Slide secures renewal rights to cover 86,000 customers previously served by Farmers Insurance
TAMPA, Fla.–(BUSINESS WIRE)–Slide Insurance, the full-stack insurtech providing effective homeowners coverage for the Florida market, today announced it has acquired renewal rights for 86,000 Florida homeowners insurance policies from Farmers Insurance®. The transaction does not include Farmers Insurance renters, auto, or umbrella policies.
“We remain bullish on Florida’s insurance market and believe the market is ripe for an innovator like Slide,” said Bruce Lucas, Founder and CEO of Slide. “The recent reforms are working and the Florida insurance market is stabilizing. This transaction would not be possible without the efforts by CFO Patronis, who worked tirelessly to find a solution for all policyholders. CFO Patronis’ leadership gave us the confidence to offer every policyholder a guaranteed renewal. The transaction with Farmers® will provide all policyholders a seamless transition and ongoing coverage.”
Florida Chief Financial Officer Jimmy Patronis said, “The fact that Slide is picking up 86,000 policyholders is great news for those who were getting dumped by Farmers. It also demonstrates that carriers are finding more opportunities, in Florida’s insurance environment, after the reforms we enacted. The coverage that Slide will provide will make policyholders’ lives easier – and we’ll continue working to attract more carriers to Florida.”
Farmers agents in Florida will be offered an appointment with Slide. Renewals issued by Slide will begin for February 2024 effective dates. As part of this transaction, Slide will bolster its big data advantage and market-leading focus on underwriting technology and predictive analytics.
Following the acquisition of renewal rights to over 91,000 policies from UPC Insurance earlier this year, Slide has continued to emphasize building strong financial stability. In July, the company finalized its second $100 million catastrophe bond. In June, Slide secured $35 million in additional capital through a senior credit facility with Regions Bank. The company placed an oversubscribed reinsurance program protecting Slide to the 200-year return period in May.
Slide is a full-stack homeowner’s insurtech that makes it easy for modern consumers to choose the right coverage for their unique needs and budgets. Slide’s cutting-edge technology leverages artificial intelligence and big data to hyper-personalize, optimize, and streamline every part of the insurance process. Based in Tampa, FL, the company was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes. Slide launched operations in February 2022 and has quickly grown to become the largest full-stack homeowners insurtech in the country by premium.
Chief Marketing Officer, Slide Insurance