Slide Insurance Holdings, Inc.

Previous 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.

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 property and casualty 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 Hampshire, New Jersey, New York, 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

In 2026 we assumed 37,668 policies, representing approximately $83 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 2026 we assumed 47,718 policies, representing approximately $102.5 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

Gross premiums written. Gross premiums written increased to $508.0 million for the three months ended June 30, 2026 from $435.4 million for the three months ended June 30, 2025. The increase in net premiums written was driven by growth of voluntary new business, and renewals of previously acquired Citizens policies.

Current wording

Gross premiums written. Gross premiums written increased to $506.6 million for the three months ended September 30, 2026 from $463.4 million for the three months ended September 30, 2025. The increase in gross premiums written was driven by growth of voluntary new business, and renewals of previously acquired Citizens policies and contributions from new state launches.

Previous wording

Gross premiums earned. Gross premiums earned increased to $967.1 million for the six months ended June 30, 2026 from $689.5 million for the six months ended June 30, 2025. The increase was driven primarily by the earnings resulting from strong premium production across the portfolio including prior years Citizen acquisitions.

Current wording

Gross premiums earned. Gross premiums earned increased to $479.3 million for the three months ended September 30, 2026 from $359.4 million for the three months ended September 30, 2025. The increase was driven primarily by strong premium production across the portfolio including prior years Citizen acquisitions.

Previous wording

Ceded premiums earned. Ceded premiums for the three months ended June 30, 2026 and 2025 were approximately $125.5 million and $94.8 million, respectively, representing 25.8% and 28.0%, respectively, of gross premiums earned. The $30.7 million increase was primarily attributable to increased catastrophe reinsurance costs in line with growth of the portfolio.

Current wording

Ceded premiums earned. Ceded premiums for the three months ended September 30, 2026 and 2025 were approximately $146.0 million and $116.3 million, respectively, representing 30.4% and 32.4%, respectively, of gross premiums earned. The $29.6 million increase was primarily attributable to increased catastrophe reinsurance costs in line with growth of the portfolio.

Previous wording

Net premiums earned. Net premiums earned increased to $360.6 million for the three months ended June 30, 2026 from $243.9 million for the three months ended June 30, 2025. The increase and year-over-year growth were directly driven by earnings growth from previous increase in voluntary homeowners and Citizens acquired policies, offset by higher reinsurance costs directly related to the growth of the portfolio.

Current wording

Net premiums earned. Net premiums earned increased to $333.3 million for the three months ended September 30, 2026 from $243.1 million for the three months ended September 30, 2025. The increase and year-over-year growth were directly driven by earnings growth from previous increases in voluntary homeowners and Citizens acquired policies, offset by higher reinsurance costs directly related to the growth of the portfolio.

Previous wording

Net investment income. Net investment income, inclusive of realized investment gains and losses, increased to $22.2 million for the three months ended June 30, 2026 from $15.0 million for the three months ended June 30, 2025, which was attributable to an increase in investable assets. Our average investable assets increased to $2,535 million for the three months ended June 30, 2026 from $1,613 million for the three months ended June 30, 2025.

Current wording

Net investment income. Net investment income, inclusive of realized investment gains and losses, increased to $23.8 million for the three months ended September 30, 2026 from $19.1 million for the three months ended September 30, 2025, which was attributable to an increase in investable assets. Our average investable assets increased to $2,607 million for the three months ended September 30, 2026 from $1,874 million for the three months ended September 30, 2025.

Previous wording

Policy fees. Policy fees increased to $3.3 million for the three months ended June 30, 2026 from $2.5 million for the three months ended June 30, 2025. The increase in policy fees was primarily attributable to increased renewals of existing policies.

Current wording

Policy fees. Policy fees increased to $3.2 million for the three months ended September 30, 2026 from $2.4 million for the three months ended September 30, 2025. The increase in policy fees was primarily attributable to continued strong top-line growth.

Previous wording

Other income. Other income increased to $1.3 million for the six months ended June 30, 2026 from $0.5 million for the six months ended June 30, 2025. The increase in other income was primarily attributable to an increase in service fee revenue.

