Slide Insurance Holdings, Inc.
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
SLDE$25.94-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001193125-25-267339
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001193125-26-197194
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 214 previous paragraphs and 144 current paragraphs.
92 unchanged; 42 reworded; 10 added; 75 removed; 5 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Expenses
Current report
Gross premiums written. Gross premiums written increased to $414.8 million for the three months ended March 31, 2026 from $278.2 million for the three months ended March 31, 2025. The increase in net premiums written was driven by growth of voluntary new business, renewals of previously acquired Citizens policies, and further Citizens acquisitions.
Current report
Gross premiums earned. Gross premiums earned increased to $481.0 million for the three months ended March 31, 2026 from $350.9 million for the three months ended March 31, 2025. The increase was driven primarily by the earnings resulting from strong premium production across the portfolio including prior years Citizen acquisitions.
Current report
Net premiums earned. Net premiums earned increased to $365.9 million for the three months ended March 31, 2026 from $266.0 million for the three months ended March 31, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to increased assumptions of policies from Citizens and increased renewals of existing policies, offset by higher reinsurance costs directly related to the growth of the portfolio.
Current report
Expenses
Current report
Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net increased to $111.1 million for the three months ended March 31, 2026 from $83.8 million for the three months ended March 31, 2025. There were no incurred losses from named storms during the three months ended March 31, 2026 and 2025. The increase in net losses and loss adjustment expenses incurred was primarily driven by the increase in policies in force partially offset by lower catastrophe losses for the period ending March 31, 2026 versus March 31, 2025.
Current report
Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the three months ended March 31, 2026 and 2025 were approximately $44.1 million and $28.6 million, respectively, representing 12.6% and 10.7% of net premiums earned, respectively. The increase was primarily attributable to increased renewal policies from prior year assumed Citizens' policies, resulting in increased policy acquisition costs in 2026.
Current report
Off-Balance Sheet Arrangement
Current report
Our critical accounting policies are described in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current report
See discussion of recent accounting standards in Note 1 in the accompanying notes to the condensed consolidated financial statements for further details.
Removed paragraphs (75)
Previous report
Gross premiums written. Gross premiums written increased from $346.3 million for the three months ended September 30, 2024 to $463.4 million for the three months ended September 30, 2025. The increase in net premiums written was primarily a result of policies assumed by Citizens, and increases in renewal rates of existing written policies, as well as new policies written resulting from acquired renewal rights of Florida homeowners’ policies with effective dates of February 2024 and later from Truck Insurance Exchange, a subsidiary of Farmers Insurance Company, Inc. ("Farmers"). We initially acquired policy renewal rights from Farmers in February 2024. These policies were originally written by Farmers, and were due to expire in February 2024 and later. In 2024, we wrote approximately 36% of the policies for which we acquired renewal rights from Farmers. We expect to continue to write new policies pursuant to our renewal rights agreement with Farmers as part of our diversified approach to policy underwriting, subject to market conditions. The following table summarizes the sources of our written policies in force as of September 30, 2024 and 2025:
Previous report
Refers to policies originated by Slide through its independent agents, as well as through its direct-to-consumer channel. For the periods presented, new policies written directly to customers represent less than 1% of policies written in the organic channel.
Previous report
Includes all policies that expired during the period presented, including policies that were eventually renewed by customers during the period presented.
Previous report
Gross premiums earned. Gross premiums earned increased from $275.2 million for the three months ended September 30, 2024 to $359.4 million for the three months ended September 30, 2025. Our policies in force as of September 30, 2024 and September 30, 2025 were approximately 275,107 and 351,707 respectively, and this increase in policies in force had a favorable impact on our gross premiums earned.
Previous report
Net premiums earned. Net premiums earned increased from $184.8 million for the three months ended September 30, 2024 to $243.1 million for the three months ended September 30, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies in the third quarter 2025.
Previous report
Total revenue. Total revenue increased from $200.1 million for the three months ended September 30, 2024 to $265.7 million for the three months ended September 30, 2025. The increase in total revenue was due primarily to an increase in net premiums earned in the comparable periods primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies in the third quarter 2025.
Previous report
Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net decreased from $111.7 million (inclusive of catastrophe losses of $55.8 million from Hurricane Debby and Hurricane Helene) for the three months ended September 30, 2024 to $33.2 million (there were no incurred losses from named storms during the period) for the three months ended September 30, 2025. The decrease in losses and loss adjustment expenses incurred, net resulted primarily from the release of non-catastrophe reserves in the current quarter due to lower than expected payments on losses incurred in earlier quarters of current and prior years. Losses and loss adjustment expenses incurred, net for the three months ended September 30, 2025 included losses paid of $48.8 million and a $15.6 million decrease in unpaid losses and loss adjustment expenses incurred, net, including the reduction of $19.3 million of IBNR reserves. As of September 30, 2025 we reported $316.0 million in unpaid losses and loss adjustment expenses incurred, net, which included $256.4 million attributable to IBNR, or 81.2% of total reserves for unpaid losses and loss adjustment expenses incurred, net.
