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Insurtech Slide picking up policies from insolvent St. Johns

The move provides coverage continuity for nearly 150,000 policyholders and voluntary appointments to more than 2,700 agents.

I have done a lot of very successful deals in my career, but I have never been able to process millions of data points at this speed. We processed $73.7 billion in annual TIV (total insurable value), multiple years of claims data, projected reinsurance costs and forward modeled loss ratios in 48 hours,” Slide Founder and CEO Bruce Lucas said in a release. (Credit: Songquan Deng/Shutterstock) “I have done a lot of very successful deals in my career, but I have never been able to process millions of data points at this speed. We processed $73.7 billion in annual TIV (total insurable value), multiple years of claims data, projected reinsurance costs and forward modeled loss ratios in 48 hours,” Slide Founder and CEO Bruce Lucas said in a release. (Credit: Songquan Deng/Shutterstock)

Insurtech Slide Insurance Company is acquiring $400 million in premiums from St. Johns Insurance Company as part of the latter’s insolvency and subsequent liquidation after nearly 20 years of business in Florida and South Carolina, according to the acquiring firm. The deal will provide uninterrupted coverage to around 150,000 policyholders and voluntary appointments for more than 2,700 agents in Florida and South Carolina.

The policies transitioned to Slide Insurance shortly after midnight on March 1, 2022, according to the Florida Department of Financial Services. The department noted there will be no gaps in coverage and policyholders’ coverage and premium policy will remain unchanged after the transition.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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