Company: SLDE
Filing Date: 2025-01-22
Form Type: DRS/A
Source: 0000950123-25-000502
Chunk: 243

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-01-22
Form: DRS/A
Chunk 243
---
 335,000 policies. In 2023, approximately 82,500 policies were assumed, representing
approximately $284.8 million in annualized gross premiums written. See Note 26 – “Subsequent Events” for additional information.

The
Company fully assumes the Citizens policies on a prospective basis. When the policies are assumed, the Company recognizes a premium receivable for the amount of unearned premium to be assumed and a corresponding liability for unearned premium
reserves to be ceded. The Company has no contractual obligation to pay claims that occur prior to the assumption date and no liability for claims reserves are recognized at assumption. Subsequent to the cession of unearned premium, the Company
receives cash payment of the unearned premium from Citizens. There is no payment by the Company to Citizens. The Company recognizes the full amount of the unearned premium to revenue on a daily pro rata basis over the remaining policy period.

Basis of Presentation

The consolidated
financial statements include the accounts of SIH and its wholly-owned subsidiaries, as well as variable interest entities (“VIE) in which the Company is determined to be the primary beneficiary, and have been prepared in conformity with
accounting principles generally accepted in the United States of America (“GAAP”) which, for SIC, may vary in some respects from statutory accounting principles, which are prescribed or permitted by the FLOIR. All intercompany accounts and
transactions have been eliminated in consolidation. The significant accounting policies followed by the Company are summarized below.

Adoption of New Accounting Standard

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update
(“ASU”) 2016-13, Financial Instruments – Credit Losses (“ASC 326”) to replace the incurred loss impairment methodology. The Current Expected Credit Loss (“CECL”) model
requires an entity to measure credit losses using historical information, current information and reasonable and supportable forecasts of future events, rather than the incurred loss impairment model required under previous GAAP. We adopted the
standard effective January 1, 2023. The adoption of this standard did not have a material impact on the financial statements.

Consolidation Policy

The Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and VIEs in which the Company is determined to
be the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the