Previous report
Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the three months ended September 30, 2024 and 2025 were approximately $22.0 million and $36.4 million, respectively, representing 11.9% and 15.2%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer premiums earned on Citizens' policies in their assumption period, which had reduced policy acquisition costs in 2024.
Previous report
24.5% for the respective periods. The decrease is due to the purchase of transferable Section 45x advanced manufacturing credits in the current period.
Previous report
Return on equity. Our return on equity increased from 4.9% for the three months ended September 30, 2024 to 12.1 % for the three months ended September 30, 2025 as a result of an increase in earnings in the quarter due to reduction in losses incurred.
Previous report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Previous report
Revenue
Previous report
Gross premiums written. Gross premiums written increased from $939.3 million for the nine months ended September 30, 2024 to $1,177.0 million for the nine months ended September 30, 2025. The increase in net premiums written was primarily a result of policies assumed by Citizens, increases in renewal rates of existing written policies, as well as new policies written resulting from acquired renewal rights of Florida homeowners’ policies with effective dates of February 2024 and later from Truck Insurance Exchange, a subsidiary of Farmers. We initially acquired policy renewal rights from Farmers in February 2024. These policies were originally written by Farmers, and were due to expire in February 2024 and later. In 2024, we wrote approximately 36% of the policies for which we acquired renewal rights from Farmers. We expect to continue to write new policies pursuant to our renewal rights agreement with Farmers as part of our diversified approach to policy underwriting, subject to market conditions.
Previous report
The increase in net premiums written was primarily a result of policies assumed by Citizens, and increases in renewal rates of existing written policies. The following table summarizes the sources of our written policies in force as of September 30, 2024 and 2025:
Previous report
Refers to policies originated by Slide through its independent agents, as well as through its direct-to-consumer channel. For the periods presented, new policies written directly to customers represent less than 1% of policies written in the organic channel.
Previous report
Includes all policies that expired during the period presented, including policies that were eventually renewed by customers during the period presented.
Previous report
Our policies acquired during the nine months ended September 30, 2025 decreased by 24,504 policies, or 37.9%, compared to the prior year as a result of a decrease in policies acquired from Citizens during the current period. Our policies written during the nine months ended September 30, 2024 decreased by 19,026 policies, or 49.9%, as a result of fewer Farmers and organic policies written. In addition, for the nine months ended September 30, 2025 and 2024, our policy renewals increased by 77,908, or 48.5%, as a result of the renewal of policies acquired from Citizens as compared to the same period in 2024, Farmers policy renewals and organic policy renewals. For the nine months ended September 30, 2025, our policy renewal rate was 88.5%, an increase from 88.1% for the same period in 2024. Our average premium per residential policy decreased from $4,045 at September 30, 2024 to $3,966 at September 30, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was $128,518 at September 30, 2025.
Previous report
Gross premiums earned. Gross premiums earned increased from $773.1 million for the nine months ended September 30, 2024 to $1,048.9 million for the nine months ended September 30, 2025. Our policies in force as of September 30, 2024 and September 30, 2025 were approximately 275,107 and 351,707 respectively, and this increase had a favorable impact on our gross premiums earned.
Previous report
Ceded premiums earned. Ceded premiums for the nine months ended September 30, 2024 and 2025 were approximately $205.2 million and $296.0 million, respectively, representing 26.6% and 28.2%, respectively, of gross premiums earned. The $90.8 million increase was primarily attributable to increased catastrophe reinsurance purchased due to increased policies in force.
Previous report
Net premiums earned. Net premiums earned increased from $567.8 million for the nine months ended September 30, 2024 to $753.0 million for the nine months ended September 30, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.
Previous report
Net investment income. Net investment income, inclusive of realized investment gains and losses, increased from $34.5 million for the nine months ended September 30, 2024 to $47.9 million for the nine months ended September 30, 2025. Our average investable assets increased from $918 million for the nine months ended September 30, 2024 to $1,568 million for the nine months ended September 30, 2025. The increase in net investment income was due to increased equity from retained earnings and increased policies in force.
Previous report
Policy fees. Policy fees increased from $5.1 million for the nine months ended September 30, 2024 to $6.4 million for the nine months ended September 30, 2025. The increase in policy fees in the comparable periods was primarily attributable to increased renewals of existing policies.
Previous report
Other income. Other income for increased from $1.0 million for the nine months ended September 30, 2024 to $1.6 million for the nine months ended September 30, 2025. The increase in other income between the comparable periods was primarily attributable to an increase in commissionable premiums produced for other insurance companies.
