Slide secures $250 million cat bond with closing of Purple Re 2025-1

By Isha Marathe

May 14 - (The Insurer) - Slide Insurance has finalized pricing for its $250 million Purple Re Ltd. (Series 2025-1) catastrophe bond, closing its fourth and largest cat bond offering to date, and exceeding the previous largest offering by $40 million.

The bond proceeds will be used to further expand Slide’s named storm and hurricane reinsurance protection in Florida and South Carolina.

The Series 2025-1 cat bond was offered in two separate fully collateralized classes of $125 million, with the Class A notes priced at 7.25% and the Class B notes priced at 7.75%, both within the lower halves of their respective initial spread guidance.

“Securing cat bonds over the past couple of years and building our reinsurance tower has proven to be a prudent source of multi-year reinsurance protection for Slide. With the successful completion of this offering, Slide has placed $660 million of our reinsurance program in the ILS market," said Bruce Lucas, Slide founder and CEO.

The reinsurance protection from the Purple Re 2025-1 cat bond will be provided within Florida and South Carolina on an indemnity and per occurrence basis over a three-year term from June 1, 2025 through May 31, 2028.