Florida-headquartered Slide Insurance Company has now lifted its catastrophe bond supported, multi-year reinsurance to $660 million for the coming hurricane season, after its largest cat bond sponsorship so far with the $250 million Purple Re Ltd. (Series 2025-1) transaction, its CEO Bruce Lucas has highlighted.
As we have been reporting, tech-enabled property insurer Slide ventured back to the catastrophe bond market in early April with a $250 million target for this Purple Re 2025-1 deal, eventually securing that targeted reinsurance limit and making this its largest catastrophe bond to-date.
The new cat bond became the fourth in the Purple Re series for Slide. You can read about all of Slide’s Purple Re catastrophe bonds in our extensive Deal Directory.
Commenting on the successful pricing of the latest cat bond for his insurer Slide, founder and CEO of the company Bruce Lucas highlighted the importance of building out this diversifying source of reinsurance risk capital.
“We are very pleased to complete our latest and largest cat bond offering, which further reinforces and ensures that our policyholders are fully protected in their time of need,” Lucas explained.
He went on to say that, “Securing cat bonds over the past couple of years and building our reinsurance tower has proven to be a prudent source of multi-year reinsurance protection for Slide.”
The new Purple Re 2025-1 cat bond provides Slide with $250 million of reinsurance limit to protect the insurer against named storms and hurricanes across the states of Florida and South Carolina on an indemnity trigger and per occurrence basis, over a three-year term to the end of May 2028.
Two tranches of fully-collateralized notes were issued, each $125 million. As we reported, the Class A notes priced at 7.25% and the Class B notes priced at 7.75%, each of which were priced within the lower halves of their initial guidance ranges.
“With the successful completion of this offering, Slide has placed $660 million of our reinsurance program in the ILS market,” CEO Lucas further explained.
With now $660 million of cat bond limit outstanding at this time, Slide has moved higher up our catastrophe bond sponsor leaderboard.
You can read all about this new Purple Re Ltd. (Series 2025-1) catastrophe bond and over 1,000 other cat bond transactions in our extensive Artemis Deal Directory.
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