Slide Insurance raises 2026 profit outlook to $500M–$520M
The board declared a $1.50 special dividend per share alongside a quarterly payout, and Slide lifted its 2026 outlook.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Slide Insurance Holdings, Inc. (SLDE) reported third-quarter 2026 revenue of $361.1 million, up 35.9%, and net income of $138.2 million, up 24.5% year over year. Gross premiums written were $506.6 million, up 9.3%, and diluted earnings per share were $1.09, up 37.3%. The combined ratio was 59.3%, compared with 48.5%, with $34.2 million of catastrophe losses during the quarter.
Slide raised its 2026 outlook to gross premiums written of $1.90 billion to $1.95 billion and net income of $500 million to $520 million. The net-income range includes up to $50 million of pre-tax losses related to Hurricane Isaias in the fourth quarter. The board declared a $0.07 quarterly and $1.50 one-time special dividend per share, both payable November 30, 2026, to shareholders of record November 23, subject to board discretion.
Slide entered a secured credit agreement with $1.072 billion in commitments, replacing its $530.4 million facility; it borrowed $50.0 million of delayed-draw term loans at closing. The facilities are scheduled to mature October 26, 2031, and quarterly leverage testing begins with the quarter ending December 31, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 net income outlook was raised to $500 million to $520 million.
- Moderate pointRevenue rose 35.9% to $361.1 million year over year.
- Moderate pointNet income rose 24.5% to $138.2 million year over year.
Negative
- Moderate pointCombined ratio rose to 59.3% from 48.5%, with $34.2 million of catastrophe losses. 1% of market cap
Filing Explained
Up to three hundred seventy-eight million dollars in added capacity requires lender agreement; substantially all borrower and guarantor assets secure the facility.
On
Slide borrowed
The obligations are guaranteed by specified subsidiaries and secured by liens on substantially all of Slide’s and the guarantors’ assets; regulated insurance and reinsurance subsidiaries are not guarantors. The agreement also requires fixed-charge coverage of at least 1.20 to 1.00 and a minimum net worth tied to the June 30, 2026 level, subsequent earnings, and equity proceeds.
Slide may request up to
8-K Event Classification
Key Figures
Key Terms
Combined ratio financial
Accident year loss ratio financial
Delayed draw term loan facility financial
Consolidated Total Leverage Ratio financial
Earnings Snapshot
Full-year 2026 gross premiums written of $1.90 billion to $1.95 billion and net income of $500 million to $520 million; the net-income range includes up to $50 million of pre-tax losses related to Hurricane Isaias in the fourth quarter; return on equity above 40%.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SLDE’s third-quarter 2026 revenue and net income?
What dividends did SLDE declare, and when are they payable?
What is SLDE’s updated 2026 outlook?
How is SLDE’s new credit facility structured?
What contributed to SLDE’s third-quarter combined ratio?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement
Credit Agreement
On October 26, 2026 (the “Closing Date”), Slide Insurance Holdings, Inc. (the “Company”), as borrower, entered into a Credit Agreement (the “Credit Agreement”) among the Company, certain subsidiaries of the Company from time to time party thereto, as guarantors (the “Guarantors”), the lenders from time to time party thereto (the “Lenders”), and The Huntington National Bank (“Huntington”), as administrative agent (in such capacity, the “Administrative Agent”), collateral agent, issuing bank and swingline lender. Capitalized terms used but not defined herein have the meanings given to them in the Credit Agreement.
The Credit Agreement provides for secured credit facilities in an aggregate principal amount of $1.072 billion, consisting of (i) a revolving credit facility in an aggregate principal amount of $670.0 million (the “Revolving Facility”), under which the Company may also obtain swingline loans of up to $10.0 million and letters of credit, each of which is limited to the unused revolving commitments, and (ii) a delayed draw term loan facility in an aggregate principal amount of $402.0 million (the “DDTL Facility” and, together with the Revolving Facility, the “Credit Facilities”). On the Closing Date, the Company borrowed $50.0 million of delayed draw term loans. Thereafter, until April 26, 2028 (subject to earlier termination in certain customary circumstances), the Company may borrow the remaining delayed draw term loan commitments in one or more borrowings, each in a minimum amount of $5.0 million, upon at least five business days' prior notice, provided that the Company may make no more than ten delayed draw borrowings in total (including the borrowing on the Closing Date). Amounts repaid or prepaid under the DDTL Facility may not be reborrowed. Each delayed draw term loan amortizes in quarterly installments equal to 2.5% of its original principal amount, with the balance due on the Maturity Date (as defined below).
