Slide Expands Cat Bond-Backed Reinsurance to $660M with Largest Purple Re to Date

Slide Insurance Company, based in Florida, has increased its catastrophe bond-supported, multi-year reinsurance coverage to $660 million for the upcoming hurricane season. This boost follows the company’s largest catastrophe bond issuance so far—a $250 million transaction under Purple Re Ltd. Series 2025-1, according to CEO Bruce Lucas.

In early April, the tech-driven property insurer returned to the catastrophe bond market, aiming to raise $250 million through this latest Purple Re deal. The transaction successfully reached its target, making it Slide’s biggest cat bond issuance to date and the fourth installment in the Purple Re series.

CEO and founder Bruce Lucas emphasized the strategic importance of catastrophe bonds in diversifying the company’s reinsurance capital. “We’re thrilled to complete our largest cat bond issuance yet, which ensures our policyholders are well-protected during critical events,” he stated. Lucas further noted that the continued buildout of their reinsurance structure through cat bonds has proven to be a sound strategy for securing multi-year protection.

The Purple Re 2025-1 cat bond provides $250 million in coverage for named storms and hurricanes affecting Florida and South Carolina. The coverage is structured on an indemnity basis and per occurrence, spanning a three-year term through May 2028.

The bond was issued in two tranches of $125 million each. The Class A notes were priced at 7.25%, and the Class B notes at 7.75%—both landing in the lower half of their initial pricing guidance.

“With this successful issuance, Slide has now placed $660 million of its reinsurance program into the insurance-linked securities (ILS) market,” Lucas added. This milestone has helped Slide climb higher in the rankings of catastrophe bond sponsors.

You can find full details of this Purple Re Ltd. (Series 2025-1) bond—and more than 1,000 similar transactions—in the comprehensive Deal Directory.