Tampa-based Slide Insurance has more than doubled its credit facility to $1.07 billion, adding $539.6 million in borrowing capacity as the homeowners insurance company expands into new markets across the country.
The agreement, announced Tuesday, Oct. 27, replaces Slide’s previous $530.4 million facility with a financing arrangement led by Huntington National Bank and a syndicate of financial institutions.
The company can draw on the new facility to refinance existing debt, fund growth initiatives and cover other corporate expenses, although it has not disclosed how much it intends to borrow.
Earlier this month, Slide began writing residential insurance policies in Texas, its latest expansion beyond Florida, where the company built much of its portfolio through new homeowners business and policies acquired from Citizens Property Insurance Corp.
Its growing national footprint also includes California, where it is writing residential excess and surplus policies, along with expanded homeowners offerings in South Carolina and Rhode Island.
The expansion follows Slide’s June 2025 initial public offering on the Nasdaq and comes during a profitable stretch for the Tampa insurer, which reported $138.2 million in net income for the three months ended Sept. 30, a 24.5% increase from $111 million a year earlier. Revenue rose nearly 36% to $361.1 million, while gross premiums written increased 9.3% to $506.6 million.
Much of that revenue increase came from policies Slide had already added to its portfolio, including voluntary homeowners business and policies previously acquired from Citizens, as the premiums on those policies were earned over time. Net premiums earned rose 37.1% to $333.3 million, outpacing growth in gross premiums written during the quarter.
Florida’s severe thunderstorms and other convective storms cost the company $34.2 million during the quarter, contributing to $101.3 million in total losses and related adjustment expenses, up from $33.2 million a year earlier.
That figure included $18 million in favorable adjustments to reserves established for previous periods, which reduced the amount of losses recorded during the quarter.
The higher storm losses pushed Slide’s combined ratio to 59.3%, compared with 48.5% a year earlier, meaning the insurer spent approximately 59 cents on claims and underwriting expenses for every dollar of net premiums earned.
Excluding catastrophe losses and prior-period reserve adjustments, its underlying accident-year loss ratio improved to 25.5% from 27.5%.
Through the first nine months of 2026, Slide earned $412.6 million in net income on $1.14 billion in revenue, prompting the company to raise its full-year profit forecast to between $500 million and $520 million, up from its previous projection of $455 million to $470 million. The new forecast accounts for as much as $50 million in pretax losses related to Hurricane Isaias during the fourth quarter.
The company also raised the lower end of its full-year gross premiums written forecast by $50 million, putting its expected total between $1.9 billion and $1.95 billion as it continues expanding outside Florida.
Management expects double-digit growth in those markets while selectively adding policies in Florida that meet its profitability requirements.
Alongside the increased earnings outlook and expanded credit facility, Slide’s board approved a one-time special dividend of $1.50 per share, adding to its regular quarterly dividend of 7 cents. Both payments are scheduled for Nov. 30 for shareholders of record as of Nov. 23.
Including the newly announced dividends, Slide expects to have returned approximately $423.1 million to shareholders since going public in June 2025, with $230.9 million spent repurchasing shares. Another $114.1 million remains available under the company’s share repurchase program, although Slide did not buy back any shares during the third quarter.
As of Sept. 30, the Tampa insurer founded by Bruce and Shannon Lucas reported $3.39 billion in total assets and $1.3 billion in shareholders’ equity, compared with $2.92 billion and $1.11 billion, respectively, at the end of 2025.