Unless terminated earlier by the Company, the Credit Facilities are scheduled to mature on October 26, 2031 (the “Maturity Date”). Subject to the agreement of existing or new lenders to provide the additional commitments and the satisfaction of certain conditions, including pro forma compliance with the financial covenants, the Company may request incremental revolving commitments and/or incremental term loans (including increases to the DDTL Facility) in an aggregate principal amount of up to $378.0 million.
Borrowings under the Credit Facilities bear interest, at the Company’s option, at either (a) a base rate plus an applicable margin ranging from 2.00% to 2.75% per annum or (b) Term SOFR plus an applicable margin ranging from 3.00% to 3.75% per annum, in each case based on the Company’s Consolidated Total Leverage Ratio. The Company will also pay a commitment fee on unused revolving commitments and a ticking fee on unused DDTL commitments, each ranging from 0.35% to 0.50% per annum based on the Consolidated Total Leverage Ratio, as well as customary letter of credit fees.
Proceeds of loans under the Credit Facilities borrowed on the Closing Date were used to repay amounts outstanding under the Existing Credit Agreement (as defined below) and to pay fees, costs and expenses incurred in connection with entry into the Credit Agreement. After the Closing Date, revolving loans may be used for working capital and other general corporate purposes of the Company and its subsidiaries, including permitted investments. Delayed draw term loans borrowed after the Closing Date may be used to in connection with permitted acquisitions and related costs, and to repay revolving loans that were used for that purpose within the prior six months preceding the date of the applicable delayed draw term loan borrowing.
The obligations under the Credit Agreement are guaranteed by the Guarantors. The obligations of the Company and the Guarantors are secured by liens on substantially all of their assets, including a pledge of the equity interests in the Guarantors, subject to customary exceptions. The Company’s regulated insurance and reinsurance subsidiaries are not Guarantors.
The Credit Agreement contains customary representations and warranties, including representations relating to insurance regulatory matters. It also contains customary affirmative and negative covenants, including limitations on indebtedness, liens, investments, restricted payments, fundamental changes, asset sales, affiliate transactions and the prepayment of other indebtedness. In addition, the Credit Agreement requires the Company to maintain, as of the end of each fiscal quarter beginning with the fiscal quarter ending December 31, 2026:
In addition, each of the Company's subsidiaries that is subject to minimum statutory capital or risk-based capital requirements must, as of the end of each fiscal year, comply with such requirements and maintain a risk-based capital ratio of at least 150% of company action level, subject to a 30-day cure period.
The Credit Agreement contains customary events of default. These include nonpayment; breach of representations, warranties or covenants; cross-default to other material indebtedness; bankruptcy and insolvency events; material judgments; certain ERISA events; the loss or suspension of material licenses (including insurance licenses); a change in control; and the invalidity of the credit documents. They also include events specific to the Company’s insurance business, relating to catastrophe risk retention and reinsurer concentration. If an event of default occurs and is continuing, the Administrative Agent may, and at the direction of the required Lenders shall, terminate the commitments and accelerate the outstanding obligations. In the case of certain bankruptcy events, these remedies apply automatically.
Certain of the Lenders and their respective affiliates have, from time to time, performed, and may in the future perform, various commercial banking, investment banking, financial advisory and other services for the Company and its affiliates, for which they have received or will receive customary fees and expenses.
The foregoing description of the Credit Agreement is a summary, does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 1.02. Termination of a Material Definitive Agreement.
