Legislative Reforms Create a Path for UPC/Slide Transaction

The legislative reforms passed during December's Special Session helped to create a path for change in Florida’s insurance marketplace. Yesterday, the Office of Insurance Regulation (OIR) signed a consent order approving Slide’s assumption of the vast majority of United Property and Casualty’s (UPC) Florida homeowners policies. This transaction provides capacity and options for both independent agents and consumers.

“The past few years have been incredibly challenging for agents and their policyholders, and this transaction is a welcome relief for an incredibly stressed insurance market,” said FAIA President & CEO Kyle Ulrich. “According to FAIA's analysis of data provided by the OIR, between October 2019 and July 2022, independent agents replaced coverage for over 600,000 policyholders impacted by insolvencies or administrative orders. I am hopeful that this Slide transaction is a sign of better days to come for the marketplace.”

The legislation passed in December sent a strong message that Florida is serious about stabilizing the property insurance market and creating an environment to attract capital and create more options for Florida's insurance consumers. Slide is the first company to leverage those changes.

“The December legislation passed by the Florida Legislature has given us confidence that now is the time to expand our presence in the state,” said Bruce Lucas, CEO and co-founder of Slide. “I firmly believe that these reforms will work. The reforms apply to all of the newly issued replacement policies, giving Slide a sizeable underwriting advantage over the legacy Florida market.”  

Under the agreement, Slide will assume approximately 72,000 HO-3 and DP-3 policies through a cancel/rewrite transaction.  Slide also acquired the renewal rights for an additional 21,000+ UPC policies that renew in April or May. Additional details about the Slide/UPC transaction are available in the OIR consent order. 

View a copy of FAIA's press release.