Farmers Insurance has sold Slide Insurance the renewal rights to 86,000 Florida homes insurance policies.
It’s worth noting that this deal excludes Farmers Insurance renters, auto, and umbrella products. Slide Insurance’s strategic decision allows the company to further strengthen its footprint in the Florida insurance industry, which is displaying signs of stability and growth.
Slide’s continued efforts to improve its financial stability and market position are aligned with this acquisition. The company has been actively bolstering its financial base, including the acquisition of a second $100 million catastrophe bond, the establishment of a senior credit facility with Regions Bank, and the implementation of an oversubscribed reinsurance program to guard against catastrophic occurrences.
Slide Insurance is a full-stack homeowner’s insurance InsurTech that prioritizes usability for modern consumers looking for homeowners insurance that meets their specific demands and budgets. To personalize, optimize, and streamline the insurance process, the organization employs cutting-edge technology such as artificial intelligence and big data. Farmers Insurance, on the other hand, is a well-established insurance firm offering a wide range of insurance products.
Bruce Lucas, Founder and CEO of Slide, said, “We remain bullish on Florida’s insurance market and believe the market is ripe for an innovator like Slide. The recent reforms are working and the Florida insurance market is stabilising. This transaction would not be possible without the efforts by CFO Patronis, who worked tirelessly to find a solution for all policyholders. CFO Patronis’ leadership gave us the confidence to offer every policyholder a guaranteed renewal. The transaction with Farmers will provide all policyholders a seamless transition and ongoing coverage.”
Florida Chief Financial Officer Jimmy Patronis said, “The fact that Slide is picking up 86,000 policyholders is great news for those who were getting dumped by Farmers. It also demonstrates that carriers are finding more opportunities, in Florida’s insurance environment, after the reforms we enacted. The coverage that Slide will provide will make policyholders’ lives easier – and we’ll continue working to attract more carriers to Florida.”