Company: SLDE
Filing Date: 2025-03-10
Form Type: DRS/A
Source: 0000950123-25-003025
Chunk: 115

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-03-10
Form: DRS/A
Chunk 115
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als of existing
policies.

Expenses

Losses and loss adjustment expenses incurred, net.Losses and loss adjustment expenses incurred, net increased from $193.3 million
(inclusive of catastrophe losses from non-hurricane weather events of $46.7 million) for the year ended December 31, 2023 to $339.3 million (inclusive of catastrophe losses from non-hurricane weather events of $66.8 million and
catastrophe losses from hurricane weather events of $87.9 million) for the year ended December 31, 2024. 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 year ended December 31, 2024 included losses paid of $229.3 million and a $110.0 million increase in unpaid losses and loss adjustment expenses incurred, net, including the addition of
$75.1 million of IBNR reserves. 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 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