Regions Bank in its capacity as Administrative Agent, Joint Lead Arranger, and Joint Bookrunner.
As well as this, Synovus Bank and Texas Capital Bank, through its TCBI Securities Inc. division, also supported the transaction as a Joint Lead Arranger and Joint Bookrunner
From what we understand, use of proceeds for the transaction include refinancing a bilateral senior credit facility previously provided by Regions, as well as providing incremental capital to support various organic and inorganic growth initiatives.
Bruce Lucas, Founder and CEO of Slide Insurance, commented: “This is a significant milestone for Slide and further demonstrates our strong financial strength and solvency.
“We are continuing to grow the company while offering affordable, and much needed, solutions to our policyholders. This is one of the largest loans ever made to a Florida insurer and will provide additional reserve capital to continue our growth trajectory.”
Readers will be aware that over the last few months Slide has completed a number of deals to solidify its financial strength heading into the 2024 Atlantic hurricane season and the second half of 2024.
In May, the firm completed its $1.86 billion reinsurance program for the 2024 hurricane season, reinforcing its ability to protect homeowners across Florida and South Carolina.
Furthermore, in April, Slide also finalised pricing for its $210 million Purple Re Ltd. (Series 2024-1) catastrophe bond.
As a reminder, you can read more about this Purple Re Ltd. (Series 2024-1) catastrophe bond and all others, in the Deal Directory of our sister publication, Artemis.
