Slide Insurance Holdings reported higher premiums, revenue, and net income for the second quarter ended June 30, reflecting growth in policies acquired and renewed.
Gross premiums written totaled $435.4 million, up 25% from $348.3 million a year earlier, driven by policy acquisitions from Citizens Property Insurance Corp. and steady renewal rates.
Policies in force reached 348,439 as of June 30, 2025, compared with 348,029 at the end of the first quarter and 275,178 a year earlier. Sequential growth in renewals was offset by lower new policies following the February completion of offers under the Farmers renewal rights agreement.
Net premiums earned increased 25.1% to $243.9 million from $195 million in the prior-year quarter. Total revenue rose 25.1% to $261.6 million from $209.1 million, largely from the Citizens policy assumption and higher renewals.
Net losses and loss adjustment expenses were $91.4 million, including $6.1 million in catastrophe losses from non-hurricane weather events, compared with $89.5 million a year earlier, which included $29.9 million in non-hurricane catastrophe losses. The loss ratio improved to 37.4% from 45.9%.
Policy acquisition and other underwriting expenses climbed to $32.1 million from $17.8 million, due to more policies in force and fewer premiums earned on Citizens policies during their assumption period.
General and administrative expenses rose to $37.9 million from $26.8 million, attributed to staffing growth to support the expanding policy base. The combined ratio improved to 67.4% from 69.9%, reflecting higher net premiums earned and lower non-hurricane catastrophe losses.
Net income grew 30.5% to $70.1 million from $53.7 million, with diluted earnings per share at $0.56. Return on equity was 10% for the quarter, down from 16.9% a year earlier, which the company linked to increased equity from retained earnings and proceeds from its June initial public offering. For the first six months of 2025, return on equity was 25%, compared with 37.3% in the prior-year period.
The company completed its initial public offering in June, selling 20 million shares at $20.40 each, raising approximately $408 million and giving Slide a valuation of about $2.62 billion. The IPO marked the largest insurance sector offering of 2025 thus far, which market analysts viewed as a sign of strong investor interest in the insurtech segment despite broader market volatility.
During the quarter, Slide also completed a $250 million catastrophe bond issuance through Purple Re Ltd., its largest insurance-linked securities transaction to date. The bond, issued in two tranches, provides multi-year coverage for named storms and severe weather events affecting Florida and South Carolina.
Bruce Lucas (pictured above), Slide’s chairman and CEO, highlighted the company’s successes during the quarter and how it achieved year-over-year growth across key metrics.
“Our underwriting technology continues to outperform, allowing us to generate superior underwriting returns. By leveraging our well-capitalized balance sheet and tech-enabled, data-driven underwriting capabilities, we are well-positioned to continue executing on our long-term growth strategy, while creating long-term value for our shareholders,” Lucas said.
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