Tampa-based Slide Insurance will reportedly file an S-1 today for an initial public offering (IPO), as it enters its third full year of operations.
In 2024, SEC filings showed that Slide had $1.34 billion in premiums written and $200 million in net income, with a 60% return on equity (ROE), which is how a company uses its equity to create profit.
According to a source, ROE is higher than all other publicly traded companies in Florida.
Slide began operations in March 2022 and grew to $1.3 billion in less than three years. Its chief executive officer is Bruce Lucas, who also founded Heritage Insurance Holdings.
“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,” said Lucas in a news release, about a month ago.
The primary underwriter, or arranger, of the financing deal is Morgan Stanley and Barclays, as lead left book runners, who are anticipating a multi-billion-dollar valuation.