On the Closing Date, in connection with its entry into the Credit Agreement, the Company repaid in full all outstanding loans and other obligations under, and terminated, its Amended and Restated Credit Agreement, dated as of June 25, 2024 (as amended, including by the Third Amendment dated July 27, 2026, the “Existing Credit Agreement”) by and among the Company, the guarantors party thereto, the lenders party thereto and Regions Bank, as administrative agent, collateral agent, swingline lender and issuing bank. The administrative agent, collateral agent, swingline lender and issuing bank. The Credit Agreement is a material upsizing over the Existing Credit Agreement which provided for, among other things, a revolving credit facility of $530.4 million. The Company did not incur any early termination penalties in connection with the termination of the Existing Credit Agreement.
Item 2.02 Results of Operations and Financial Condition.
On October 27, 2026, the Company issued a press release announcing its financial results for the three and nine months ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On October 27, 2026, the Company announced that its Board of Directors has declared (i) quarterly cash dividend of $0.07 per share on the Company’s issued and outstanding shares of common stock, and (ii) a one-time special cash dividend of $1.50 per share on the Company’s issued and outstanding shares of common stock. The quarterly and one-time special dividend will be payable on November 30, 2026, to stockholders of record as of November 23, 2026. A copy of the press release is furnished as Exhibit 99.2 to this Form 8-K.
The information contained in Item 2.02, Item 7.01 and Exhibits 99.1, 99.2 and 99.3 of this Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
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Description |
10.1 |
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Credit Agreement, dated as of October 26, 2026, by and among Slide Insurance Holdings, Inc., as borrower, the subsidiaries of the borrower from time to time party thereto, as guarantors, the lenders from time to time party thereto, and The Huntington National Bank, as administrative agent, collateral agent, issuing bank and swingline lender. |
99.1 |
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Earnings Press Release Dated as of October 27, 2026 |
99.2 |
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Press Release dated as of October 27, 2026, relating to the quarterly dividend and one-time special dividend |
99.3 |
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Press Release Dated as of October 27, 2026, relating to the credit facility |
104 |
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Slide Insurance Holdings, Inc. |
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Date: |
October 27, 2026 |
By: |
/s/ Anastasios Omiridis |
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Name: Anastasios Omiridis |
directly driven by earnings growth from the previous increase in voluntary homeowners and Citizens acquired policies.
Losses and loss adjustment expenses (LAE) incurred, net were $101.3 million, which included $34.2 million of catastrophe losses from convective storms in Florida in the quarter and $18.0 million of favorable prior period reserve development. This resulted in a loss ratio of 30.4%, compared to 13.7% in the prior-year period. The accident year loss ratio, which excludes catastrophe losses and prior-period development, improved to 25.5% from 27.5% in the prior-year period.
Policy acquisition and other underwriting expenses were $46.2 million, compared to $36.4 million in the prior-year period, driven by continued strong top-line growth.
General and administrative expenses were $48.8 million, compared to $45.0 million in the prior-year period, due primarily to the increased staffing costs and technology to support the Company’s strategic growth initiatives.
Combined ratio for the third quarter of 2026 was 59.3%, compared to 48.5% in the prior-year period, due primarily to catastrophe losses in the quarter, which were benign in the prior-year period, and partially offset by the scaling impact in net premium earned growth with more moderate operating expense growth.
Net income grew 24.5% to $138.2 million, compared to $111.0 million in the prior-year period. Diluted earnings per share for the third quarter of 2026 increased 37.3% to $1.09, compared to $0.79 in the prior-year period, while return on equity was 11.1% in the quarter, compared to 12.1% in the prior-year period.
Capital Allocation
On October 27, 2026, the Company announced that it has declared a quarterly cash dividend of $0.07 per share on the Company’s issued and outstanding shares of common stock. The quarterly dividend will be payable on November 30, 2026, to stockholders of record as of November 23, 2026.
In addition, Slide’s Board of Directors declared a one-time special dividend of $1.50 per share, which will be payable on November 30, 2026, to stockholders of record as of November 23, 2026.
The Company will have returned an estimated $423.1 million to shareholders since its initial public offering in June 2025 consisting of:
The Company did not repurchase any shares during the third quarter of 2026. There remains $114.1 million of availability under the Company’s stock repurchase program.