Current wording

Other income. Other income decreased to $0.7 million for the three months ended September 30, 2026 from $1.1 million for the three months ended September 30, 2025. The decrease in other income was primarily attributable to a decrease in service fee revenue.

Previous wording

Total revenue. Total revenue increased to $386.8 million for the three months ended June 30, 2026 from $261.6 million for the three months ended June 30, 2025. The increase and year-over-year growth were directly driven by earnings growth from previous increase in voluntary homeowners and Citizens acquired policies.

Current wording

Total revenue. Total revenue increased to $361.1 million for the three months ended September 30, 2026 from $265.7 million for the three months ended September 30, 2025. The increase and year-over-year growth were directly driven by earnings growth from previous increases in voluntary homeowners and Citizens acquired policies.

Previous wording

Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net increased to $108.7 million for the three months ended June 30, 2026 from $91.4 million for the three months ended June 30, 2025. There were no incurred losses from named storms during the three months ended June 30, 2026 and 2025. The increase in net losses and loss adjustment expenses incurred was primarily driven by the growth of the portfolio partially offset by lower overall loss experience for the period ending June 30, 2026 versus June 30, 2025.

Current wording

Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net increased to $101.3 million for the three months ended September 30, 2026 from $33.2 million for the three months ended September 30, 2025. There were no incurred losses from named storms during the three months ended September 30, 2026 and 2025. The increase in net losses and loss adjustment expenses incurred was primarily driven by the growth of the portfolio, increased convective storms activity in 2026, and lower prior year development in 2026 compared to 2025.

Previous wording

Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the three months ended June 30, 2026 and 2025 were approximately $42.3 million and $32.1 million, respectively, representing 11.7% and 13.2% 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 wording

Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the three months ended September 30, 2026 and 2025 were $46.2 million and $36.4 million, respectively, representing 13.9% and 15.0% 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.

Previous wording

General and administrative expenses. General and administrative expenses for the three months ended June 30, 2026 and 2025 were approximately $55.0 million and $37.9 million, respectively, representing 15.3% and 15.6%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing and technology to support the Company’s strategic growth initiative. Personnel count increased to 627 at June 30, 2026 from 422 at June 30, 2025.

Current wording

General and administrative expenses. General and administrative expenses for the three months ended September 30, 2026 and 2025 were $48.8 million and $45.0 million, respectively, representing 14.7% and 18.5%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing and technology to support the Company’s strategic growth initiative. Personnel count increased to 652 at September 30, 2026 from 474 at September 30, 2025.

Previous wording

Interest expense. Interest expense increased slightly for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was due primarily to the increase in debt financing costs.

Current wording

Interest expense. Interest expense increased to $1.6 million for the three months ended September 30, 2026 from $0.9 for the three months ended September 30, 2025. The increase was due primarily to the increase in debt financing costs.

Previous wording

Depreciation expense. Depreciation expense for the three months ended June 30, 2026 and 2025 was $1.4 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.

Current wording

Depreciation expense. Depreciation expense for the three months ended September 30, 2026 and 2025 was $1.4 million and $1.2 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects.

Previous wording

Income tax expense. Income tax expense was $43.6 million and $26.2 million for the three months ended June 30, 2026 and 2025 respectively. Our effective tax rate for each of the three months ended June 30, 2026 and 2025 was 24.4% and 27.2%, respectively. The decrease in our effective tax rate was primarily due to the favorable treatment of stock options.

Current wording

Income tax expense. Income tax expense was $23.5 million and $36.0 million for the three months ended September 30, 2026 and 2025 respectively. Our effective tax rate for each of the three months ended September 30, 2026 and 2025 was 14.5% and 24.5%, respectively. The decrease in our effective tax rate was primarily due to the favorable treatment of stock options and a benefit from the purchase of tax credits in the current period.

Previous wording

Loss ratio. Our loss ratio decreased to 30.2% for the three months ended June 30, 2026 from 37.4% for the three months ended June 30, 2025, primarily due to a decrease in overall loss experience.

