Slide
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A week ago, this publication revealed that Slide was pressing ahead with its IPO plans with an S-1 filing. -
This publication reported earlier this year that the carrier is targeting a $250mn-$350mn raise.
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The assumption date for the combined 16,250 policies is August 19.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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There is a long waiting list of carriers looking to pull the IPO trigger, but market conditions remain tough.
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Mangrove can take out up to 81,040 polices while Slide’s limit is 15,000.
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Slide lined up Morgan Stanley, Barclays and JP Morgan as lead bookrunners.
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A Q3 listing remains a possibility, but the timeline can change rapidly amid storm season.
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A quick roundup of today’s need-to-know news, including CrowdStrike and Slide’s IPO.
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This publication broke news of the loan in May.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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The program includes all perils coverage and third-event protection.
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