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Personal lines start-up Slide seeks $75mn in Series A round

Slide logo tampa2.jpg

Personal lines start-up Slide Insurance is raising around $75mn with a Series A funding round, setting a total valuation for the company at $225mn, Inside P&C has learned.

Founded by former Heritage CEO Bruce Lucas, the InsurTech uses artificial intelligence and big data to offer homeowners’ and commercial residential coverage.

The Tampa Bay-headquartered start-up plans to expand its footprint beyond Florida by offering coverage in New York, New Jersey and Rhode Island.

Sources said that Skyway Capital has been the placement agent for the current preferred stock round, and that Slide will use around $50mn in policyholder surplus that will be held in two entities in Florida and Rhode Island.

Other funds will be used in tech investments, agency acquisitions, working capital, placement fees and general and administrative expenses, according to people familiar with the matter.

Over the next six to nine months, Slide plans to obtain regulators' approval, expand its team and operating platforms, and appoint agents across the US.

Eventually, the Floridian firm expects to purchase additional P&C shell and file for an IPO over the next 24 to 36 months, following the path of other InsurTechs, including Lemonade, Hippo, Root and Metromile.

Sources said that as a component of the Heritage partnership, Slide will acquire Heritage's subsidiaries First Access Insurance Group and Pawtucket Insurance Company.

Founded by Lucas in 2012 and taken public 20 months later, Heritage has written around $8.5bn in gross premiums since its inception, and in 2020 alone, the company wrote $1.1bn.

With the Series A round, Slide is expanding in the homeowners’ insurance market, a sector with over $100bn in gross written premiums and a fragmented market share.

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