Slide secures $210m cat bond with closing of Purple Re Ltd.

Slide Insurance, a technology enabled insurance firm, has finalised pricing for its $210 million Purple Re Ltd. (Series 2024-1) catastrophe bond, the biggest catastrophe bond yet from the company to date.

From what Reinsurance News understands, Purple Re Ltd. provides 40% more in fully collateralized reinsurance than the initial target of $150 million and is priced in the lower half of initial spread guidance at 9%.

Moreover, this cat bond secures an additional $210 million for Slide to expand its Florida and South Carolina named storm and hurricane reinsurance protection.

If you recall, last year, Slide debuted its Purple Re Ltd. Series 2023-1 and Series 2023-2 cat bonds, generating $200 million in reinsurance protection.

It has been confirmed, that the reinsurance protection from the Purple Re 2024-1 cat bond will be provided within Florida and South Carolina on an indemnity and pre-occurrence basis, which will run over a three-year term from June 1, 2024 through to May 31, 2027.

Bruce Lucas, Founder and CEO of Slide Insurance, commented: “Financial solvency is a key focus, and our latest cat bond helps us to further protect our policyholders in their time of need. We remain committed to securing multi-year reinsurance as a hedge against inflation and increased costs. With the addition of this cat bond, approximately 70% of our reinsurance is placed on a multi-year basis.”

Read more about this Purple Re Ltd. (Series 2024-1) catastrophe bond and all others, in the Deal Directory of our sister publication, Artemis.

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