Current wording

Loss ratio. Our loss ratio increased to 30.4% for the three months ended September 30, 2026 from 13.7% for the three months ended September 30, 2025, primarily due to increased convective storms activity in 2026 and prior year development in 2025.

Previous wording

Expense ratio. Our expense ratio decreased to 27.4% for the three months ended June 30, 2026 from 30.0% for the three months ended June 30, 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.

Current wording

Expense ratio. Our expense ratio decreased to 28.9% for the three months ended September 30, 2026 from 34.8% for the three months ended September 30, 2025, primarily due to the 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.

Previous wording

Combined ratio. Our combined ratio decreased to 57.6% for the three months ended June 30, 2026 from 67.4% for the three months ended June 30, 2025, primarily due to a decrease in overall loss experience, and scaling impact in net earned premium growth with more moderate operating expense growth.

Current wording

Combined ratio. Our combined ratio increased to 59.3% for the three months ended September 30, 2026 from 48.5% for the three months ended September 30, 2025, primarily due to increased convective storms activity in 2026, prior year development in 2025, offset by scaling impact in net earned premium growth with more moderate operating expense growth.

Previous wording

Policy acquisition expense ratio. Our policy acquisition expense ratio decreased to 11.7% for the three months ended June 30, 2026 from 13.2% for the three months ended June 30, 2025, primarily due to scaling impact in net earned premium growth with more moderate policy acquisition expense growth.

Current wording

Policy acquisition expense ratio. Our policy acquisition expense ratio decreased to 13.9% for the three months ended September 30, 2026 from 15.0% for the three months ended September 30, 2025, primarily due to the scaling impact in net earned premium growth with more moderate policy acquisition expense growth.

Previous wording

Debt to capitalization ratio. Our debt to capitalization ratio decreased to 2.4% for the three months ended June 30, 2026 from 4.0% for the three months ended June 30, 2025, primarily as a result of growth in retained earnings from net income.

Current wording

Debt to capitalization ratio. Our debt to capitalization ratio decreased to 2.1% for the three months ended September 30, 2026 from 3.5% for the three months ended September 30, 2025, primarily as a result of growth in retained earnings from net income.

Previous wording

Return on equity. Our return on equity decreased to 23.8% for the six months ended June 30, 2026 from 25.0% for the six months ended June 30, 2025, as a result of growth in equity due to retained earnings from net income, offset by the IPO proceeds.

Current wording

Return on equity. Our return on equity decreased to 11.1% for the three months ended September 30, 2026 from 12.1% for the three months ended September 30, 2025, primarily as a result of growth in retained earnings from net income.

Previous wording

The following table summarizes our results of operations for the six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes our results of operations for the nine months ended September 30, 2026 and 2025:

Previous wording

Gross premiums written. Gross premiums written increased to $922.8 million for the six months ended June 30, 2026 from $713.6 million for the six months ended June 30, 2025. The increase in net premiums written was driven by growth of voluntary new business, and renewals of previously acquired Citizens policies.

Current wording

Gross premiums written. Gross premiums written increased to $1,429.4 million for the nine months ended September 30, 2026 from $1,177.0 million for the nine months ended September 30, 2025. The increase in net premiums written was driven by growth of voluntary new business, and renewals of previously acquired Citizens policies and contributions from new state launches.

Previous wording

Gross premiums earned. Gross premiums earned increased to $486.1 million for the three months ended June 30, 2026 from $338.7 million for the three months ended June 30, 2025. The increase was driven primarily by the earnings resulting from strong premium production across the portfolio including prior years Citizen acquisitions.

Current wording

Gross premiums earned. Gross premiums earned increased to $1,446.4 million for the nine months ended September 30, 2026 from $1,048.9 million for the nine months ended September 30, 2025. The increase was driven primarily by the earnings resulting from strong premium production across the portfolio including prior years Citizen acquisitions.

