Company: SLDE
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001193125-25-125836
Chunk: 125

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-05-23
Form: S-1
Chunk 125
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 As of December 31, 2024, we reported $254.4 million in unpaid losses and loss adjustment expenses incurred, net, which included $195.8 million attributable to IBNR, or 77.0% 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 years ended December 31, 2023 and 2024 were approximately $58.6 million and $86.0 million, respectively, representing 13.3% and 10.8%, respectively, of net premiums earned. The increase was
primarily attributable to increased policies in force offset by reduced acquisition costs of Citizens policies assumed, resulting in the reduction of policy acquisition and other underwriting expenses ratio.

General and administrative expenses.General and administrative expenses for the years ended December 31, 2023 and 2024 were
approximately $87.9 million and $136.3 million, respectively, representing

85

19.9% and 17.2%, 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 $38.6 million to $71.7 million for the years ended December 31, 2023 and 2024, respectively. This increase is attributed to increased personnel needed to grow and service in force policies. Personnel count increased from 84
at January 1, 2023 to 204 at December 31, 2023 and 346 at December 31, 2024. Software and IT infrastructure expenses increased from $12.9 million to $27.0 million for the years ended December 31, 2023 and 2024 respectively. This increase is
attributed to increased software costs related to increased policies in force. Professional services expenses decreased from $19.3 million to $14.8 million for the years ended December 31, 2023 and 2024 respectively. This decrease is attributed to
reduced costs from third parties in servicing policies in force.

Interest expense.Interest expense increased from
$2.4 million for the year ended December 31, 2023 to $3.8 million for the year ended December 31, 2024. The increase was due primarily to the increase in outstanding debt.

Depreciation expense. Depreciation expense for the years ended December 31, 202