Tampa-based Slide Insurance, an insurtech company providing homeowners coverage, says it has acquired renewal rights for 86,000 Florida homeowners insurance policies from Farmers Insurance.
The transaction does not include Farmers Insurance renters, auto or umbrella policies. Financial details of the deal were not disclosed in a Friday news release.
Slide is a homeowners insurtech firm that says it uses "cutting-edge technology" to leverage artificial intelligence and big data to "hyper-personalize, optimize and streamline every part of the insurance process."
Based in Tampa, Slide launched operations in February 2022 and has quickly grown to become one of the largest homeowners insurtechs in the country by premiums, company officials say.
This latest announcement comes six months after Slide absorbed more than 91,000 policies from St. Petersburg-based UPC Insurance worth nearly $300 million. UPC was hit hard by Hurricane Ian-related damage claims.
And in March, Slide acquired $400 million worth of premiums from Orlando-based St. Johns Insurance Co., which ceased operations after a ratings agency downgraded it.
"We remain bullish on Florida’s insurance market and believe the market is ripe for an innovator like Slide," says Bruce Lucas, founder and CEO of Slide, in the statement. "The recent reforms are working and the Florida insurance market is stabilizing."
Florida Chief Financial Officer Jimmy Patronis says the fact that Slide is picking up 86,000 policyholders is great news for those "who were getting dumped by Farmers."
"It also demonstrates that carriers are finding more opportunities, in Florida's insurance environment, after the reforms we enacted," says Patronis in the news release. "The coverage that Slide will provide will make policyholders' lives easier, and we'll continue working to attract more carriers to Florida."
Farmers agents in Florida will be offered an appointment with Slide.
Renewals issued by Slide will begin for February 2024 effective dates. Slide says as part of the transaction, it will bolster its data and focus on underwriting technology and predictive analytics.