Slide is sliding into Florida
Earlier this month, UPC Insurance announced that it has sold the renewal rights to its personal lines business in the state of Florida, and sold certain data and intellectual property to Slide Insurance , a Tampa-based personal lines insurance startup founded in 2021. This transaction accelerates the run-off of UPC Insurance’s personal lines portfolio, further reducing its exposure to Florida liabilities and allowing it to focus “on its fast-growing commercial specialty property portfolio, underwritten by American Coastal Insurance Company.”
Here’s the deal – UPC cancelled around 72,000 Florida personal lines policies on February 1, 2023, and Slide is planning to issue replacement policies. Slide will make offers of coverage to additional Florida personal lines policies expiring in April 2023. UPC retains all liabilities with respect to claims with a date of loss on or prior to January 31, 2023.
UPC and Slide also entered into an Asset Purchase and Services Agreement, which went into effect on February 1, 2023, under which UPC sold certain intellectual property and data to Slide and agreed to provide policy administration services to Slide in exchange for 2% of the gross earned premium.