Slide Insurance announced that it has secured a $175 million senior credit facility led by Regions Bank in its capacity as Administrative Agent, Joint Lead Arranger, and Joint Bookrunner. Synovus Bank and Texas Capital Bank, through its TCBI Securities division, also supported the transaction as a joint lead arranger and joint bookrunner.
The proceeds from the transaction will be used to refinance a bilateral senior credit facility previously provided by Regions and provide incremental capital to support various organic and inorganic growth initiatives.
In the past few months, Slide has completed several deals to solidify its financial strength heading into hurricane season and the second half of 2024. In May, Slide announced the successful completion of its $1.86 billion reinsurance program for the 2024 Atlantic hurricane season, which exceeded all regulatory and rating agency requirements and protected the insurance company to the 175-year return period.
In April, Slide finalized pricing for its $210 million Purple Re Ltd. (Series 2024-1) catastrophe (cat) bond – expanding the company’s Florida and South Carolina named storm and hurricane reinsurance protection. And Slide has earned and maintained a Demotech Financial Stability rating of “A” (Exceptional).
KEY QUOTE:
“This is a significant milestone for Slide and further demonstrates our strong financial strength and solvency. We are continuing to grow the company while offering affordable, and much needed, solutions to our policyholders. This is one of the largest loans ever made to a Florida insurer and will provide additional reserve capital to continue our growth trajectory.”
- Bruce Lucas, Founder and CEO of Slide Insurance
