Tampa insurtech startup continues to acquire policies from rivals

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.