Company: SLDE
Filing Date: 2025-01-22
Form Type: DRS/A
Source: 0000950123-25-000502
Chunk: 117

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-01-22
Form: DRS/A
Chunk 117
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 insurance companies.

Total revenue.Total revenue increased from $314.8 million for the nine months ended September 30, 2023 to
$608.4 million for the nine months ended September 30, 2024. The increase in total revenue was due primarily to policies assumed from Citizens and increased renewals of existing policies.

Expenses

Losses and loss adjustment expenses incurred, net.Losses and loss adjustment expenses incurred, net increased from $130.1 million
for the nine months ended September 30, 2023 to $280.2 million for the nine months ended September 30, 2024. The increase in losses and loss adjustment expenses incurred, net resulted primarily from the increase in policies in force.
Losses and loss adjustment expenses incurred, net for the nine months ended September 30, 2024 included losses paid of $146.8 million and a $133.4 million increase in unpaid losses and loss adjustment expenses incurred, net, including
the addition of $90.0 million of IBNR reserves. As of September 30, 2024, we reported $277.9 million in unpaid losses and loss adjustment expenses incurred, net, which included $210.6 million attributable to IBNR, or 75.8% 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 nine months ended September 30, 2023 and 2024 were approximately $43.3 million and $56.9 million, respectively, representing 14.6% and 10.0%, respectively, of net premiums
earned. The increase was primarily attributable to increased policies in force offset by reduced acquisition costs of Citizens policies assumed.

General and administrative expenses.General and administrative expenses for the nine months ended September 30, 2023 and 2024
were approximately $61.0 million and $91.8 million, respectively, representing 20.5% and 16.2%, respectively, of net premiums earned. The increase was due primarily to increased policies in force offset by efficiencies gained from
increased scale. Payroll and related expenses increased from $17.2 million to $26.3 million for the nine months ended September 30, 2023 and 2024, respectively. This increase is a result of increased personnel needed to grow and
service in force policies. Personnel count increased from 84 at January 1, 2023 to