Company: SLDE
Filing Date: 2025-01-22
Form Type: DRS/A
Source: 0000950123-25-000502
Chunk: 256

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-01-22
Form: DRS/A
Chunk 256
---
 amounts in thousands, except share and per share amounts, unless otherwise stated) Company’s cash and cash equivalents were deposited with two custodians. At December 31, 2023 and 2022, the Company’s cash deposits at any one bank generally exceed the Federal Deposit Insurance Corporation’s $250,000 coverage limit for insured deposit accounts. For those banks where the Company’s deposits exceed $250,000, the Company regularly reviews the financials reports and credit ratings of the banks for any indication of financial stress. The Company determined that no indication of financial stress was evident in any bank where Company deposits exceeded $250,000 at December 31, 2023 and 2022.

| 3. | Business Combination |

During the second quarter of 2022, the Company acquired 100% of the stock and ownership interests of Clegg Insurance Group, Inc. and Clegg Insurance Advisors, LLC (collectively, “Clegg”). The Company paid cash and other consideration in excess of net assets totaling $2,603. The excess was allocated as Goodwill. The renewal rights were determined to have a useful life of four years. In determining fair value the acquired business’s future performance was estimated using financial projections developed by management for the acquired business and reflects market participant assumptions regarding revenue growth and/or profitability. In 2023 and 2022, amortization of the renewal rights totaled $644 and $250, respectively. The Company will evaluate Goodwill and intangible asset for impairment annually or sooner as triggering events occur. The Company determined there was no impairment in 2023 or 2022. Gross cash paid for the acquisition was $2,950. The Company also issued $951 of stock consideration for a total purchase price of $3,901. The following table summarizes the estimated fair values of the aggregate assets acquired and liabilities assumed:

| Assets acquired:           |     |   |       |
|:---------------------------|:----|:--|------:|
| Cash and cash equivalents  |     | $ |   156 |
| Renewal rights on policies |     |   | 1,553 |
| Total assets acquired      |     |   | 1,709 |
| Liabilities assumed:       |     |   |       |
| Short-term payables        |     | $ |    17 |
| Deferred tax liabilities   |     |   |   394 |
| Total liabilities assumed  |     |   |   411 |
| Net assets acquired        |     | $