Slide backed to select up 100,000 Florida Residents insurance policies

Slide Insurance coverage has been accepted to select up as many as 100,000 insurance policies from Florida’s insurer of final resort Residents because it seems to develop its guide.

“We view this as a giant alternative to develop our footprint in Florida,” Slide CEO Bruce Lucas advised Insurance coverage Enterprise.

“We have about 175,000 insurance policies now, so if we have been capable of get the total 100,000 – which I do not suppose will occur – this can be a fairly significant progress for the corporate, and it actually demonstrates our religion and perception within the Florida market.”

The Florida Workplace of Insurance coverage Regulation (FLOIR) approval course of took round three months, Lucas mentioned, with Slide having completed a “deep dive” to trace down insurance policies that might be a very good strategic match for the insurer.

Potential policyholders are given the choice to just accept or decline a suggestion to modify provider from Residents, and it isn’t assured that Slide will tackle 100,000 insurance policies in whole.

Residents at the moment has greater than 1.3 million insurance policies in drive, and a market share of round 18%. A rash of Florida-domiciled insurance coverage firm insolvencies amid a property insurance coverage disaster have seen insurance policies in drive balloon on the state insurer.

Final month, Farmers’ exit from its unique agent enterprise within the state, which affected round 100,000 policyholders, triggered additional fears that Residents’ policyholder numbers might proceed to swell to doubtlessly report breaking ranges.

“We do suppose that the market is at a turning level,” Lucas mentioned. “The laws from December, we expect is working, we expect that the long run could be very vibrant on account of that. It is given me the arrogance to develop and broaden in Florida.”

In assertion to Insurance coverage Enterprise, FLOIR mentioned it has seen “higher participation and curiosity” within the Residents depopulation program this yr. It has accepted 280,000 insurance policies for takeout.

“There are at the moment eight corporations taking part within the Residents Depopulation program for 2023 and the variety of insurance policies being requested within the first half of 2023 is greater than the overall variety of insurance policies requested in 2022,” FLOIR mentioned. “We encourage insurers to study extra in regards to the Residents Depopulation program and apply if .”

Further details about the takeout course of is offered on Residents’ web site right here.