Slide Insurance Secures Major $175 Million Senior Credit Facility

Slide Insurance has announced the successful acquisition of a $175 million senior credit facility, a significant financial maneuver led by Regions Bank. In this transaction, Regions Bank served as the Administrative Agent, Joint Lead Arranger, and Joint Bookrunner. The facility was further supported by Synovus Bank and Texas Capital Bank, through its TCBI Securities Inc. division, both acting as Joint Lead Arrangers and Joint Bookrunners.

Slide Insurance Secures Major $175 Million Senior Credit Facility
Slide Insurance Secures Major $175 Million Senior Credit Facility

The proceeds from this transaction are earmarked for refinancing an existing bilateral senior credit facility previously provided by Regions, as well as for providing additional capital to support various organic and inorganic growth initiatives. This strategic financial step underscores Slide Insurance's ongoing commitment to enhancing its financial foundation.

Bruce Lucas, the Founder and CEO of Slide Insurance, expressed the significance of this development: "This is a significant milestone for Slide and further demonstrates our strong financial strength and solvency." He emphasized that the company is dedicated to growing while offering affordable and essential solutions to its policyholders. He also noted that this loan is one of the largest ever made to a Florida insurer, providing crucial reserve capital to sustain the company's growth trajectory.

In recent months, Slide Insurance has completed several transactions aimed at bolstering its financial strength ahead of the hurricane season and the latter half of 2024. Notably, in May, the company announced the successful completion of its $1.86 billion reinsurance program for the 2024 Atlantic hurricane season. This program exceeds all regulatory and rating agency requirements, ensuring protection for the insurance company up to a 175-year return period.

In April, Slide finalized the pricing for its $210 million Purple Re Ltd. (Series 2024-1) catastrophe bond, which expanded the company’s reinsurance protection for named storms and hurricanes in Florida and South Carolina. Slide has maintained a Demotech Financial Stability rating of "A" (Exceptional), reflecting its robust financial health and stability.

About Slide Insurance

Slide Insurance is a technology-driven insurance company that simplifies the process for modern consumers to choose the right coverage tailored to their unique needs and budgets. The company's cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every aspect of the insurance process. Headquartered in Tampa, FL, Slide was founded by Bruce and Shannon Lucas, who bring extensive experience from the insurance industry and a deep understanding of how technology can improve underwriting outcomes. Since launching operations in February 2022, Slide has rapidly grown to become a leading coastal property and casualty insurance company.

About Regions Financial Corporation

Regions Financial Corporation (NYSE), with $155 billion in assets, is a member of the S&P 500 Index and stands as one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest, and Texas through approximately 1,250 banking offices and more than 2,000 ATMs operated by its subsidiary, Regions Bank. Regions Bank is an Equal Housing Lender and a member of FDIC. For more information about Regions and its full line of products and services, visit www.regions.com.

This news highlights a major financial achievement for Slide Insurance, showcasing its robust financial strategies and preparedness for the upcoming challenges in the insurance sector. The acquisition of such a significant credit facility marks a pivotal point in the company's growth and stability, reinforcing its commitment to providing reliable and affordable insurance solutions to its policyholders.