Slide Insurance Company has accomplished its largest and $210 million Purple Re (Series 2024-1) disaster bond transaction, increasing its collateralised reinsurance safety for 2024 towards named storms and hurricanes in Florida and South Carolina.
Purple Re Series 2024-1 represents Slide’s largest cat bond up to now. It supplies 40% extra in absolutely collateralised reinsurance than the preliminary goal of $150 million and is priced within the decrease half of preliminary unfold steerage at 9%.
The cat bond secures an extra $210 million for Slide to broaden its reinsurance safety for 2024. Last 12 months, Slide debuted its Purple Re Series 2023-1 and Series 2023-2 cat bonds, producing $200 million in reinsurance safety.
The reinsurance safety from Purple Re will likely be supplied inside Florida and South Carolina on an indemnity and pre-occurrence foundation, over a three-year time period from June 1,2024, by May 31, 2027.
Bruce Lucas, founder and CEO of Slide Insurance, mentioned: “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.”
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