Previous wording

Ceded premiums earned. Ceded premiums for the six months ended June 30, 2026 and 2025 were approximately $240.6 million and $179.6 million, respectively, representing 24.9% and 26.1%, respectively, of gross premiums earned. The $60.9 million increase was primarily attributable to increased catastrophe reinsurance costs in line with growth of the portfolio.

Current wording

Ceded premiums earned. Ceded premiums for the nine months ended September 30, 2026 and 2025 were approximately $386.5 million and $296.0 million, respectively, representing 26.7% and 26.1%, respectively, of gross premiums earned. The $90.6 million increase was primarily attributable to increased catastrophe reinsurance costs in line with growth of the portfolio.

Previous wording

Net premiums earned. Net premiums earned increased to $726.5 million for the six months ended June 30, 2026 from $509.9 million for the six months ended June 30, 2025. The increase and year-over-year growth were directly driven by earnings growth from previous increase in voluntary homeowners and Citizens acquired policies, offset by higher reinsurance costs directly related to the growth of the portfolio.

Current wording

Net premiums earned. Net premiums earned increased to $1,059.9 million for the nine months ended September 30, 2026 from $753.0 million for the nine months ended September 30, 2025. The increase and year-over-year growth were directly driven by earnings growth from previous increases in voluntary homeowners and Citizens acquired policies, offset by higher reinsurance costs directly related to the growth of the portfolio.

Previous wording

Net investment income. Net investment income, inclusive of realized investment gains and losses, increased to $42.3 million for the six months ended June 30, 2026 from $28.8 million for the six months ended June 30, 2025, which was attributable to an increase in investable assets. Our average investable assets increased to $2,395 million for the six months ended June 30, 2026 from $1,564 million for the six months ended June 30, 2025.

Current wording

Net investment income. Net investment income, inclusive of realized investment gains and losses, increased to $66.1 million for the nine months ended September 30, 2026 from $47.9 million for the nine months ended September 30, 2025, which was attributable to an increase in investable assets. Our average investable assets increased to $2,359 million for the nine months ended September 30, 2026 from $1,568 million for the nine months ended September 30, 2025.

Previous wording

Policy fees. Policy fees increased to $6.0 million for the six months ended June 30, 2026 from $4.0 million for the six months ended June 30, 2025. The increase in policy fees was primarily attributable to increased renewals of existing policies.

Current wording

Policy fees. Policy fees increased to $9.1 million for the nine months ended September 30, 2026 from $6.4 million for the nine months ended September 30, 2025. The increase in policy fees was primarily attributable to continued strong top-line growth.

Previous wording

Other income. Other income increased to $0.7 million for the three months ended June 30, 2026 from $0.3 million for the three months ended June 30, 2025. The increase in other income was primarily attributable to an increase in service fee revenue.

Current wording

Other income. Other income increased to $2.1 million for the nine months ended September 30, 2026 from $1.6 million for the nine months ended September 30, 2025. The increase in other income was primarily attributable to an increase in service fee revenue.

Previous wording

Total revenue. Total revenue increased to $776.1 million for the six months ended June 30, 2026 from $543.2 million for the six months ended June 30, 2025. The increase and year-over-year growth were directly driven by earnings growth from previous increase in voluntary homeowners and Citizens acquired policies

Current wording

Total revenue. Total revenue increased to $1,1137.2 million for the nine months ended September 30, 2026 from $808.9 million for the nine months ended September 30, 2025. The increase and year-over-year growth were directly driven by earnings growth from previous increase in voluntary homeowners and Citizens acquired policies

Previous wording

Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net increased to $219.8 million for the six months ended June 30, 2026 from $175.1 million for the six months ended June 30, 2025. There were no incurred losses from named storms during the six months ended June 30, 2026 and 2025. The increase in net losses and loss adjustment expenses incurred was primarily driven by the increase in the growth of the portfolio partially offset by lower overall loss experience for the period ending June 30, 2026 versus June 30, 2025.

