Slide Insurance, an insurtech offering homeowners coverage in Florida, announced the acquisition of renewal rights for 86,000 Florida homeowners insurance policies previously insured by Farmers Insurance.
Farmers agents in Florida can work with Slide to ensure a smooth transition.
Renewals issued by Slide will begin for February 2024 policy effective dates.
The transaction does not include Farmers Insurance renters, auto or umbrella policies.
The company’s CEO remains bullish on Florida’s insurance market.
“The recent reforms are working and the Florida insurance market is stabilizing,” said Bruce Lucas, Founder and CEO of Slide. “The transaction with Farmers will provide all policyholders a seamless transition and ongoing coverage.”
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.