Slide Insurance, a expertise enabled insurance coverage agency, has finalised pricing for its $210 million Purple Re Ltd. (Series 2024-1) disaster bond, the most important disaster bond but from the corporate thus far.
Moreover, this cat bond secures an extra $210 million for Slide to broaden its Florida and South Carolina named storm and hurricane reinsurance safety.
If you recall, final 12 months, Slide debuted its Purple Re Ltd. Series 2023-1 and Series 2023-2 cat bonds, producing $200 million in reinsurance safety.
It has been confirmed, that the reinsurance safety from the Purple Re 2024-1 cat bond might be offered inside Florida and South Carolina on an indemnity and pre-occurrence foundation, which can run over a three-year time period from June 1, 2024 via to May 31, 2027.
Bruce Lucas, Founder and CEO of Slide Insurance, commented: “Financial solvency is a key focus, and our latest cat bond helps us to further protect our policyholders in their time of need. We remain committed to securing multi-year reinsurance as a hedge against inflation and increased costs. With the addition of this cat bond, approximately 70% of our reinsurance is placed on a multi-year basis.”
Read extra about this Purple Re Ltd. (Series 2024-1) disaster bond and all others, within the Deal Directory of our sister publication, Artemis.