Credit Facility
On October 27, 2026, Slide entered into a new Credit Agreement with a syndicate of financial institutions led by Huntington National Bank. The new Credit Agreement provides a total credit facility of $1.07 billion, replacing the Company’s existing credit agreement of $530.4 million.
Borrowings under the new facility may be used for general corporate purposes of the Company and its subsidiaries, including a refinance of existing indebtedness and to support growth initiatives.
Raising Full Year 2026 Outlook
The Company raised the lower end of its gross written premiums range and now expects to generate full year gross written premiums in the range of $1.90 billion to $1.95 billion, compared to its prior range of $1.85 billion to $1.95 billion.
Top-line growth is expected to be driven primarily by sustained organic expansion, including double-digit increases outside of Florida, complemented by selective growth opportunities within Florida that meet the Company’s return threshold.
The Company also raised its expectations to generate full year net income in the range of $500 million to $520 million, compared to its prior range of $455 million to $470 million, which will result in return on equity above 40% for the full year. The Company’s updated range is inclusive of up to $50 million of pre-tax losses related to Hurricane Isaias in the fourth quarter.
Key Ratios
In this press release we discuss certain key ratios, described below, which provide useful information about our business and the operational factors underlying our financial performance.
Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses incurred, net to net premiums earned.
Accident year loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses incurred, net, less catastrophe losses and prior period development, to net premiums earned. Accident year loss ratio is a Non-GAAP financial measure. We use accident year loss ratio as an internal performance measure.
Policy acquisition expense ratio, expressed as a percentage, is the ratio of policy acquisition expenses and other underwriting expenses to net premiums earned.
Expense ratio, expressed as a percentage, is the ratio of policy acquisition and other underwriting expenses, general and administrative expenses, and other operating expense to net premiums earned.
Combined ratio, is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.
Return on equity, represents net income as a percentage of average beginning and ending shareholders’ equity during the period.
Webcast and Conference Call
Slide will hold a conference call to discuss financial results tomorrow, October 28, 2026, at 8:30 am Eastern Time. A live webcast of the conference call will be available at ir.slideinsurance.com. The dial-in number for the conference call is (877) 407-9208 (toll-free) or (201) 493-6784 (international). Please dial the number 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available at ir.slideinsurance.com for one year following the call.
Forward-Looking Statements
Statements in this press release and the Company’s earnings call that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “aim,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology and relate, without limitation, to the Company’s beliefs and expectations regarding the Company’s (i). projections of future financial performance, including its full year 2026 outlook with respect to gross premiums written ,net income and return on equity, (ii) ability to execute its growth strategies, (iii) business trends, (iv) sustainable, long-term growth, including the drivers of such growth, (v) competitive advantages, (vi) ability to achieve top-line growth and margin expansion and create long-term value for its shareholders, (vii) underwriting profitability, (viii) capital allocation strategy, including the use of
capital for share repurchases and dividends, and (ix) capitalization and profitability. These statements are only predictions based on Slide’s current expectations and projections about future events and are not guarantees of actual results, level of activity, performance or achievements. Although Slide believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, there are important factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those anticipated in any forward-looking statements, including, among others, our limited operating history; the success of the Company’s underwriting and profitability initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial and real estate markets), including changes that may impact demand for our products and our operations; lack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write; inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk; the impact of macroeconomic conditions, including declining consumer confidence, inflation, high unemployment and the threat of recession; the impact of new federal and state regulations that affect the property and casualty insurance market and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements; the cost of reinsurance, the collectability of reinsurance and our ability to obtain reinsurance coverage on terms and at a cost acceptable to us; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; performance of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes, wildfires and hail); acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission.
Any forward-looking statement made by Slide in this press release and the earnings call speak only as of the date on which such statement is made. Slide undertakes no obligation to update any forward-looking statement, whether as a result of new information, actual results, revised expectations or otherwise, except as may be required by law.
