Tech-enabled property insurance company Slide Insurance remains on-track to secure what will be its largest catastrophe bond yet, still aiming for $250 million of reinsurance through the transaction, while the price guidance has been updated in the lower-halves of the initially targeted ranges, Artemis has learned.Slide returned to the catastrophe bond market in early April looking to sponsor what will be its biggest issuance to-date, with a $250 million target for named storm reinsurance from this Purple Re 2025-1 deal.The company has sponsored a new cat bond each year since 2023, as it builds out capital markets support within its catastrophe reinsurance tower.In a first-update roughly one week ago some of the risk metrics associated with this new cat bond for Slide were updated, which you can read about .

Now, we’ve learned from sources that the size target remains at $250 million for this latest cat bond from Slide, while the price guidance has been updated within the lower-halves of the initial ranges for both of the tranches of notes on offer.The targeted $250 million of reinsurance protection from this new Purple Re 2025-1 cat bond will benefit both Slide Insurance Company and its Pawtucket Insurance Company subsidiary with fully-collateralized named storm reinsurance on an indemnity and per-occurrence basis, across the states of Florida and South Carolina to begin, over three annual risk periods from June 1st, so with maturity scheduled for early June 2028.The still $125 million Series 2025-1 Class A tranche of notes have an initial base expected loss of 1.04% and were initially offered to cat bond investors with price guidance in a range from 7% to 7.75%, but that has now been updated to guidance for a spread of 7.25%, we are told.

The still also $125 million tranche of Class B Series 2025-1 notes have an initial base expected loss of 1.24% and were initially offered to cat bond investors with price guidance in a range from 7.5% to 8.25%, which has now been updated to guidance for a spread of 7.75%, we understand.As a result, it looks like Slide could secure its largest cat bond yet priced in the lower-halves of the initial guidance ranges.You can read all about this new catastrophe bond and over 1,000 other cat bond transactions in our extensive Artemis Deal Directory..

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