Slide Insurance Company, a technology-driven U.S. property insurer focused on coastal homeowners, primarily in Florida and South Carolina, returned to the catastrophe bond market with a new Purple Re (Series 2026-1) issuance targeting $250 mn of fully collateralized named storm reinsurance, according to Artemis.
The transaction seeks protection across more US states than any of the insurer’s previous catastrophe bond placements, according to market sources.
Founded by Bruce Lucas, the technology-driven property insurer began sponsoring catastrophe bonds in 2023.
The upcoming issuance marks the fifth transaction in Slide’s Purple Re series, extending its use of capital markets and insurance-linked securities investors to support hurricane and named storm reinsurance programs.
Slide already benefits from about $660 mn of catastrophe bond-backed protection. With this latest deal, the company looks to add further reinsurance limit while maintaining strong capital markets participation in its risk transfer strategy.
According to Atremis, $200 mn of protection from Purple Re (Series 2023-1) and Purple Re Ltd. (Series 2023-2) matures ahead of the 2026 Atlantic hurricane season. The new Series 2026-1 transaction appears positioned to more than replace that expiring coverage.
The Purple Re Ltd. (Series 2026-1) structure targets $250 mn of fully collateralized reinsurance through a single tranche of notes issued by Bermuda-based special purpose insurer Purple Re.
Proceeds from the offering will collateralize reinsurance agreements benefiting both Slide Insurance Company and its subsidiary, Slide Specialty Insurance Company, formerly known as Pawtucket.
Purple Re will issue one tranche of Series 2026-1 notes to catastrophe bond funds and institutional investors.
The raised capital fully secures indemnity-based reinsurance contracts, removing counterparty credit risk from the structure.
The notes provide named storm coverage on a per-occurrence and indemnity basis across Florida, South Carolina, Rhode Island, New Jersey, and New York.
Despite the broader geographic footprint, expected loss exposure remains weighted toward major hurricane events in Florida. This marks the widest state-level coverage Slide has included in a Purple Re issuance, as earlier deals were limited to Florida and South Carolina.
Coverage runs for three annual risk periods beginning June 1, with maturity scheduled for early June 2029.
The $250 mn Class A notes attach at $1.332 bn and exhaust at $1.652 bn, reflecting an initial attachment probability of 1.69% and an expected loss of 1.51%.
Price guidance indicates a risk interest spread between 6.75% and 7.5%.
According to Beinsure, the combination of expanded geographic scope, replacement of maturing protection, and competitive pricing suggests Slide continues to scale its catastrophe risk transfer program with confidence in ILS market depth.