About Slide
Slide is a technology-enabled insurance company that makes it easy for homeowners to choose the right coverage for their unique needs and budgets. Slide's cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every part of the insurance process. Based in Tampa, Fla., Slide was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes. For more information, please visit https://www.slideinsurance.com.
Contacts
Investors
ir@slideinsurance.com
Media
Rachel Carr
Chief Marketing Officer
press@slideinsurance.com
Slide Insurance Holdings, Inc.
Condensed Consolidated Statements of Operations and Key Ratios (Unaudited)
(Dollar amounts in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues: |
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Gross premiums written |
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$ |
506,576 |
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$ |
463,394 |
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$ |
1,429,382 |
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$ |
1,177,027 |
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Change in unearned premiums |
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(27,272 |
) |
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(104,031 |
) |
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17,005 |
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(128,115 |
) |
Gross premiums earned |
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479,304 |
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359,363 |
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1,446,387 |
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1,048,912 |
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Ceded premiums earned |
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(145,958 |
) |
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(116,309 |
) |
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(386,523 |
) |
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(295,958 |
) |
Net premiums earned |
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333,346 |
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243,054 |
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1,059,864 |
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752,954 |
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Net investment income |
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23,837 |
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19,093 |
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66,106 |
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47,941 |
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Policy fees |
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3,155 |
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2,440 |
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9,127 |
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6,428 |
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Other income |
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713 |
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1,106 |
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2,053 |
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1,571 |
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Total revenue |
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$ |
361,051 |
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$ |
265,693 |
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$ |
1,137,150 |
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$ |
808,894 |
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Expenses: |
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Losses and loss adjustment expenses incurred, net |
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101,315 |
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33,240 |
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321,128 |
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208,370 |
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Policy acquisition and other underwriting expenses |
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46,194 |
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36,393 |
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132,600 |
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97,062 |
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General and administrative expenses |
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48,846 |
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45,005 |
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150,045 |
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124,318 |
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Interest expense |
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1,587 |
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909 |
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3,363 |
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2,739 |
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Depreciation expense |
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1,363 |
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1,230 |
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4,033 |
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3,493 |
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Amortization expense |
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— |
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1,901 |
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99 |
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5,693 |
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Total expenses |
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$ |
199,305 |
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$ |
118,678 |
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$ |
611,268 |
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$ |
441,675 |
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Net income before income tax expense |
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161,746 |
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147,015 |
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525,882 |
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367,219 |
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Income tax expense |
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23,516 |
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36,018 |
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113,275 |
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93,647 |
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Net income |
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$ |
138,230 |
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$ |
110,997 |
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$ |
412,607 |
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$ |
273,572 |
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Key Ratios |
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Loss ratio |
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30.4 |
% |
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13.7 |
% |
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30.3 |
% |
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27.7 |
% |
Policy acquisition expense ratio |
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13.9 |
% |
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15.0 |
% |
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12.5 |
% |
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12.9 |
% |
Expense ratio |
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28.9 |
% |
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34.8 |
% |
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27.1 |
% |
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30.6 |
% |
Combined ratio |
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59.3 |
% |
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48.5 |
% |
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57.4 |
% |
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58.3 |
% |
Return on equity |
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11.1 |
% |
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12.1 |
% |
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34.2 |
% |
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39.2 |
% |
Weighted average shares outstanding (in thousands) |
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Basic |
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116,759 |
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125,249 |
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118,478 |
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83,126 |
|
Diluted |
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127,128 |
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140,113 |
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130,338 |
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129,916 |
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Earnings per share |
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Basic |
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1.18 |
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0.89 |
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|
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3.48 |
|
|
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3.29 |
|
Diluted |
|
|
1.09 |
|
|
|
0.79 |
|
|
|
3.17 |
|
|
|
2.11 |
|
Slide Insurance Holdings, Inc.
