Slide, an insurtech startup founded by former Heritage Insurance Holdings CEO Bruce Lucas, has acquired exclusive renewal rights for more than 91,400 Florida homeowners insurance policies, representing $292 million in annual premiums, from UPC Insurance, which has ceased operations in Florida.
According to a news release, the acquisition brings Slide’s total in-force premium value to $560 million. In March 2022, Slide acquired $400 million worth of premiums from Orlando-based St. Johns Insurance Co., which ceased operations after a ratings agency downgraded it.
Slide also announced that it will accept new business, making it the first Florida-based insurer to do so in 2023 as the industry struggles to rebound from last year’s hurricane-related losses and the Florida Legislature’s reluctance to address sky-high attorney fees and frivolous lawsuits.