Previous report
Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net decreased from $280.2 million (inclusive of catastrophe losses of $55.8 million from Hurricane Debby and Hurricane Helene) for the nine months ended September 30, 2024 to $208.4 million (there were no incurred losses from named storms during the period) for the nine months ended September 30, 2025. The decrease in losses and loss adjustment expenses incurred, net resulted primarily from the release of non-catastrophe reserve due to lower than expected payments. Losses and loss adjustment expenses incurred, net for the nine months ended September 30, 2025 included losses paid of $146.8 million and a $61.6 million increase in unpaid losses and loss adjustment expenses incurred, net, including the addition of $60.7 million of IBNR reserves. As of September 30, 2025, we reported $316.0 million in unpaid losses and loss adjustment expenses incurred, net, which included $256.4 million attributable to IBNR, or 81.2% of total reserves for unpaid losses and loss adjustment expenses incurred, net.
Previous report
Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the nine months ended September 30, 2024 and 2025 were approximately $56.9 million and $97.1 million, respectively, representing 10.0% and 13.0%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer premiums earned on Citizens' policies in their assumption period, which had reduced policy acquisition costs in 2024.
Previous report
General and administrative expenses. General and administrative expenses for the nine months ended September 30, 2024 and 2025 were approximately $91.8 million and $124.3 million, respectively, representing 16.2% and 16.5%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $43.3 million to $59.9 million for the nine months ended September 30, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service policies in force. Personnel count increased from 204 at January 1, 2024 to 309 at September 30, 2024 and from 346 at January 1, 2025 to 474 at September 30, 2025. Software and IT infrastructure expenses increased from $18.8 million to $31.7 million for the nine months ended September 30, 2024 and 2025 respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses decreased from $11.8 million to $7.6 million for the nine months ended September 30, 2024 and 2025 respectively. This decrease is attributed to reduced costs from third parties in servicing policies in force.
Previous report
Interest expense. Interest expense decreased from $2.9 million for the nine months ended September 30, 2024 to $2.7 million for the nine months ended September 30, 2025. The decrease was due primarily to the decrease in outstanding debt.
Previous report
Amortization expense. Amortization expense for the nine months ended September 30, 2024 and 2025 were $5.9 million and $5.7 million, respectively, representing 1.0% and 0.8%, respectively, of net premiums earned. The decrease was due primarily to an intangible asset being fully amortized at the end of 2024.
Previous report
Ratios
Previous report
Loss ratio. Our loss ratio decreased from 49.3% for the nine months ended September 30, 2024 to 27.7% for the nine months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.
Previous report
Expense ratio. Our expense ratio increased from 27.5% for the nine months ended September 30, 2024 to 30.6% for the nine months ended September 30, 2025, primarily due to a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs in 2024.
Previous report
Combined ratio. Our combined ratio decreased from 76.8% for the nine months ended September 30, 2024 to 58.3% for the nine months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.
Previous report
Policy acquisition expense ratio. Our policy acquisition expense ratio increased from 10.0% for the nine months ended September 30, 2024 to 12.9% for the nine months ended September 30, 2025, primarily as a result of a reduction in premiums earned from Citizens' policies in the assumption period with reduced policy acquisition costs.
Previous report
Debt to capitalization ratio. Our debt to capitalization ratio decreased from 9.9% for the nine months ended September 30, 2024 to 3.5% for the nine months ended September 30, 2025, primarily as a result of growth in retained earnings from net income and the IPO proceeds.
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Return on equity. Our return on equity decreased from 41.5% for the nine months ended September 30, 2024 to 39.2% for the nine months ended September 30, 2025 as a result of growth in equity due to retained earnings and the IPO proceeds.
Previous report
The lesser of 10% of surplus or net income, not including realized capital gains, plus a two-year carryforward;
Previous report
Ten percent of surplus, with dividends payable constrained to unassigned funds, minus 25% of unrealized capital gains;
Previous report
The lesser of 10% of surplus or net investment income plus a three-year carryforward with dividends payable constrained to unassigned funds minus 25% of unrealized capital gains; and
Previous report
In lieu of the above computations, the maximum dividend allowed by SIC may be up to the greater of 10% of surplus derived from realized net operating profits and realized capital gains or net operating profits and net realized capital gains from the immediately preceding calendar year, limited to 115% of minimum required surplus after dividends. The maximum dividend allowable by SIC is $6.1 million.
Previous report
Corporate Taxes
Showing the first 40 of 75 passages. Open the source sections for the rest.
Reworded paragraphs (42)
Previous wording
Launched in 2021, we are a technology-enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family and condominium policies in the P&C industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer (“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries. We do not depend on any one key product or product line within the coastal specialty homeowners and commercial residential insurance market. We control all aspects of our value chain, including technology, underwriting, actuarial, distribution, claims and risk management which allows us to maximize profitability while maintaining disciplined underwriting standards.
Current wording
Launched in 2021, we are a technology-enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family, condominium and commercial residential policies in the P&C industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). SIC is licensed in Florida and South Carolina. In February 2025, we acquired an additional insurance subsidiary, Slide Specialty Insurance Company ("Slide Specialty"), which is licensed in New York, New Jersey, Rhode Island and South Carolina. We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer (“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries. We do not depend on any one key product or product line within the coastal specialty homeowners and commercial residential insurance market. We control all aspects of our value chain, including technology, underwriting, actuarial, distribution, claims and risk management which allows us to maximize profitability while maintaining disciplined underwriting standards.
