Slide lands large credit facility to spur growth, a record for Florida
US-based Slide Insurance Company has secured a credit facility worth $175 million to provide capital to support the company’s organic and inorganic growth initiatives. It’s CEO claims it is one of the largest loans ever made to a Florida insurer.
The facility is led by Regions Bank in its capacity as the 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 company said the proceeds from the transaction will be used to refinance a bilateral senior credit facility previously provided by Regions and provide capital to support various growth initiatives.
Slide has completed several deals heading into hurricane season and the second half of 2024, the company said. This includes the completion of its $1.86 billion reinsurance programme for the 2024 Atlantic hurricane season.
This followed a $210 million Purple Re catastrophe bond transaction in April to expand its reinsurance protection for the year.
Bruce Lucas (pictured), founder and chief executive officer, Slide Insurance, said: “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.”
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