Slide Insurance announced the completion of its reinsurance program ahead of this year’s hurricane season in the Atlantic Ocean.

The $1.86 billion reinsurance program is designed to protect the company for a return period of 175 years, and also includes all-risk coverage and third-event protection. The program exceeds regulatory and classification agency requirements.

Slide Insurance Company Founder and CEO Bruce Lucas spoke about what the reinsurance program will bring to the company.

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“Slide’s oversubscribed reinsurance program underscores our commitment to providing a stable solution to the Florida market,” Lucas said.

“We greatly appreciate the continued support of our reinsurance partners, and we are excited to continue to grow and support Florida homeowners by providing a reliable option for property insurance,” he added.

The reinsurance program comes on the heels of the company finalizing pricing for Purple Re Ltd’s catastrophe bonds. With a value of $210 million. The move expanded its storm and hurricane reinsurance protection into Florida and South Carolina and marked the company’s largest catastrophe bond issuance to date. It will be offered on an indemnified and advance basis over a three-year period beginning June 1, 2024 through May 31, 2027.

Slide’s Purple Re Ltd series was introduced. For the first time last year, including Series 2023-1 and Series 2023-2 of catastrophe bonds, which had reinsurance protection of $200 million.

In addition, the company maintained its Demotech Financial Stability Rating of ‘A’.

Headquartered in Tampa, Florida, Slide Insurance Company is a technology-driven insurance company. It uses artificial intelligence and big data to improve and simplify every part of the insurance process. The company offers homeowners insurance coverage.

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