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Slide Secures Additional $100 Million Cat Bond with Closing of Purple Re Ltd.
Slide Insurance, the full-stack insurtech focused on providing affordable, effective homeowners coverage, today announced it has finalized pricing for its latest catastrophe (cat) bond, closing the $100 million Purple Re Ltd. (Series 2023-2). This is the second cat bond sponsored by Slide this year, following the debut of its $100 million Purple Re 2023-1 cat bond in April.
With the latest Purple Re cat bond, Slide secured an additional $100 million to expand its Florida and South Carolina named storm and hurricane reinsurance protection. The additional cat bond protects Slide to the 200 year return period, well above rating agency and regulatory mandates.
“Slide is committed to building a strong and sustainable future and our first two catastrophe bonds have strengthened our ability to protect policyholders at the height of the 2023 Atlantic Hurricane season,” said Bruce Lucas, Founder and CEO of Slide Insurance. “We are pleased to have finalized our second cat bond at reduced pricing while landing additional reinsurance capacity from investors.”
Purple Re Ltd. will issue a single tranche of Series 2023-2 Class A notes, which will be exposed to named storm losses in Florida and South Carolina. The reinsurance protection from this cat bond will be provided on an indemnity trigger and per-occurrence basis, with maturity slated for June 5, 2026.
Slide has taken great steps to secure its financial stability in the first half of 2023. In addition to the debut cat bond, Slide secured $35 million in additional capital through a senior credit facility with Regions Bank in June. In May, Slide placed an oversubscribed reinsurance program.
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