Previous wording
We have one reportable segment. See the below table for a summary of gross premiums written, policy fees, total revenue, consolidated combined ratio, return on equity, and return on tangible equity(1) for the three and nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024, and the total assets, shareholders' equity and tangible shareholders' equity(1) as of September 30, 2025 and December 31, 2024.
Current wording
We have one reportable segment, insurance. See the below table for a summary of gross premiums written, policy fees, total revenue, combined ratio, return on equity, and return on tangible equity(1) for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, and the total assets, shareholders' equity and tangible shareholders' equity(1) as of March 31, 2026 and December 31, 2025.
Previous wording
Non-GAAP financial measure. See “Results of Operations – Non-GAAP Financial Measures” for a reconciliation of return on tangible equity to return on equity, the most directly comparable GAAP measure.
Current wording
Non-GAAP financial measure. See “Results of Operations – Non-GAAP Financial Measures” for a reconciliation of tangible shareholder's equity to shareholder's equity and return on tangible equity to return on equity, the most directly comparable GAAP measure.
Previous wording
Gross premiums written. Gross premiums written represent, with respect to a fiscal period, the sum of assumed premiums written from Citizens Property Insurance Corporation (“Citizens”) policy assumptions (net of opt-outs) plus direct premiums written (premiums from subsequent renewals of such Citizens policies and new and renewal policies written through independent agents and our DTC channel, net of any midterm cancellations), in each case prior to amounts ceded to reinsurers. Gross premiums written in any given fiscal period are affected by:
Current wording
Gross premiums written. Gross premiums written represent, with respect to a fiscal period, the sum of assumed premiums written from Citizens policy assumptions (net of opt-outs) plus direct premiums written (premiums from subsequent renewals of such Citizens policies and new and renewal policies written through independent agents and our DTC channel, net of any midterm cancellations), in each case prior to amounts ceded to reinsurers. Gross premiums written in any given fiscal period are affected by:
Previous wording
In addition, from time to time, we expand our policy base – for example, assuming 135,974 policies in 2024, representing approximately $290 million in assumed unearned premiums from Citizens. These policies carry no upfront acquisition costs and are captured in our current treaty year reinsurance program.
Current wording
In Q1 2026 we assumed 28,783 policies, representing approximately $67 million in assumed unearned premiums from Citizens. These policies carry no upfront acquisition costs and are captured in our current treaty year reinsurance program.
Previous wording
Policy acquisition expense ratiois the ratio, expressed as a percentage, of policy acquisition expenses and other underwriting expenses to net premiums earned.
Current wording
Policy acquisition expense ratio, expressed as a percentage, is the ratio of policy acquisition expenses and other underwriting expenses to net premiums earned.
Previous wording
Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.
Current wording
Combined ratiois the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.
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Debt to capitalization ratio is the ratio, expressed as a percentage, of total outstanding debt to total capitalization.
Current wording
Debt to capitalization ratiois the ratio, expressed as a percentage, of total outstanding debt to total capitalization.
Previous wording
Return on tangible equityis a non-GAAP financial measure. We define tangible shareholders’ equity as shareholders’ equity less goodwill and other intangible assets. We define return on tangible equity as net income expressed on an annualized basis as a percentage of average beginning and ending tangible shareholders’ equity during the period. We regularly evaluate acquisition opportunities and have historically made acquisitions that affect shareholders’ equity. We use return on tangible equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. See “Results of Operations-Non-GAAP Financial Measures” for a reconciliation of return on tangible equity to return on equity, the most directly comparable U.S. GAAP measure.
Current wording
Return on tangible equityis a non-GAAP financial measure. We define tangible shareholders’ equity as shareholders’ equity less goodwill and other intangible assets. We define return on tangible equity as net income expressed on an annualized basis as a percentage of average beginning and ending tangible shareholders’ equity during the period. We regularly evaluate acquisition opportunities and have historically made acquisitions that affect shareholders’ equity. We use return on tangible equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. “See “Results of Operations - Non-GAAP Financial Measures” for a reconciliation of return on tangible equity to return on equity, the most directly comparable GAAP measure.
Previous wording
Our policies acquired during the three months ended September 30, 2025 increased by 13,771 policies, or 100%, compared to the prior year as a result of no policies acquired during the three months ended September 30, 2024. Our policies written during the three months ended September 30, 2025 decreased by 6,766 policies, or 46.5%, as a result of the completion of offers under the Farmers renewal rights agreement entered into February 2025. In addition, for the three months ended September 30, 2025, our policy renewals increased by 22,301 , or 32.6%, as a result of the renewal of policies acquired from Citizens as compared to the same period in 2024 and organic policy renewals. For the three months ended September 30, 2025, our policy renewal rate was 88.0%, a decrease from 88.1% for the same period in 2024 on a higher number of policies in force. Our average premium per residential policy decreased from $4,045 at September 30, 2024 to $3,966 at September 30, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was $128,518 at September 30, 2025.