Current wording

Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net increased to $321.1 million for the nine months ended September 30, 2026 from $208.4 million for the nine months ended September 30, 2025. There were no incurred losses from named storms during the nine months ended September 30, 2026 and 2025. The increase in net losses and loss adjustment expenses incurred was primarily driven by the increase in the growth of the portfolio, increased convective storms activity in 2026, and prior year development in 2025.

Previous wording

Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the six months ended June 30, 2026 and 2025 were approximately $86.4 million and $60.7 million, respectively, representing 11.9% and 11.9% 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 wording

Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the nine months ended September 30, 2026 and 2025 were $132.6 million and $97.1 million, respectively, representing 12.5% and 13.0% 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.

Previous wording

General and administrative expenses. General and administrative expenses for the six months ended June 30, 2026 and 2025 were approximately $101.2 million and $79.3 million, respectively, representing 13.9% and 15.6%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing and technology to support the Company’s strategic growth initiatives. Personnel count increased to 627 at June 30, 2026 from 422 at June 30, 2025.

Current wording

General and administrative expenses. General and administrative expenses for the nine months ended September 30, 2026 and 2025 were $150.0 million and $124.3 million, respectively, representing 14.2% and 15.6%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing and technology to support the Company’s strategic growth initiatives. Personnel count increased to 652 at September 30, 2026 from 474 at September 30, 2025.

Previous wording

Depreciation expense. Depreciation expense for the six months ended June 30, 2026 and 2025 was $2.7 million and $2.3 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2025.

Current wording

Depreciation expense. Depreciation expense for the nine months ended September 30, 2026 and 2025 was $4.0 million and $3.5 million, respectively. The increase was due primarily to increased depreciation of capitalized costs of internal-use software projects.

Previous wording

Amortization expense. Amortization expense for the six months ended June 30, 2026 and 2025 was $0.1 million and $3.7 million, respectively, representing 0.0% and 0.7%, respectively, of net premiums earned. The decrease was due primarily to intangible assets being fully amortized.

Current wording

Amortization expense. Amortization expense for the nine months ended September 30, 2026 and 2025 was $0.1 million and $5.7 million, respectively, representing 0.0% and 0.8%, respectively, of net premiums earned. The decrease was due primarily to intangible assets being fully amortized.

Previous wording

Income tax expense. Income tax expense was $89.8 million and $57.6 million for the six months ended June 30, 2026 and 2025, respectively. Our effective tax rate for each of the six months ended June 30, 2026 and 2025 was 24.9% and 26.2%, respectively. The decrease in our effective tax rate was primarily due to the favorable treatment of stock options.

Current wording

Income tax expense. Income tax expense was $113.3 million and $93.6 million for the nine months ended September 30, 2026 and 2025, respectively. Our effective tax rate for each of the nine months ended September 30, 2026 and 2025 was 21.5% and 25.5%, respectively. The decrease in our effective tax rate was primarily due to the favorable treatment of stock options and a benefit from the purchase of tax credits in the current period.

Previous wording

Loss ratio. Our loss ratio decreased to 30.3% for the six months ended June 30, 2026 from 34.3% for the six months ended June 30, 2025, primarily due to a decrease in overall loss experience.

Current wording

Loss ratio. Our loss ratio increased to 30.3% for the nine months ended September 30, 2026 from 27.7% for the nine months ended September 30, 2025, primarily due to increased convective storms activity in 2026 and prior year loss development in 2025.

Previous wording

Expense ratio. Our expense ratio decreased to 26.2% for the six months ended June 30, 2026 from 28.6% for the six months ended June 30, 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.

Current wording

Expense ratio. Our expense ratio decreased to 27.1% for the nine months ended September 30, 2026 from 30.6% for the nine months ended September 30, 2025, primarily due to the 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.

Previous wording

Combined ratio. Our combined ratio decreased to 56.5% for the six months ended June 30, 2026 from 62.9% for the six months ended June 30, 2025, primarily due to a decrease in overall loss experience, 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.

Current wording

Combined ratio. Our combined ratio decreased to 57.4% for the nine months ended September 30, 2026 from 58.3% for the nine months ended September 30, 2025, primarily due to the 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.