Company: SLDE
Filing Date: 2025-01-22
Form Type: DRS/A
Source: 0000950123-25-000502
Chunk: 123

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-01-22
Form: DRS/A
Chunk 123
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 net, including the addition of $77.2 million of IBNR reserves. As of
December 31, 2023, we reported $144.5 million in unpaid losses and loss adjustment expenses incurred, net, which included $120.6 million attributable to IBNR, or 83.5% 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, 2022 and 2023 were approximately $33.5 million and $58.6 million, respectively, representing 14.2% and 13.3%, respectively, of net premiums earned. The increase was primarily attributable to an increase in
policies written and the related amortization of deferred acquisition costs such as commissions payable to agents for production and renewal of policies and premium taxes.

General and administrative expenses.General and administrative expenses for the years ended December 31, 2022 and 2023 were
approximately $39.0 million and $87.8 million, respectively, representing 16.5% and 19.9%, 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 $15.8 million to $38.6 million for the years ended December 31, 2022 and 2023, respectively. This increase is attributed to increased personnel needed to grow and service in force
policies. Personnel count increased from 11 at January 1, 2022 to 84 at December 31, 2022 and 171 at December 31, 2023. Software and IT infrastructure expenses increased from $5.0 million to $12.9 million for the years ended December 31,
respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses increased from $9.3 million to $19.3 million for the years ended December 31, respectively. This increase is
attributed to increased costs from third parties in servicing increased policies in force.

Interest expense.Interest expense
increased from $0.4 million for the year ended December 31, 2022 to $2.4 million for the year ended December 31, 2023. The increase was due primarily to the issuance of a new $35 million credit facility in May 2023 and
increased