Slide delivers continuity of coverage and stability to the Florida market
TAMPA, Fla.–(BUSINESS WIRE)–Slide Insurance, the full-stack insurtech focused on providing affordable, effective homeowners coverage, today announced it has acquired the exclusive renewal rights for over 91,400 Florida homeowners insurance policies from UPC Insurance, a property and casualty insurance company headquartered in Florida.
The acquired policies represent $272 million in annual premium. The acquisition brings Slide’s total in-force premium value to $560 million. Under the terms of the transaction, UPC will cancel most of the policies on February 1st, and Slide will immediately issue replacement policies using UPC’s forms and rates. Thereafter, Slide will issue renewal policies using Slide’s forms and rates, similar to what it did in the St. Johns transaction last year. Early this month, Slide also announced that it opened in Florida for new business for the first time. The company is the first Florida insurer to open for new business in 2023.
Slide also acquired UPC’s intellectual property and a dataset of over $1 trillion Total Insured Value (TIV). Following the acquisition of the UPC policies, Slide will have a dataset of approximately $6 trillion in TIV and over 20 years of historical claims information. The UPC transaction bolsters its already-industry-leading focus on underwriting technology and predictive analytics. Big Data has been the company’s key differentiator and a catalyst for both its strategy and stability since the company’s inception.
“We are accelerating our expansion in Florida given the rising demand from homeowners who need better, more affordable insurance options,” said 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 also noted that, “UPC has impressive intellectual property and immense data that will add to our data-driven technological advantage.”
These announcements come on the heels of a year of strong, strategic growth for the company. In just over a year, Slide closed a record-breaking $105 million Series A funding round, recruited more than 100 employees, and grew to over $600 million in revenue. Tampa Bay Inno also honored Slide with a 2022 Fire Award, recognizing its status as one of the leading tech companies in the region. Slide has an A, Exceptional, rating by Demotech, Inc. demonstrating its financial stability.
About Slide
Slide is a full-stack 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 in 2021 by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes.
Contacts
Rachel Carr
Chief Marketing Officer, Slide Insurance
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- Source: https://www.fintechnews.org/slide-acquires-florida-renewal-rights-and-intellectual-property-from-upc-insurance/
