Tampa insurtech startup acquires $400M of premium insurance
March 1, 2022 -
Tampa-based insurtech firm Slide announced its acquisition of $400 million in premium from St. Johns Insurance Company, which serves Florida and South Carolina. With this transaction, Slide provides continuity of coverage to an estimated 150,000 policyholders and voluntary appointments to over 2,700 agents in Florida and South Carolina. St. Johns's financial rating was downgraded and created a unique market opportunity.“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, multiple years of claims data, projected reinsurance costs and forward modeled loss ratios in 48 hours,” Slide Founder and CEO Bruce Lucas said in the company's news release. “I don’t think there is another insurtech that could have analyzed and closed this complex transaction, let alone at this speed.” The acquisition takes the startup from closing its oversubscribed $100 million Series A funding to $400 million in annual revenue within three months.