Slide Insurance coverage Firm, the full-stack property insurtech firm based by Bruce Lucas in Florida, has efficiently positioned a $1.86 billion disaster reinsurance tower for 2024, of which some $410 million in collateralized reinsurance for the upper layers comes from the cat bond market, sourced by its three Purple Re issues.
Slide accomplished its newest and largest disaster bond placement again in April, securing $210 million of safety by the Purple Re Ltd. (Series 2024-1) disaster bond transaction.
After that, Slide CEO Bruce Lucas defined that the catastrophe bonds have helped his insurance company to secure roughly 70% of its reinsurance on a multi-year coverage basis, which is able to present vital advantages by way of ongoing certainty and renewals in future.
Now, Slide has accomplished its 2024 June reinsurance renewal, securing a $1.86 billion reinsurance program for the 2024 Atlantic hurricane season.
Slide’s reinsurance program is claimed to exceed all regulatory and ranking company necessities.
It protects Slide Insurance coverage Firm for losses as much as to the 175-year return interval, together with protection for all perils and third-event safety, the insurer defined.
“Slide’s oversubscribed reinsurance program underscores our dedication to delivering a steady resolution to the Florida market,” defined Bruce Lucas, Founder and CEO of Slide.
He added, “We deeply respect our reinsurance companions’ ongoing help and are excited to proceed rising and supporting Florida householders by offering a dependable property insurance coverage choice.”
Slide’s disaster bonds are stacked in direction of the upper-layers of its reinsurance tower, with the bottom attaching being the $100 million Purple Re 2023-1 issuance at $1.22 billion, then the $100 million Purple Re 2023-2 cat bond sitting above at an attachment of $1.32 billion and at last the latest $210 million Purple Re 2024-1 cat bond occupying 70% of a layer above that, attaching at $1.42 billion.
In consequence, the cat bond market would take a share of Slide’s monetary publicity for any disaster loss occasions that eat into the reinsurance tower from $1.22 billion proper the way in which as much as a cat bond exhaustion level at $1.72 billion by the 2024 wind season.
Read about all of Slide’s Purple Re catastrophe bonds in our extensive Deal Directory.
