Company: SLDE
Filing Date: 2025-06-09
Form Type: S-1/A
Source: 0001193125-25-137410
Chunk: 167

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-06-09
Form: S-1/A
Chunk 167
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 the second event. Citizens is not required by FLOIR or any rating agency to purchase any reinsurance to any return period, and only purchased a program for an 85-year return period for the first event in 2024. For its reinsurance program that came into effect on June 1, 2024, SIC purchased $1.9 billion of reinsurance coverage with no retention, whereas, based on estimates by the Company’s management, Citizens’ retention was approximately $9.4 billion. An example of the impact of these differing reinsurance programs can be seen in the comparative impact of Hurricanes Debby, Helene and Milton to Citizens and Slide in the year ended December 31, 2024. Those hurricanes produced a pretax loss of $87.9 million for the Company, whereas based on management’s review of publicly available data, Citizens’ retained loss was approximately $1 billion. Differences in Citizens’ and Slide’s Policy Performance As mentioned above, Citizens was created by the Florida Legislature in August 2002 as a not-for-profit, tax-exempt,government entity to provide property insurance to eligible Florida property owners unable to find insurance coverage in the private market. By definition, as an insurer of last resort for customers that cannot find coverage in the private market, the rates and coverage of Citizens’ policies are different from what a private insurer such as the Company would offer. Similarly, the rates and coverage are different from the terms the 120

policies assumed by the Company will have when they renew. All of the policies selected by the Company are annual policies which are rewritten at the Company’s rates using the Company’s coverage and forms within a year. Because it is a governmental entity and insurer of last resort in the state of Florida, the coverage offered by Citizens is more constrained than what the Company can offer by operation of Florida law, and therefore the loss experience of Citizens policies is vastly different to what the Company experiences. For example:

| • |     | The Company insures properties up to $10 million in coverage, whereas the maximum coverage for Citizens                                                                                                                                   
 policies is $700,000 for “Coverage A” (which, in the P&C insurance industry, refers to coverage of dwellings and physical structures) in the majority of Florida (with the exception of Miami-Dade and Monroe counties, where the maximum 
 is $1 million);                                                                                                                                                                                                                           |

| • |     | The Company offers personal liability insurance up to $500,000, whereas Citizens can only offer up to $100,