Slide, a startup insurtech and one of many latest corporations to enter the Florida property insurance coverage market, has begun with a positive monetary score.
The Demotech score agency introduced that it has granted Slide a monetary stability score of “A, Distinctive.” The evaluation was finished earlier than the Tampa-based Slide acquired $400 million in premium this month from the now-insolvent St. Johns Insurance coverage Co., however the score was affirmed after the transition was introduced, Demotech mentioned in a information launch.
Slide will assume about 150,000 St. Johns insurance policies in Florida and South Carolina whereas St. Johns is liquidated, regulators have defined.
“Though capital to help insurance coverage operations in Florida is troublesome to come back by, Bruce Lucas raised $106 million,” Demotech President Joe Petrelli mentioned within the assertion, referring to the Slide CEO, who was previously with Heritage Insurance coverage. “Slide has the monetary functionality to help an estimated 150,000 policyholders as a result of Slide has no legacy enterprise. Equally essential, Slide has suggested that it has in place the information analytics and synthetic intelligence essential to be thought-about a ‘full-stack’ Insurtech.”
“Slide is constructed on the premise that monetary solvency is the first focus for our insurance coverage operations,” Lucas mentioned. “Demotech did a superb job of reviewing our forecasts, stability sheet, solvency and working plan.”
Florida regulators sparked outcry from another insurance coverage corporations final month when it turned recognized that Slide would assume the St. Johns insurance policies, together with $90 million in unearned premiums, with out different carriers having an opportunity to bid on the insurance policies.
Lucas has mentioned the issues are misplaced and that Slide helped to shortly resolve the issue of offering seamless protection to hundreds of policyholders.
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