Florida’s Slide Insurance Secures $210 Million Catastrophe Bond
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Florida’s Slide Insurance Secures $210 Million Catastrophe Bond

Tampa-based Slide Insurance announced that it has finalized pricing for its $210 million Purple Re Limited (Series 2024-1) catastrophe bonds.

Sponsored by Slide The largest cat bond to date, Purple Re Ltd. offers 40% more in fully collateralized reinsurance than the initial target of $150 million and is priced at the bottom half of initial spread guidance at 9%.

It secured an additional $210 million to expand its hurricane and storm reinsurance protection in Florida and South Carolina as Cat Bond slides, the company said, noting that Cat Bond is its collateralized reinsurance protection for 2024. Capital markets leverage investors to expand.

“Financial solvency is a key focus, and our latest cat bond helps us protect our policyholders in their time of need,” said Bruce Lucas, Founder and CEO of Slide Insurance. “We are committed to achieving multi-year reinsurance as a hedge against inflation and increased costs. “With the addition of this Cat Bond, approximately 70% of our reinsurance is on a multi-year basis.”

Last year, Slide debuted its Purple Re Limited Series 2023-1 and Series 2023-2 cat bonds, generating $200 million in reinsurance protection.

Reinsurance protection from the Purple Ray 2024-1 CAT bonds will be provided on an indemnity and ex-event basis in Florida and South Carolina for a three-year period from June 1, 2024 to May 31, 2027.

Slide began operations in February 2022 and has become a leading P/C insurance company in Florida with more than 249,000 policyholders.

Source: Slide Insurance

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