Slide Insurance, a full-stack insurtech focused on providing affordable, effective homeowners coverage, has announced it has finalized pricing for its latest catastrophe bond, closing the $100 million Purple Re Ltd. (Series 2023-2) transaction.
This is the second cat bond sponsored by Slide this year, following the initial $100 million Purple Re (Series 2023-1) transaction in April.
With the latest Purple Re cat bond, Slide has added a further $100 million to expand its Florida and South Carolina named storm and hurricane reinsurance protection.
The additional cat bond protects Slide to the 200-year return period, well above rating agency and regulatory mandates.
Bruce Lucas, Founder and CEO of Slide Insurance, commented, “Slide is committed to building a strong and sustainable future and our first two catastrophe bonds have strengthened our ability to protect policyholders at the height of the 2023 Atlantic Hurricane season. We are pleased to have finalized our second cat bond at reduced pricing while landing additional reinsurance capacity from investors.”
Purple Re Ltd. will issue a single tranche of Series 2023-2 Class A notes, exposed to named storm losses in Florida and South Carolina. Reinsurance protection from this cat bond will be provided on an indemnity trigger and per-occurrence basis, with maturity slated for June 5, 2026.
In addition to the debut cat bond, Slide secured $35 million in additional capital through a senior credit facility with Regions Bank in June. Previously, in May, the insurer completed its reinsurance renewal as it continues to secure its financial stability amid growth.
