Full-stack homeowners property insurtech Slide has now successfully priced its latest catastrophe bond, securing the 40% upsized target so that the transaction will provide the company with $210 million of named storm reinsurance.It is Slide’s largest catastrophe bond to-date, with this third Purple Re issuance helping the carrier to further build-out its reinsurance tower with capacity from the capital markets, to support its rapid growth.As well as securing its third cat bond to provide 40% more in fully-collateralized reinsurance than it had initially targeted, Slide also secured this latest cat bond coverage priced in the lower-half of initial spread guidance..

Slide Insurance Company , aiming to sponsor this third Purple Re issuance.When the transaction was launched to investors, Slide had an initial target to secure $150 million of collateralized property catastrophe reinsurance from this deal.As we reported yesterday, the target size was then raised by 40% to as much as $210 million.

We’re now told that the upper-target for size was achieved, with this Purple Re 2024-1 catastrophe bond set to be $210 million in size for Slide.This new cat bond will now provide Slide with $210 million of fully-collateralized named storm reinsurance on an indemnity and per-occurrence basis, over a three-year term from June 1st this year to the end of May 2027, for the states of Florida and South Carolina.The now confirmed to be $210 million of Class A notes come with an initial base expected loss of 1.06% and were first offered to cat bond investors with spread price guidance ranging from 8.75% to 9.5%.

As we reported, the price guidance was updated and dropped to a new range of 8.75% to 9%, so within guidance but narrowed towards the low-end.We are now told by our sources that the Purple Re 2024-1 Class A notes have been priced to pay investors a spread of 9%, so in the lower-half of initial guidance.Slide has been expanding its portfolio of homeowners property risk in hurricane exposed states, so needs a larger reinsurance tower to support that exposure growth.

This latest Purple Re 2024-1 cat bond sees Slide bringing cat bonds higher into its reinsurance tower, with this deal sitting atop the 2023-1 and 2023-2 issues.The $210 million of notes will now occupy the majority of a $300 million layer of the reinsurance tower, attaching at $1.42 billion of losses..

You can read all about this new catastrophe bond and over 1,000 other cat bond transactions in our extensive Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.