Company: SLDE
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001193125-25-125836
Chunk: 155

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-05-23
Form: S-1
Chunk 155
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 is $983 million, substantially less than our $1.86 billion first event reinsurance tower, which is a testament to the
strength of reinsurance protection. We also purchase third event reinsurance coverage, which provides $98 million of coverage for third event storms, which is in excess of the two-event coverage that is
typically purchased in the Florida market.

For the twelve months ending May 31, 2025, we have purchased reinsurance from the
following sources: (i) the FHCF, (ii) 30 private reinsurers, which were all rated “A-” or higher by A.M. Best or S&P, (iii) four private reinsurers that have provided collateral to
fully cover their exposure and (iv) a protected cell reinsurer whose shares are owned by Slide Reinsurance Holdings, LLC, our wholly-owned reinsurance subsidiary. Our entire reinsurance program is placed with AM Best “A” rated
reinsurers or better, fully collateralized reinsurers, or the FHCF.

Background and Slide’s Participation in the Citizens Depopulation Program

The Company began to assume policies from Citizens in the second half of 2023. Citizens is the largest homeowners insurer in the state
of Florida as measured by premium in force and acts as the state-owned insurer of last resort. It is incentivized by the state to transfer policies from its books to the private market in order to reduce systemic risk to the insurance market.
Citizens generally offers depopulations on a monthly basis. The Company has selectively assumed personal residential and commercial residential policies from Citizens in fifteen separate assumption transactions between August 2023 and March 2025.
For context, the direct earned premiums of the Citizens policies assumed by the Company during the course of 2024 prior to the date of assumption of such policies was $293,158,939 for the year ended December 31, 2023 according to the Annual
Statement of Citizens Property Insurance Corporation for 2023 and management’s calculations. In addition, the unearned premiums of Citizens policies assumed by the Company during 2024, was $254,322,831 as of December 31, 2023 according to
the Citizens Annual Statement and management’s calculations.

In order to be eligible to participate in an assumption transaction,
the Company must first apply to the FLOIR for approval to assume a specified number of policies approximately four and a half months prior to the proposed assumption date. The Company prepares and submits an application showing the cumulative pro
forma financial impact