Current wording
Our policies in force as of March 31, 2026 were 509,928, compared to 348,029 as of March 31, 2025, a 46.2% increase year-over-year. Our average premium per residential policy decreased from $3,641 at March 31, 2026 compared to $3,933 at March 31, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was $100,307 at March 31, 2026.
Previous wording
Ceded premiums earned. Ceded premiums for the three months ended September 30, 2024 and 2025 were approximately $90.4 million and $116.3 million, respectively, representing 32.8% and 32.4%, respectively, of gross premiums earned. The $25.9 million increase was primarily attributable to increased catastrophe reinsurance purchased due to increased policies in force.
Current wording
Ceded premiums earned. Ceded premiums for the three months ended March 31, 2026 and 2025 were approximately $115.1 million and $84.9 million, respectively, representing 23.9% and 24.2%, respectively, of gross premiums earned. The $30.3 million increase was primarily attributable to increased catastrophe reinsurance costs in line with growth in policies in force.
Previous wording
Net investment income. Net investment income, inclusive of realized investment gains and losses, increased from $12.8 million for the three months ended September 30, 2024 to $19.1 million for the three months ended September 30, 2025. Our average investable assets increased from $1,053 million for the three months ended September 30, 2024 to $1,874 million for the three months ended September 30, 2025. The increase in net investment income was due to increased equity from retained earnings and increased policies in force.
Current wording
Net investment income. Net investment income, inclusive of realized investment gains and losses, increased to $20.1 million for the three months ended March 31, 2026 from $13.8 million for the three months ended March 31, 2025, which was attributable to an increase in investable assets. Our average investable assets increased to $2,345 million for the three months ended March 31, 2026 from $1,307 million for the three months ended March 31, 2025.
Previous wording
Policy fees. Policy fees increased from $2.1 million for the three months ended September 30, 2024 to $2.4 million for the three months ended September 30, 2025. The increase in policy fees in the comparable periods was primarily attributable to increased renewals of existing policies.
Current wording
Policy fees. Policy fees increased to $2.6 million for the three months ended March 31, 2026 from $1.5 million for the three months ended March 31, 2025. The increase in policy fees was primarily attributable to increased renewals of existing policies.
Previous wording
Other income. Other income increased from $0.4 million for the three months ended September 30, 2024 to $1.1 million for the three months ended September 30, 2025. The increase in other income between the comparable periods was primarily attributable to an increase in commissionable premium produced for other insurance companies.
Current wording
Other income. Other income increased to $0.7 million for the three months ended March 31, 2026 from $0.2 million for the three months ended March 31, 2025. The increase in other income was primarily attributable to an increase in service fee revenue.
Previous wording
Total revenue. Total revenue increased from $608.4 million for the nine months ended September 30, 2024 to $808.9 million for the nine months ended September 30, 2025. The increase in total revenue was due primarily to an increase in net premiums earned in the comparable periods primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.
Current wording
Total revenue. Total revenue increased to $389.3 million for the three months ended March 31, 2026 from $281.6 million for the three months ended March 31, 2025. The increase in total revenue was due primarily to an increase in net premiums earned primarily attributable to increased assumptions of policies from Citizens and increased renewals of existing policies.
Previous wording
General and administrative expenses. General and administrative expenses for the three months ended September 30, 2024 and 2025 were approximately $38.0 million and $45.0 million, respectively, representing 20.6% and 18.5%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $18.4 million to $21.3 million for the three months ended September 30, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service policies in force. Personnel count increased from 227 at July 1, 2024 to 309 at September 30, 2024 and from 422 at July 1, 2025 to 474 at September 30, 2025. Software and IT infrastructure expenses increased from $9.5 million to $9.9 million for the three months ended September 30, 2024 and 2025 respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses decreased from $3.6 million to $3.1 million for the three months ended September 30, 2024 and 2025 respectively. This decrease is attributed to reduced costs from third parties in servicing policies in force.
Current wording
General and administrative expenses. General and administrative expenses for the three months ended March 31, 2026 and 2025 were approximately $46.2 million and $41.4 million, respectively, representing 12.1% and 15.6%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Personnel count increased to 558 at March 31, 2026 from 392 at March 31, 2025.
Previous wording
Interest expense. Interest expense decreased from $1.4 million for the three months ended September 30, 2024 to $0.9 million for the three months ended September 30, 2025. The decrease was due primarily to the decrease in outstanding debt.
Current wording
Interest expense. Interest expense decreased slightly for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was due primarily to the decrease in outstanding debt.
Previous wording
Depreciation expense. Depreciation expense for the three months ended September 30, 2024 and 2025 were $0.7 and $1.1 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.
