8-K
Slide Insurance Holdings, Inc. (SLDE)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): August 12, 2025 |
|---|
Slide Insurance Holdings, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-42707 | 87-1554861 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 4221 W. Boy Scout Blvd., Suite 200 | ||
| Tampa, Florida | 33607 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: 813 748-2030 | ||
| --- |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | SLDE | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 12, 2025, Slide Insurance Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated by reference.
Information in Exhibit 99.1 of this Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated as of August 12, 2025 |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SLIDE INSURANCE HOLDINGS, INC. | |||
|---|---|---|---|
| Date: | August 12, 2025 | By: | /s/ JESSE SCHALK |
| Name: Jesse Schalk<br>Title: Chief Financial Officer |
EX-99.1
Exhibit 99.1
SLIDE REPORTS SECOND QUARTER 2025 RESULTS
Gross Premiums Written Increased 25.0% Year-over-Year to $435.4 Million -
Net Income Grew 30.5% Year-over-Year to $70.1 Million; $0.56 Diluted Earnings Per Share -
Combined Ratio Improved 250 Basis Points Year-over-Year to 67.4% -
Completed Initial Public Offering in June 2025 -
Tampa, Florida – August 12, 2025 – Slide Insurance Holdings, Inc. (“Slide” or the “Company”) (Nasdaq: SLDE) today reported results for the second quarter ended June 30, 2025.
Second Quarter 2025 Highlights
- Gross premiums written grew 25.0% to $435.4 million, compared to $348.3 million in the prior-year period.
- Total revenue increased 25.1% to $261.6 million, compared to $209.1 million in the prior-year period.
- Net income grew 30.5% to $70.1 million, compared to $53.7 million in the prior-year period. Diluted earnings per share for the second quarter of 2025 was $0.56.
- Loss ratio of 37.4%, compared to 45.9% in the prior-year period.
- Combined ratio of 67.4%, compared to 69.9% in the prior-year period.
“We delivered another strong quarter, building on our continued success, and we are excited to achieve a major milestone for Slide by successfully completing our initial public offering,” said Bruce Lucas, Chairman and Chief Executive Officer of Slide. “For the quarter, we generated significant year-over-year growth across all of our 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.”
Second Quarter 2025 Operating Results
Gross premiums written were $435.4 million, a 25.0% increase compared to $348.3 million in the prior-year period, driven by the acquisition of additional policies from Citizens, as well as consistent year-over-year renewal rates of existing written policies.
Policies in force as of June 30, 2025 were 348,439, compared to 348,029 as of March 31, 2025 and 275,178 as of June 30, 2024; sequentially, increased policy renewals were offset by lower policies written as a result of the completion of offers under the Farmers renewal rights agreement in February 2025.
Net premiums earned grew 25.1% to $243.9 million, compared to $195.0 million in the prior-year period, driven by the assumption of policies from Citizens and increased renewals of existing policies.
Total revenue of $261.6 million increased 25.1% compared to $209.1 million in the prior-year period, primarily attributable to an increase in net premiums earned due to the assumption of policies from Citizens and increased renewals of existing policies.
Losses and loss adjustment expenses (LAE) incurred, net were $91.4 million (inclusive of catastrophe losses from non-hurricane weather events of $6.1 million), compared to $89.5 million (inclusive of catastrophe losses from non-hurricane weather events of $29.9 million) in the prior-year period. This was primarily due to the year-over-year growth in policies in force. Loss ratio improved 850 basis points to 37.4%, compared to 45.9% in the prior-year period.
Policy acquisition and other underwriting expenses were $32.1 million, compared to $17.8 million in the prior-year period. The increase was primarily attributable to greater policies in force on a year-over-year basis, as well as fewer premiums earned on Citizens policies in their assumption period.
General and administrative expenses were $37.9 million, compared to $26.8 million in the prior-year period, due primarily to the growth in staffing to support the Company’s increased policies in force.
Combined ratio improved 250 basis points to 67.4%, compared to 69.9% in the prior-year period, 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.
Net income grew 30.5% to $70.1 million, compared to $53.7 million in the prior-year period. Diluted earnings per share for the second quarter of 2025 was $0.56. Return on equity was 10.0% for the three months ended June 30, 2025, compared to 16.9% in the prior-year period, driven by the growth in equity in the second quarter of 2025 due to retained earnings and proceeds from the Company’s initial public offering in June 2025. For the six months ended June 30, 2025 was 25.0%, compared to 37.3% in the prior-year period.
Key Ratios
In this press release we discuss certain key ratios, described below, which provide useful information about our business and the operational factors underlying our financial performance.
Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses incurred, net to net premiums earned.
Policy acquisition expense ratio is the ratio, expressed as a percentage, of policy acquisition expenses and other underwriting expenses to net premiums earned.
Expense ratio, expressed as a percentage, is the ratio of policy acquisition and other underwriting expenses, general and administrative expenses, and other operating expense to net premiums earned.
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.
Webcast and Conference Call
Slide will hold a conference call to discuss financial results today at 5:00 pm Eastern Time. A live webcast of the conference call will be available at ir.slideinsurance.com. The dial-in number for the conference call is (877) 407-9208 (toll-free) or (201) 493-6784 (international). Please dial the number 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available at ir.slideinsurance.com for one year following the call.
