Company: SLDE
Filing Date: 2025-06-09
Form Type: S-1/A
Source: 0001193125-25-137410
Chunk: 121

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-06-09
Form: S-1/A
Chunk 121
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.0 million) for the three months ended March 31, 2025. The increase in losses and loss adjustment
expenses incurred, net resulted primarily from the growth in policies in force. Losses and loss adjustment expenses incurred, net for the three months ended March 31, 2024 included losses paid of $36.6 million and a $42.3 million
increase in unpaid losses and loss adjustment expenses incurred, net, including the addition of $27.2 million of IBNR reserves. As of March 31, 2025, we reported $287.2 million in unpaid losses and loss adjustment expenses incurred,
net, which included $237.2 million attributable to IBNR, or 82.6% of total reserves for unpaid losses and loss adjustment expenses incurred, net.

Policy acquisition and other underwriting expenses.Policy acquisition and other underwriting expenses for the three months ended March
31, 2024 and 2025 were approximately $17.1 million and $28.6 million, respectively, representing 9.1% and 10.7%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer
premiums earned on Citizens policies in their assumption period, which have reduced policy acquisition costs.

General and administrative expenses.General and administrative expenses for the three months ended March 31, 2024 and 2025 were approximately $27.1 million and $41.4 million, respectively, representing 14.4% and 15.6%, respectively, of net
premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $7.8 million to $15.6 million for the three months ended
March 31, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service in force policies. Personnel count increased from 204 at January 1, 2024 to 228 at March 31, 2024 and from 346 at
January 1, 2025 to 392 at March 31, 2025. Software

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and IT infrastructure expenses increased from $3.2 million to $12.1 million for the three months ended March 31, 2024 and 2025 respectively. This increase is attributed to
increased software costs related to increased policies in force. Professional services expenses decreased from $6.1 million to