Current wording
Depreciation expense. Depreciation expense for the three months ended March 31, 2026 and 2025 was $1.3 million and $1.1 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2025.
Previous wording
Amortization expense. Amortization expense for the three months ended September 30, 2024 and 2025 were $2.0 million and $1.9 million, respectively, representing 1.1% and 0.8%, respectively, of net premiums earned. The decrease was due primarily to an intangible asset being fully amortized at the end of 2024.
Current wording
Amortization expense. Amortization expense for the three months ended March 31, 2026 and 2025 was $0.1 million and $1.9 million, respectively, representing 0.0% and 0.7%, respectively, of net premiums earned. The decrease was due primarily to intangible assets being fully amortized at the end of 2025.
Previous wording
Income tax expense. Income tax expense was $6.8 million and $36.0 million for the three months ended September 30, 2024 and 2025, respectively. Our effective tax rate for the three months ended September 30, 2024 and 2025 was 27.9% and
Current wording
Income tax expense. Income tax expense was $46.1 million and $31.4 million for the three months ended March 31, 2026 and 2025, respectively. Our effective tax rate for each of the three months ended March 31, 2026 and 2025 was 24.9% and 25.4%, respectively. The decrease in our effective tax rate was primarily due to the favorable treatment of stock options.
Previous wording
Loss ratio. Our loss ratio decreased from 60.4% for the three months ended September 30, 2024 to 13.7% for the three months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force, a decrease in catastrophe losses from non-hurricane weather activity, and the release of reserves related to non-catastrophe events.
Current wording
Loss ratio. Our loss ratio decreased to 30.4% for the three months ended March 31, 2026 from 31.5% for the three months ended March 31, 2025, primarily due to a decrease in catastrophe losses.
Previous wording
Expense ratio. Our expense ratio increased from 33.9% for the three months ended September 30, 2024 to 34.8% for the three months ended September 30, 2025, primarily due to a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs from 2024.
Current wording
Expense ratio. Our expense ratio decreased to 25.1% for the three months ended March 31, 2026 from 27.4% for the three months ended March 31, 2025, primarily due to scaling impact in net earned premium growth with more moderate operating expense growth and a reduction in amortization expense as intangible assets were fully amortized at the end of 2025.
Previous wording
Combined ratio. Our combined ratio decreased from 94.3% for the three months ended September 30, 2024 to 48.5% for the three months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force, a decrease in catastrophe losses from non-hurricane weather activity, and the release of reserves related to non-catastrophe events.
Current wording
Combined ratio. Our combined ratio decreased to 55.5% for the three months ended March 31, 2026 from 58.9% for the three months ended March 31, 2025, primarily due to a decrease in catastrophe losses, scaling impact in net earned premium growth with more moderate operating expense growth and a reduction in amortization expense as intangible assets were fully amortized at the end of 2025.
Previous wording
Policy acquisition expense ratio. Our policy acquisition expense ratio increased from 11.9% for the three months ended September 30, 2024 to 15.0% for the three months ended September 30, 2025, primarily as a result of a reduction in premiums earned from Citizens' policies in the assumption period with reduced policy acquisition costs.
Current wording
Policy acquisition expense ratio. Our policy acquisition expense ratio increased to 12.1% for the three months ended March 31, 2026 from 10.7% for the three months ended March 31, 2025, primarily due to increased renewal policies from prior year assumed Citizens' policies, resulting in increased policy acquisition costs in 2026.
Previous wording
Debt to capitalization ratio. Our debt to capitalization ratio decreased from 9.9% for the three months ended September 30, 2024 to 3.5% for the three months ended September 30, 2025, primarily as a result of growth in retained earnings from net income and the IPO proceeds.
Current wording
Debt to capitalization ratio. Our debt to capitalization ratio decreased to 2.8% for the three months ended March 31, 2026 from 6.6% for the three months ended March 31, 2025, primarily as a result of growth in retained earnings from net income.
Previous wording
Our return on tangible equity increased from 5.1% for the three months ended September 30, 2024 to 12.2% for the three months ended September 30, 2025 as a result of growth in equity due to retained earnings due to net income.
Current wording
Return on equity. Our return on equity decreased to 12.5% for the three months ended March 31, 2026 from 19.2% for the three months ended March 31, 2025, as a result of growth in equity due to retained earnings from net income.
Previous wording
We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements are not required by, or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) under SEC rules and regulations. We refer to these measures as “non-GAAP financial measures.” For example, in this Quarterly Report, we present return on tangible equity, which is a non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. We believe that non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of our non-GAAP financial measures to the most comparable GAAP figures, for the periods presented follows:
Current wording
We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements are not required by, or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) under SEC rules and regulations. We refer to these measures as “non-GAAP financial measures.” For example, in this Quarterly Report, we present tangible shareholders’ equity and return on tangible equity, which are a non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. We believe that non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of our non-GAAP financial measures to the most comparable GAAP figures, for the periods presented follows:
Previous wording
Our return on tangible equity decreased from 43.7% for the nine months ended September 30, 2024 to 39.6% for the nine months ended September 30, 2025 as a result of growth in equity due to an increase in retained earnings and the IPO proceeds.
