Slide delivers continuity of protection and stability to the Florida market
TAMPA, Fla., February 01, 2023–(BUSINESS WIRE)–Slide Insurance, the full-stack insurtech targeted on offering reasonably priced, efficient owners protection, in the present day introduced it has acquired the unique renewal rights for over 91,400 Florida owners insurance coverage insurance policies from UPC Insurance, a property and casualty insurance coverage firm headquartered in Florida.
The acquired insurance policies symbolize $272 million in annual premium. The acquisition brings Slide’s complete in-force premium worth to $560 million. Beneath the phrases of the transaction, UPC will cancel many of the insurance policies on February 1st, and Slide will instantly concern substitute insurance policies utilizing UPC’s kinds and charges. Thereafter, Slide will concern renewal insurance policies utilizing Slide’s kinds and charges, just like what it did within the St. Johns transaction final 12 months. Early this month, Slide additionally introduced that it opened in Florida for brand new enterprise for the primary time. The corporate is the primary Florida insurer to open for brand new enterprise in 2023.
Slide additionally acquired UPC’s mental property and a dataset of over $1 trillion Whole Insured Worth (TIV). Following the acquisition of the UPC insurance policies, Slide can have a dataset of roughly $6 trillion in TIV and over 20 years of historic claims info. The UPC transaction bolsters its already-industry-leading give attention to underwriting know-how and predictive analytics. Massive Knowledge has been the corporate’s key differentiator and a catalyst for each its technique and stability because the firm’s inception.
“We are accelerating our expansion in Florida given the rising demand from homeowners who need better, more affordable insurance options,” stated Bruce Lucas, CEO and co-founder of Slide. “The December legislation passed by the Florida Legislature has given us confidence that now is the time to expand our presence in the state. I firmly believe that these reforms will work. The reforms apply to all of the newly issued replacement policies, giving Slide a sizeable underwriting advantage over the legacy Florida market.” Lucas additionally famous that, “UPC has impressive intellectual property and immense data that will add to our data-driven technological advantage.”
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These bulletins come on the heels of a 12 months of sturdy, strategic progress for the corporate. In simply over a 12 months, Slide closed a record-breaking $105 million Collection A funding spherical, recruited greater than 100 staff, and grew to over $600 million in income. Tampa Bay Inno additionally honored Slide with a 2022 Fireplace Award, recognizing its standing as one of many main tech firms within the area. Slide has an A, Distinctive, ranking by Demotech, Inc. demonstrating its monetary stability.
About Slide
Slide is a full-stack insurtech that makes it simple for contemporary customers to decide on the fitting protection for his or her distinctive wants and budgets. Slide’s cutting-edge know-how leverages synthetic intelligence and large information to hyper-personalize, optimize, and streamline each a part of the insurance coverage course of. Primarily based in Tampa, FL the corporate was based in 2021 by Bruce and Shannon Lucas, insurance coverage insiders with a deep understanding of how know-how could be utilized to realize higher underwriting outcomes.
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Contacts
Rachel Carr
Chief Advertising Officer, Slide Insurance
press@slideinsurance.com
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