Condensed Consolidated Balance Sheets
(Dollar amounts in thousands, except per share and par value amounts)
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|
September 30, 2026 |
|
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December 31, 2025 |
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|
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(Unaudited) |
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|
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ASSETS |
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Invested assets: |
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|
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Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: $853,988 |
|
$ |
819,318 |
|
|
$ |
589,720 |
|
Equity securities, at fair value |
|
$ |
23,782 |
|
|
|
- |
|
Other investments, net |
|
|
6,667 |
|
|
|
4,000 |
|
Total invested assets |
|
$ |
849,767 |
|
|
$ |
593,720 |
|
Cash and cash equivalents |
|
|
700,575 |
|
|
|
1,201,210 |
|
Restricted cash and cash equivalents |
|
|
798 |
|
|
|
786 |
|
Restricted cash and cash equivalents - variable interest entity |
|
|
1,015,713 |
|
|
|
480,972 |
|
Accrued interest income |
|
|
12,330 |
|
|
|
7,281 |
|
Assumed premiums receivable |
|
|
11,502 |
|
|
|
34,290 |
|
Premiums receivable, net of allowance for credit loss of $7,283 and $3,294, respectively |
|
|
106,625 |
|
|
|
90,576 |
|
Reinsurance recoverable on paid losses, net of allowance for credit loss: $0 and $0, respectively |
|
|
11,233 |
|
|
|
16,183 |
|
Reinsurance recoverable on unpaid losses, net of allowance for credit loss: $0 and $0, respectively |
|
|
106,069 |
|
|
|
146,128 |
|
Prepaid reinsurance premiums |
|
|
397,825 |
|
|
|
202,748 |
|
Deferred income tax assets, net |
|
|
28,324 |
|
|
|
18,332 |
|
Deferred policy acquisition costs |
|
|
110,263 |
|
|
|
93,728 |
|
Property and equipment, net |
|
|
15,330 |
|
|
|
11,585 |
|
Right-of-use lease assets, operating |
|
|
7,194 |
|
|
|
8,476 |
|
Intangibles, net |
|
|
— |
|
|
|
99 |
|
Goodwill |
|
|
2,603 |
|
|
|
2,603 |
|
Prepaid expenses |
|
|
14,127 |
|
|
|
8,932 |
|
Other assets |
|
|
494 |
|
|
|
816 |
|
Total assets |
|
$ |
3,390,772 |
|
|
$ |
2,918,465 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Liabilities: |
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Loss and loss adjustment expense reserves |
|
$ |
503,870 |
|
|
$ |
439,715 |
|
Unearned premiums |
|
|
983,603 |
|
|
|
1,000,611 |
|
Commissions payable |
|
|
15,757 |
|
|
|
9,049 |
|
Deferred revenue |
|
|
90 |
|
|
|
90 |
|
Reinsurance premiums payable |
|
|
324,212 |
|
|
|
160,330 |
|
Long-term debt, net |
|
|
27,613 |
|
|
|
33,687 |
|
Interest rate swap liability |
|
|
— |
|
|
|
62 |
|
Income taxes payable |
|
|
75,460 |
|
|
|
93,555 |
|
Advanced premiums |
|
|
75,410 |
|
|
|
30,518 |
|
Premium tax liabilities |
|
|
31,104 |
|
|
|
5,075 |
|
Accounts payable and accrued expenses |
|
|
31,145 |
|
|
|
19,768 |
|
Lease liabilities, operating |
|
|
8,463 |
|
|
|
9,649 |
|
Other liabilities |
|
|
11,382 |
|
|
|
3,115 |
|
Total liabilities |
|
$ |
2,088,109 |
|
|
$ |
1,805,224 |
|
Shareholders’ equity: |
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|
|
|
|
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Common Stock (par value $0.01, 1,500,000,000 shares authorized, 117,320,564 and 123,889,446 |
|
|
1,173 |
|
|
|
1,239 |
|
Additional paid-in capital |
|
|
170,339 |
|
|
|
351,688 |
|
Accumulated other comprehensive income (loss), net of taxes |
|
|
(26,421 |
) |
|
|
7,165 |
|
Retained earnings |
|
|
1,157,572 |
|
|
|
753,149 |
|
Total shareholders’ equity |
|
$ |
1,302,663 |
|
|
$ |
1,113,241 |
|
Total liabilities and shareholders’ equity |
|
$ |
3,390,772 |
|
|
$ |
2,918,465 |
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