Tampa Insurance Startup Takes Over $400M In Premiums From Downgraded Insurer
Thursday, March 3rd, 2022 PropertyThe Tampa insurance startup Slide is acquiring $400 million in premiums from St. Johns Insurance Co., adding coverage to an estimated 150,000 policyholders, the company announced Tuesday.
St. Johns Insurance Co. served Florida and South Carolina residents for nearly 20 years from their headquarters in Orlando.
As one of Florida’s largest property insurers, policyholders were at risk of being forced to find new coverage when a ratings agency withdrew St. Johns’ ‘A’ rating assessment in February.
Slide petitioned the Office of Insurance Regulation to take over St. Johns’ policies on March 1.
Slide is an ‘insurtech’ company designed to build custom policies based on giant caches of detailed underwriting data.
External References & Further Reading
https://www.tampabay.com/news/business/2022/03/01/tampa-insurance-startup-takes-over-400m-in-premiums-from-degraded-florida-insurer/
