Florida-based property insurer Slide Insurance Holdings Inc. (NYSE: SLDE) commenced trading on Thursday with an impressive opening at 17.00 IPO price. The coastal property specialist had priced its initial public offering at the midpoint of its 18 proposed range, raising approximately $250 million in gross proceeds.
Company Profile
Specializing in single-family and condominium policies across Atlantic coastal states, Slide Insurance has:
- $1.2 billion in annual premiums written
- 320,000 policies in force as of Q1 2024
- Focused exposure to Florida (72% of portfolio), Texas (15%), and Carolinas (8%)
Industry Context
The successful debut comes despite:
- Ongoing challenges in Florida’s insurance market
- Recent hurricane seasons driving up reinsurance costs
- Regulatory scrutiny of coastal exposure management
Notably, Slide’s IPO represents the first property casualty insurer listing since 2021, testing investor appetite for catastrophe-exposed carriers. The company’s technology-driven underwriting platform and reinsurance protections (covering 95% of hurricane losses above $50 million) appear to have resonated with institutional investors.
Early trading volume exceeded 8 million shares, with the stock maintaining most gains throughout the session. The offering was led by Goldman Sachs and Barclays, with shares currently valued at 1.3x book value – a premium to many established regional carriers. Market participants will monitor how Slide balances growth ambitions with underwriting discipline in the volatile coastal property market.
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