Current wording
Our return on tangible equity decreased to 12.6% for the three months ended March 31, 2026 from 19.5% for the three months ended March 31, 2025, as a result of growth in equity due to an increase in retained earnings from net income.
Previous wording
We are organized as a Delaware holding company with our operations primarily conducted by our wholly owned insurance company subsidiaries, SIC (domiciled in the State of Florida), Slide Reinsurance Holdings, LLC (a holding company which owns 100% of shares of segregated cell T104 of White Rock Insurance (SAC) LTD.) and our services companies Slide MGA, LLC, Clegg Insurance Advisors, LLC D/B/A Homefront, STAT Claims Co., and Trusted Mitigation Contractors.
Current wording
We are organized as a Delaware holding company with our operations primarily conducted by our wholly owned insurance company subsidiaries, SIC (domiciled in the State of Florida), Slide Specialty (domiciled in the State of Rhode Island), Slide Reinsurance Holdings, LLC (a holding company which owns 100% of shares of segregated cell T104 of White Rock Insurance (SAC) LTD.) and our services companies Slide MGA, LLC, Clegg Insurance Advisors, LLC D/B/A Homefront, STAT Claims Co., and Trusted Mitigation Contractors.
Previous wording
The holding company may receive cash through (i) capital contributions or issuance of equity and debt securities, (ii) dividends from our insurance company subsidiaries and (iii) distributions from our services companies. We may use these proceeds to contribute funds to our insurance company subsidiaries to support growth, pay dividends, pay taxes, or for other corporate purposes.
Current wording
We may receive cash through (i) capital contributions or issuance of equity and debt securities, (ii) dividends from our insurance company subsidiaries and (iii) distributions from our services companies. We may use these proceeds to contribute funds to our insurance company subsidiaries to support growth, pay dividends, pay taxes, or for other corporate purposes.
Previous wording
SIC can only pay dividends to the holding company out of its available and accumulated surplus funds, which are derived from realized net operating profits on its business and net unrealized capital gains. Dividend payments without prior written approval of the FLOIR shall not exceed the larger of:
Current wording
SIC can only pay dividends to us out of its available and accumulated surplus funds, which are derived from realized net operating profits on its business and net unrealized capital gains.
Previous wording
No dividends were paid by SIC in 2024. Florida Statute Section 624.408 requires SIC to maintain a minimum level of surplus of not less than the greater of 10% of its total liabilities, or $15.0 million. Based on this requirement, SIC was required to maintain capital and surplus of $84.1 million and $70.8 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, SIC’s statutory-basis surplus totaled $316.6 million and $208.0 million, meeting the minimum surplus requirements.
Current wording
No dividends were paid by SIC in 2026 and 2025. Florida Statute Section 624.408 requires SIC to maintain a minimum level of surplus of not less than the greater of 10% of its total liabilities, or $15.0 million. Based on this requirement, SIC was required to maintain capital and surplus of $124.1 million and $113.9 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, SIC’s statutory-basis surplus totaled $484.1 million and $417.9 million, meeting the minimum surplus requirements.
Previous wording
As of September 30, 2025 and December 31, 2024 we had $1.402 billion and $789.8 million, respectively, in cash, cash equivalents and restricted cash, which primarily consisted of cash, money market accounts and U.S. Treasury bills. We intend to maintain substantial cash or cash equivalent balances during hurricane season to meet seasonal liquidity needs relating to potential catastrophic losses.
Current wording
As of March 31, 2026 and December 31, 2025, we had $1.700 billion and $1.683 billion, respectively, in cash, cash equivalents and restricted cash, which primarily consisted of cash, money market accounts and US Treasury bills. We intend to maintain substantial cash or cash-equivalent balances during hurricane season to meet seasonal liquidity needs relating to potential catastrophic losses. However, in the event of a failure of the financial institution, there is a chance we may be unable to access such funds and may incur a loss to the extent such balance exceeds the FDIC insurance limits, which could have a negative impact on our liquidity and financial condition.
Previous wording
Our insurance subsidiaries generate cash through premium collections, investment income and the sale or maturity of invested assets. During our start-up phase, we funded our working capital requirements primarily through private sales of equity. We received net proceeds of approximately $123.5 million primarily from equity issuances through December 31, 2024 and $263.3 million from the IPO proceeds. See “—Equity Issuances” in this quarterly report. We use our cash to pay reinsurance premiums, losses and loss adjustment expenses incurred, net, policy acquisition and other underwriting expenses, salaries and employee benefits and other expenses, as well as to purchase investments.
