Slide Insurance Raises Additional $35 Million of Capital

Rhea-AI Summary

Slide Insurance has announced the closing of a $35 million senior credit facility with Regions Bank, strengthening its financial position. The insurtech company aims to use the capital to support its technology development and growth.

Positive

• Slide Insurance has secured a $35 million senior credit facility with Regions Bank, enhancing its financial position. This funding will support the company's technology development and growth objectives.

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• None.

Investment Fortifies Financial Position of Florida-Based Insurtech

TAMPA, Fla.--(BUSINESS WIRE)-- Slide Insurance, a full-stack insurtech focused on homeowners insurance, announced today the closing of a $35 million senior credit facility with Regions Bank.

“Securing the capital structure to support our technology development and growth has been a key focus since our inception," said Slide founder and CEO, Bruce Lucas. “Our start-up year has been exceptional. We appreciate the opportunity to collaborate with Regions Bank on our inaugural credit facility that enhances our financial position and growth objectives.”

This credit facility builds on the funding Slide secured in its $105 million venture-back series A round which closed in November 2021.

Leo Loughead, head of the Financial Services Group at Regions, said the financial services provided by the bank reflect Regions’ strategic, consultative and relationship-based approach toward client service.

“Regions has a long track record of success with growth-oriented companies in the property and casualty insurance industry,” Loughead said. “Our work with Slide is a prime example of our team’s ability to deliver tailored capital and advisory solutions in a manner that maximizes client outcomes. Regions is proud to be working with Slide and looks forward to collaborating in the future.”

About Slide

Slide is a full-stack homeowner’s insurtech that makes it easy for modern consumers to choose the right coverage for their unique needs and budgets. Slide's cutting-edge technology leverages artificial intelligence and big data to hyper-personalize, optimize, and streamline every part of the insurance process. Based in Tampa, FL the company was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes. Slide launched operations in February 2022 and has quickly grown to become the largest full-stack homeowners insurtech in the country with over $570M of premiums in force.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $154 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230622659342/en/

Media

Rachel Carr

Chief Marketing Officer, Slide Insurance

press@slideinsurance.com

Source: Slide Insurance

FAQ

What is the recent announcement by Slide Insurance?

Slide Insurance has closed a $35 million senior credit facility with Regions Bank.

What will Slide Insurance use the funding for?

Slide Insurance plans to use the funding to support its technology development and growth.

Who is the CEO of Slide Insurance?

The CEO of Slide Insurance is Bruce Lucas.

When did Slide Insurance close its series A funding round?

Slide Insurance closed its series A funding round in November 2021.