Slide Insurance Company is targeting lower pricing for its second catastrophe bond, with the guidance lowered for its new transaction.Slide, the full-stack homeowners property insurtech, returned to the catastrophe bond market for its second time earlier this month, having sponsored its debut $100 million Purple Re 2023-1 cat bond in April.With the Purple Re 2023-2 cat bond, Slide is seeking a further $100 million in named storm reinsurance protection, to cover named storm losses in Florida and South Carolina on an indemnity trigger and per-occurrence basis, across a just under three-year term.There’s no room for the new Purple Re 2023-2 cat bond to upsize, given it will occupy a $100 million layer of the Slide reinsurance tower above the 2023-1 cat bond deal.

But, Slide is already hoping to secure better price execution, with the spread guidance now lowered, we’ve learned.The $100 million of Purple Re Series 2023-2 Class A notes come with an initial base expected loss of 1.05% and were first offered with spread price guidance in a range from 10.5% to 11.5%.We’re now told that price guidance has been lowered to a range of 10% to 11%, showing Slide hopes to reduce the price somewhat and secure the cover at the initial mid-point of spread guidance or lower.

You can read all about this new catastrophe bond and over 900 other cat bond transactions in our extensive Artemis Deal Directory.Get a ticket soon to ensure you can attend.