Forward-Looking Statements
Statements in this press release and the Company’s earnings call that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “aim,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology and relate, without limitation, to the Company’s beliefs and expectations regarding the Company’s (i). projections of future financial performance, (ii) growth strategies, (iii) business trends, (iv) sustainable, long-term growth, including the drivers of such growth, (v) competitive advantages, (vi) ability to achieve top-line growth and margin expansion and create long-term value for its shareholders, (vi) underwriting profitability, and (viii) capitalization and profitability. These statements are only predictions based on Slide’s current expectations and projections about future events and are not guarantees of actual results, level of activity, performance or achievements. Although Slide believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, there are important factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those anticipated in any forward-looking statements, including, among others, our limited operating history; the success of the Company’s underwriting and profitability initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial and real estate markets), including changes that may impact demand for our products and our operations; lack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write; inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk; the impact of macroeconomic conditions, including declining consumer confidence, inflation, high unemployment and the threat of recession; the impact of new federal and state regulations that affect the property and casualty insurance market and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements; the cost of reinsurance, the collectability of reinsurance and our ability to obtain reinsurance coverage on terms and at a cost acceptable to us; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; performance of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes, wildfires and hail); acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission.
Any forward-looking statement made by Slide in this press release and the earnings call speak only as of the date on which it is made. Slide undertakes no obligation to update any
forward-looking statement, whether as a result of new information, actual results, revised expectations or otherwise, except as may be required by law.
About Slide
Slide is a technology-enabled insurance company that makes it easy for homeowners to choose the right coverage for their unique needs and budgets. Slide's cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every part of the insurance process. Based in Tampa, FL, Slide was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes. For more information, please visit https://www.slideinsurance.com.
Contacts
Investors
ir@slideinsurance.com
Media
Rachel Carr
Chief Marketing Officer
press@slideinsurance.com
Slide Insurance Holdings, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollar amounts in thousands, except per share amounts)
| Three Months Ended<br>June 30, | Six Months Ended<br>June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenues: | ||||||||||||
| Gross premiums written | $ | 435,384 | $ | 348,336 | $ | 713,633 | $ | 592,964 | ||||
| Change in unearned premiums | (96,726 | ) | (87,769 | ) | (24,084 | ) | (95,036 | ) | ||||
| Gross premiums earned | 338,658 | 260,567 | 689,549 | 497,928 | ||||||||
| Ceded premiums earned | (94,799 | ) | (65,601 | ) | (179,649 | ) | (114,854 | ) | ||||
| Net premiums earned | 243,859 | 194,966 | 509,900 | 383,074 | ||||||||
| Net investment income | 15,040 | 12,151 | 28,848 | 21,714 | ||||||||
| Policy fees | 2,455 | 1,971 | 3,988 | 2,920 | ||||||||
| Other income | 253 | 43 | 464 | 549 | ||||||||
| Total revenue | $ | 261,607 | $ | 209,131 | $ | 543,200 | $ | 408,257 | ||||
| Expenses: | ||||||||||||
| Losses and loss adjustment expenses incurred, net | 91,369 | 89,520 | 175,130 | 168,541 | ||||||||
| Policy acquisition and other underwriting expenses | 32,096 | 17,782 | 60,668 | 34,862 | ||||||||
| General and administrative expenses | 37,935 | 26,752 | 79,314 | 53,833 | ||||||||
| Interest expense | 895 | 1,307 | 1,830 | 1,587 | ||||||||
| Depreciation expense | 1,117 | 363 | 2,262 | 680 | ||||||||
| Amortization expense | 1,898 | 1,958 | 3,792 | 3,946 | ||||||||
| Total expenses | $ | 165,310 | $ | 137,682 | $ | 322,996 | $ | 263,449 | ||||
| Net income before income tax expense | 96,297 | 71,449 | 220,204 | 144,808 | ||||||||
| Income tax expense | 26,225 | 17,707 | 57,629 | 36,353 | ||||||||
| Net income | $ | 70,072 | $ | 53,742 | $ | 162,575 | $ | 108,455 | ||||
| Basic income earnings per share | $ | 1.05 | $ | 0.96 | $ | 2.63 | $ | 1.93 | ||||
| Diluted income earnings per share | $ | 0.56 | $ | 0.45 | $ | 1.30 | $ | 0.90 |
Slide Insurance Holdings, Inc.
