Deals: Slide Acquires Big Chunk of Biz From St Johns Insurance

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Slide, a full-stack insurtech based in Tampa, announced their acquisition of $400 million in premium from St. Johns Insurance Company. With this transaction, Slide provides continuity of coverage to an estimated 150,000 policyholders and voluntary appointments to over 2,700 agents in Florida and South Carolina.

Headquartered in Orlando, FL, St. Johns served Florida and South Carolina residents for nearly 20 years. The company’s Demotech financial rating was downgraded and created a unique market opportunity. Slide moved in quickly, employing its Big Data advantage and proprietary AI-powered technology to assess the St. Johns portfolio in record time.

“I have done a lot of very successful deals in my career, but I have never been able to process millions of data points at this speed. We processed $73.7 billion in annual TIV, multiple years of claims data, projected reinsurance costs and forward modeled loss ratios in 48 hours,” said Slide’s Founder and CEO, Bruce Lucas. “I don’t think there is another insurtech that could have analyzed and closed this complex transaction, let alone at this speed.”

Despite being a startup, Slide has achieved an A, Exceptional, rating by Demotech, demonstrating their financial stability. Big Data has been the company’s key differentiator and a catalyst for both their strategy and stability since the company’s inception.

“Big Data is everything. This transaction increases our data set to nearly $5 trillion TIV plus nearly 20 years of historical claims data,” said Lucas. “Slide’s Big Data Advantage accelerated our business plan by 5 years and I believe it will make us the first fullstack insurtech to ever turn a profit, and we did it in our first 3 months.”

Lucas is no stranger to large insurance acquisitions. As Founder, CEO, and Chairman of Heritage Insurance, he made several successful acquisitions. The company quickly went from start up from inception to $1.1 billion of premiums in 15 states and was profitable every year of his 9-year tenure, including its start-up year.

The acquisition takes the startup from closing their oversubscribed $100mn Series A to $400 million in annual revenue within 3 months. By revenue, Slide is now a top 3 insurtech in the country. Their Big Data set, now rich with decades of St. John’s data, stands at just under $5 trillion TIV, and dwarfs the entire peer insurtech market combined.

About alastair walker 8772 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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