Florida Farmers Insurance policyholders are in for an unexpected development as Slide Insurance steps in to extend renewal offers.
In a business decision aimed at mitigating risk in the hurricane-prone state, Farmers Insurance had previously declared that it would not renew 100,000 policies under its brand, encompassing home, auto, and umbrella policies.
Slide Insurance, based in Tampa and known for its innovative approach to insurance, has now secured the renewal rights to 86,000 of Farmers’ Florida home insurance policies, though not renters, auto, or umbrella policies.
The process of renewals is slated to commence in February 2024, as announced by Slide.
Founded in 2022 by Bruce Lucas, Slide Insurance is an emerging insurtech company that leverages cutting-edge technology, including artificial intelligence and big data, to personalize, optimize, and streamline the insurance experience.
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Earlier this year, Slide made headlines by acquiring over 91,000 policies from UPC Insurance when the latter withdrew from the Florida market. Furthermore, in 2022, Slide stepped in to manage 147,000 policies following the receivership of Orlando-based St. Johns Insurance Co.
Slide’s impressive growth has positioned it as the 12th largest insurer in Florida, with 148,136 personal and commercial policies, as of the end of June. The company secured an additional $35 million in capital from Regions Bank in June and possesses $1 billion in reinsurance, solidifying its financial stability and capacity to absorb policies.
The transition also offers Farmers agents an opportunity to work with Slide, enhancing the company’s data capabilities and emphasis on underwriting technology and predictive analytics.
The news release attributes the success of this transaction, ensuring guaranteed policyholder renewals, to the leadership of Jimmy Patronis, Florida’s chief financial officer, highlighting his pivotal role in making this transition possible.
