Slide Insurance, a technology-enabled insurance firm, has finalised pricing for its $250 million Purple Re Ltd. (Series 2025-1) catastrophe bond, the fourth and largest issuance from the company to date.
The firm confirmed that the Series 2025-1 cat bond was offered in two separate fully collateralised classes of $125 million, with the Class A notes priced at 7.25% and the Class B notes priced at 7.75%, both within the lower halves of their respective initial spread guidance.
The proceeds will be used to further expand Slide’s named storm and hurricane reinsurance protection in Florida and South Carolina.
The Purple Re 2025-1 cat bond provides the carrier with reinsurance protection within the two states on an indemnity and per occurrence basis, over a three-year term from June 1st, 2025, through May 31st, 2028.
The bond exceeded the previous largest offering by $40 million, which was the $210 million Purple Re Ltd. (Series 2024-1) cat bond.
Bruce Lucas, Founder and Chief Executive Officer of Slide Insurance, commented, “We are very pleased to complete our latest and largest cat bond offering, which further reinforces and ensures that our policyholders are fully protected in their time of need.
“Securing cat bonds over the past couple of years and building our reinsurance tower has proven to be a prudent source of multi-year reinsurance protection for Slide. With the successful completion of this offering, Slide has placed $660 million of our reinsurance program in the ILS market.”
You can read more about this Purple Re Ltd. (Series 2025-1) catastrophe bond and all others in the Deal Directory of our sister publication, Artemis.
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