Company: SLDE
Filing Date: 2025-01-22
Form Type: DRS/A
Source: 0000950123-25-000502
Chunk: 128

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-01-22
Form: DRS/A
Chunk 128
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 driven by increased investments in fixed income securities. For the nine months ended September 30, 2024, cash flows provided by financing activities was $4.7 million, a decrease of $16.9 million from the nine months ended September 30, 2023, primarily driven by preferred stock issued in January 2023. For the year ended December 31, 2023, cash flows provided by operating activities was $433.8 million, an increase of $276.7 million from the year ended December 31, 2022, driven by increased operating earnings, collection of reinsurance recoveries from Hurricane Ian, increased unearned premium reserves resulting from Citizens takeouts and other policy growth among other factors. For the year ended December 31, 2023, cash flows used in investing activities was $242.3 million, an increase of $190.2 million from the year ended December 31, 2022, driven by growth in the investment portfolio. For the year ended December 31, 2023, cash flows provided by financing activities was $24.5 million, an increase of $1.4 million from the year ended December 31, 2022, primarily driven by the new credit facility. Seasonality of Our Business Our insurance business is seasonal as hurricanes typically occur during the period from June 1 through November 30 each year. With our catastrophe reinsurance program effective on June 1 each year, any variation in the cost of our reinsurance, whether due to changes to reinsurance rates or changes in the total insured value of our policy base, will occur and be reflected in our financial results beginning June 1 of each year, subject to certain adjustments. Equity Issuances Historically, we have funded our working capital requirements primarily through private issuances of our equity. The equity issuances described below resulted in an aggregate of 10,222,576 shares of common stock and 9,340,750 shares of Series A preferred stock outstanding as of September 30, 2024, reflecting total paid in capital of $127 million as of such date, exclusive of the effects of issuing redeemable shares. From November 2021 to January 2022, we issued and sold 7,333,313 shares of our Series A preferred stock at a price of $13.64 per share to a group of accredited investors for an aggregate purchase price of $100 million. Of the 7,333,313 shares sold, an aggregate of 2,039,