Current wording
Our insurance subsidiaries generate cash through premium collections, investment income and the sale or maturity of invested assets. We received net proceeds of approximately $263.3 million from the IPO proceeds. Our insurance subsidiaries use cash to pay reinsurance premiums, losses and loss adjustment expenses incurred, net, policy acquisition and other underwriting expenses, salaries and employee benefits and other expenses, as well as to purchase investments.
Previous wording
Although we can provide no assurances, we believe that the net proceeds from our IPO, together with our available cash, cash equivalents, and restricted cash balance and cash generated from operations, should be sufficient to meet our working capital requirements and other capital expenditures for the next 12 months.
Current wording
Although we can provide no assurances, we believe that our available cash, cash equivalents, and restricted cash balance and cash generated from operations, should be sufficient to meet our working capital requirements and other capital expenditures for the next twelve months.
Previous wording
For the nine months ended September 30, 2025, cash flows provided by operating activities was $375.7 million, a decrease of $19.8 million from the nine months ended September 30, 2024, driven by a change in net income and purchase of transferable tax credits. For the nine months ended September 30, 2025, cash flows provided by investing activities was $0.6 million, an increase of $193.5 million from the nine months ended September 30, 2024, driven by the reduced purchases of fixed-maturity securities available-for-sale. For the nine months ended September 30, 2025, cash flows used by financing activities was $237.3 million, an increase of $232.6 million from the nine months ended September 30, 2024, driven by the IPO proceeds.
Current wording
For the three months ended March 31, 2026, cash flows provided by operating activities was $289.5 million, an increase of $192.7 million from the three months ended March 31, 2025, driven by an increase in net income and change in certain balance sheet accounts. For the three months ended March 31, 2026, cash flows used in investing activities was $134.1 million, a decrease of $145.8 million from cash provided by investing activities for the three months ended March 31, 2025, driven by the increased purchases of fixed-maturity securities available-for-sale. For the three months ended March 31, 2026, cash flows used in financing activities was $138.0 million, a decrease of $136.5 million from the three months ended March 31, 2025, driven by the repurchase and retirement of common stock through the repurchase program.
Previous wording
We do not maintain any other off-balance sheet arrangements. Please see Note 14, Commitments and Contingencies, in the notes to our financial statements for more information.
Current wording
At March 31, 2026, we do not maintain any off-balance sheet arrangements.
Previous wording
Interest on the Credit Facility is calculated using 7.56% in effect at September 30, 2025 with the assumption that interest rates remain flat over the remainder of the period that the Credit Facility is outstanding. At our option, we may prepay the Credit Facility, in whole or in part, without premium or penalty.
Current wording
Interest on the Credit Facility is calculated using 7.09% in effect at March 31, 2026 with the assumption that interest rates remain flat over the remainder of the period that the Credit Facility is outstanding. At our option, we may prepay the Credit Facility, in whole or in part, without premium or penalty.
Previous wording
As of September 30, 2025, stockholders’ equity was $964.2 million. As of December 31, 2024, total stockholders’ equity was $433.2 million. The increase was primarily due to increased retained earnings and the IPO proceeds.
Current wording
As of March 31, 2026, stockholders’ equity was $1,113.6 million. As of December 31, 2025, total stockholders’ equity was $1,113.2 million. The increase was primarily due to increased retained earnings from net income offset by the repurchase and retirement of common stock through the repurchase program.
Previous wording
Our cash and invested assets consist of cash and cash equivalents, fixed maturity securities and equity securities. As of September 30, 2025, the majority of our investments, or $473.1 million, was comprised of fixed income securities rated BBB- or better. Our investments also include $4.0 million of other securities. In addition, we maintained a non-restricted cash and cash equivalent balance of $861.6 million and a restricted cash balance of $540.6 million as of September 30, 2025.
Current wording
Our cash and invested assets consist of cash and cash equivalents, fixed maturity securities and equity securities. As of March 31, 2026, the majority of our investments, or $714.6 million, was comprised of fixed income securities rated BBB- or better. Our investments also include $4.0 million of other securities. In addition, we maintained a non-restricted cash and cash equivalent balance of $1,217.6 million and a restricted cash balance of $482.8 million as of March 31, 2026.
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Previous report — wording carried elsewhere
The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024:
Previous report — wording carried elsewhere
Non-GAAP financial measure. See “Results of Operations – Non-GAAP Financial Measures” for a reconciliation of return on tangible equity to return on equity, the most directly comparable GAAP measure.
Previous report — wording carried elsewhere
Depreciation expense. Depreciation expense for the nine months ended September 30, 2024 and 2025 were $1.3 and $3.5 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.
Previous report — wording carried elsewhere
Income tax expense. Income tax expense was $43.1 million and $93.6 million for the nine months ended September 30, 2024 and 2025, respectively. Our effective tax rate for each of the nine months ended September 30, 2024 and 2025 was 25.5%.
Previous report — wording carried elsewhere
As a corporation, we are subject to typical corporate U.S. federal and state income tax rates which we expect to result in a statutory tax rate of approximately 25.4% under current tax law.