Slide also purchased UPC’s intellectual property (IP) and a dataset with a total attributed insured value of $1 billion.
“We are accelerating our expansion in Florida given the growing demand from homeowners who need better and more affordable insurance options,” said Bruce Lucas, CEO and co-founder of Slide.
“December’s legislation passed by the Florida Legislature has given us confidence that now is the time to expand our presence in the state.”
Florida’s homeowners insurance crisis
Florida lawmakers met in December in a special session to address the state’s home insurance crisis in the aftermath of Hurricane Ian, with a series of insurer insolvencies ravaging the state last year even before the deadly storm hit. The result was a reform package hailed as “historic” by Florida Gov. Ron DeSantis.
“I strongly believe that these reforms will work,” Lucas said.
“The reforms apply to all newly issued replacement policies, giving Slide a significant underwriting advantage over the Florida legacy market.”
UPC is expected to cancel most of its policies on February 1, 2023, and Slide will immediately issue replacement policies using the former’s forms and rates, the insurtech said.
UPC leadership had said in a post-Ian earnings call that the insurer’s orderly wind-up plans could face “uncertainty”. The carrier has also sought to exit personal lines in Louisiana, New York and Texas.
Total insured losses by Ian’s industry could be as high as $74 billion, according to a RIMS estimate.
Slide previously intervened to collect Florida homeowners policies from St Johns, which was placed in receivership in March 2022.
Rated A (exceptional) by Demotech, Slide was the first Florida insurer to open new business in the state in 2023, according to its news release.
