Pathikrit Bose
4 min read
Founded fairly recently in 2021, Slide Insurance (SLDE) is a technology-driven property and casualty (P&C) insurance company focused on homeowners and condominium insurance, especially in high-risk, coastal markets like Florida and South Carolina. Powered by artificial intelligence (AI) and big data, Slide is vertically integrated, which the company claims allows it to be faster, more accurate, and more profitable than older, legacy insurers.
Shares were priced at $17 per share, with Slide increasing the size of the initial public offering to 24 million shares from 20 million shares. Slide is the biggest insurance listing of the year so far, as it raised $408 million through the offering. The company intends to use the proceeds as growth capital for the business, to underwrite additional policies, and for general corporate purposes.
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The stock had a stellar debut on the Nasdaq Exchange, popping 24%.
Unlike many IPO stocks, Slide is profitable. In 2024, Slide reported total revenues of $846.8 million. This was an 81% year-over-year jump, fuelled by a 79.5% rise in net premiums earned to $792.4 million. Net income more than doubled in the same period to $201.1 million from $87.4 million in 2023.
The combined ratio, an indicator of an insurance company’s underwriting performance, dropped to 72.3%. It was 79% in 2023, and a lower ratio is better. The loss ratio also reduced to 42.8% from 43.8%, while return on equity and tangible equity considerably improved to 60% and 62.6% from 46.9% and 53.2%, respectively. Total policies in force increased by 62.2% to 343,056 as Slide’s renewal rate also moved upwards to 86% from 72% in 2023.
In Q1 2025, Slide’s total revenues were at $281.6 million, which marked growth of 41.4% from the previous year as net premiums earned improved to $266 million from $188.1 million in the year-ago period. Net income rose by an even sharper rate of 69.1% to $93 million.
Overall, the company closed the March quarter with a cash balance of $896.9 million, which was much higher than its long-term debt levels of $37.6 million.
Slide’s significant presence in the Florida market and its positioning as a coastal specialty insurance firm is unique, although it does make it vulnerable to concentration risks. However, its tech-enabled platform can make expansion into other markets and categories efficient and faster.
