Slide Insurance Company’s debut Purple Re Ltd. (Series 2023-1) catastrophe bond has now been finalised to provide it the targeted $100 million of named storm reinsurance protection, while the spread was fixed at just 2% above the mid-point of initial price guidance.
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Demonstrating that the catastrophe bond market is not softening endlessly, as some might believe based on the recent trend for pricing down, the price guidance for property insurtech Slide Insurance Company’s debut Purple Re Ltd. (Series 2023-1) cat bond has been adjusted towards the upper-end of guidance, we understand.
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Slide Insurance Company, the full-stack homeowners property insurtech founded by former Heritage CEO Bruce Lucas, has entered the catastrophe bond market for the first time, seeking $100 million in named storm reinsurance protection through a Purple Re Ltd. (Series 2023-1) transaction.
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