Slide Acquires Florida Renewal Rights and Intellectual Property From UPC Insurance
TAMPA, Fla.–(Company WIRE)–Slide Insurance policy, the entire-stack insurtech centered on providing very affordable, powerful homeowners coverage, today announced it has obtained the distinctive renewal legal rights for more than 91,400 Florida homeowners insurance guidelines from UPC Insurance, a property and casualty insurance coverage company headquartered in Florida.
The obtained policies signify $272 million in annual top quality. The acquisition provides Slide’s complete in-pressure quality worth to $560 million. Beneath the phrases of the transaction, UPC will terminate most of the guidelines on February 1st, and Slide will right away difficulty replacement guidelines utilizing UPC’s sorts and fees. Thereafter, Slide will challenge renewal procedures using Slide’s varieties and prices, comparable to what it did in the St. Johns transaction previous year. Early this thirty day period, Slide also announced that it opened in Florida for new business enterprise for the initially time. The organization is the to start with Florida insurer to open up for new organization in 2023.
Slide also obtained UPC’s intellectual house and a dataset of more than $1 trillion Full Insured Benefit (TIV). Adhering to the acquisition of the UPC policies, Slide will have a dataset of about $6 trillion in TIV and above 20 a long time of historical claims information. The UPC transaction bolsters its presently-market-top emphasis on underwriting technologies and predictive analytics. Massive Knowledge has been the company’s essential differentiator and a catalyst for equally its technique and stability considering the fact that the company’s inception.
“We are accelerating our enlargement in Florida supplied the soaring desire from home owners who need to have much better, extra economical insurance coverage selections,” explained Bruce Lucas, CEO and co-founder of Slide. “The December laws passed by the Florida Legislature has supplied us assurance that now is the time to grow our existence in the state. I firmly imagine that these reforms will operate. The reforms use to all of the newly issued substitute procedures, giving Slide a sizeable underwriting advantage around the legacy Florida market.” Lucas also noted that, “UPC has extraordinary mental property and huge data that will insert to our facts-pushed technological edge.”
These announcements occur on the heels of a 12 months of powerful, strategic development for the enterprise. In just more than a calendar year, Slide closed a file-breaking $105 million Series A funding spherical, recruited additional than 100 personnel, and grew to around $600 million in revenue. Tampa Bay Inno also honored Slide with a 2022 Fire Award, recognizing its status as a single of the main tech businesses in the area. Slide has an A, Extraordinary, score by Demotech, Inc. demonstrating its economical steadiness.
About Slide
Slide is a total-stack insurtech that would make it straightforward for contemporary customers to opt for the correct coverage for their one of a kind demands and budgets. Slide’s reducing-edge technological innovation leverages synthetic intelligence and large information to hyper-personalize, enhance, and streamline each individual aspect of the insurance method. Primarily based in Tampa, FL the firm was established in 2021 by Bruce and Shannon Lucas, insurance policies insiders with a deep comprehending of how know-how can be applied to accomplish greater underwriting results.