Condensed Consolidated Balance Sheets
(Dollar amounts in thousands, except per share and par value amounts)
| December 31, 2024 | |||
|---|---|---|---|
| ASSETS | |||
| Invested assets: | |||
| Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: 447,435 and 464,585, respectively and allowance for credit losses: 0 and 0 respectively) | 454,550 | $ | 464,966 |
| Other investments, net | 4,212 | 4,548 | |
| Total invested assets | 458,762 | $ | 469,514 |
| Cash and cash equivalents | 936,187 | 493,409 | |
| Restricted cash | 648 | 631 | |
| Restricted cash - variable interest entity | 478,913 | 295,802 | |
| Accrued interest income | 5,786 | 5,569 | |
| Assumed premiums receivable | 22,312 | 10,284 | |
| Premiums receivable, net of allowance for credit loss of 1,512 and 1,048, respectively | 69,902 | 47,642 | |
| Reinsurance recoverable on paid losses net of allowance for credit loss: 0 and 0, respectively | 45,243 | — | |
| Reinsurance recoverable on unpaid losses net of allowance for credit loss: 0 and 0, respectively | 240,241 | 341,051 | |
| Prepaid reinsurance premiums | 432,733 | 148,288 | |
| Deferred tax assets | 15,742 | 17,371 | |
| Deferred policy acquisition costs | 71,458 | 65,046 | |
| Advanced payments of premium tax liability | 1,115 | — | |
| Property and equipment, net | 12,812 | 13,578 | |
| Right-of-use lease asset, operating | 7,701 | 8,390 | |
| Intangibles, net | 3,900 | 7,692 | |
| Goodwill | 2,603 | 2,603 | |
| Prepaid expenses | 7,361 | 4,192 | |
| Other assets | 610 | 865 | |
| Total assets | 2,814,029 | $ | 1,931,927 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| Liabilities: | |||
| Loss and loss adjustment expense reserves | 571,812 | $ | 595,487 |
| Unearned premiums | 720,394 | 696,310 | |
| Commissions payable | 11,265 | 8,254 | |
| Advanced recoveries on reinsurance | — | 4,844 | |
| Deferred revenue | 90 | 90 | |
| Reinsurance premiums payable | 444,554 | 70,452 | |
| Long-term debt, net | 36,280 | 39,190 | |
| Interest rate swap liability | 103 | 117 | |
| Income taxes payable | 72,638 | 43,943 | |
| Advanced premiums | 50,518 | 12,051 | |
| Premium tax liabilities | — | 1,206 | |
| Accounts payable and accrued expenses | 24,357 | 13,858 | |
| Lease liability, operating | 8,374 | 9,063 | |
| Other liabilities | 5,584 | 3,903 | |
| Total liabilities | 1,945,969 | $ | 1,498,768 |
| Shareholders’ equity: | |||
| Common Stock (par value 0.01, 1,500,000,000 shares authorized, 125,243,157 and 56,224,168 issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | 1,252 | 562 | |
| Preferred stock (par value 0.01, 150,000,000 shares authorized, 0 and 51,374,125 issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | — | 514 | |
| Additional paid-in capital | 389,731 | 122,607 | |
| Accumulated other comprehensive income, net of taxes | 5,311 | 285 | |
| Retained earnings | 471,766 | 309,191 | |
| Total shareholders’ equity | 868,060 | $ | 433,159 |
| Total liabilities and shareholders’ equity | 2,814,029 | $ | 1,931,927 |
All values are in US Dollars.
Slide Insurance Holdings, Inc.
Supplemental Information
| Three Months Ended June 30,(in thousands) | Six Months Ended June 30,(in thousands) | Year Ended December 31, 2024(in thousands) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2025 | 2024 | 2025 | 2024 | |||||||||
| Gross premiums written | $ | 348,336 | $ | 592,964 | 1,334,864 | ||||||||
| Policy fees | 1,971 | 2,920 | 6,550 | ||||||||||
| Total revenue | $ | 209,131 | $ | 408,257 | 864,814 | ||||||||
| Net income | $ | 53,742 | $ | 108,455 | 201,125 | ||||||||
| Key Ratios | |||||||||||||
| Loss ratio | % | 45.9 | % | % | 44.0 | % | 42.8 | % | |||||
| Policy acquisition expense ratio | % | 9.1 | % | % | 9.1 | % | 10.8 | % | |||||
| Expense ratio | % | 24.0 | % | % | 24.3 | % | 29.5 | % | |||||
| Combined ratio | % | 69.9 | % | % | 68.3 | % | 72.3 | % | |||||
| Return on equity | % | 16.9 | % | % | 37.3 | % | 60.0 | % | |||||
| Policies in Force | |||||||||||||
| Policies in force at beginning of period | 257,405 | 211,504 | 211,504 | ||||||||||
| Citizens residential policies assumed | 15,985 | 64,585 | 135,530 | ||||||||||
| Citizens commercial residential policies assumed | — | — | 444 | ||||||||||
| New residential policies written | 16,084 | 23,608 | 46,397 | ||||||||||
| New commercial residential policies written | — | — | — | ||||||||||
| Policy renewal rate | % | 88.1 | % | % | 88.2 | % | 85.9 | % | |||||
| Policies in force at end of period | 275,178 | 275,178 | 343,056 | ||||||||||
| Average premium per residential policy | 3,991 | 3,991 | 3,924 | ||||||||||
| Average premium per commercial residential policy | — | — | 97,240 | ||||||||||
| June 30, 2025(in thousands) | December 31, 2024(in thousands) | ||||||||||||
| Total Assets | 2,814,029 | 1,931,927 | |||||||||||
| Shareholders' Equity | 868,060 | 433,159 | |||||||||||
| Total common and preferred shares outstanding | 125,243 | 107,598 |
All values are in US Dollars.