Slide valued over $2.6 billion in biggest insurance IPO of the year (updated)

Slide Insurance Holdings

18/06/2025 17:09

Corrects headline and paragraph 1 to clarify Slide was valued at over $2.6 billion in market debut, not in U.S. IPO; The error also appeared in a previous version of the story

June 18 (Reuters) - Coastal insurer Slide SLDE.O secured a valuation of $2.62 billion after its shares gained nearly 24% in their Nasdaq debut on Wednesday, after closing the biggest insurance listing this year as public markets steadily recover.

The U.S. insurtech's stock opened at $21 apiece, compared with the IPO price of $17, boosting prospects for other companies looking to offer first-time share sales.

Slide and some existing stockholders on Tuesday sold 24 million shares in an upsized offering, at the top of its marketed range of $15 to $17 per share, raising $408 million.

That beats Apollo-backed Aspen Insurance AHL.N, which last month raised $397.5 million in its NYSE IPO.

        Slide's debut marks the latest in a string of successes for companies offering first-time share sales, a trend that is gaining momentum on prospects of easing U.S. trade policy and regulatory clarity.

U.S. President Donald Trump's erratic trade and foreign policy gambits, paired with a ballooning U.S. debt, have led to alarming market volatility this year.

However, reliable cash flows and robust risk management standards make insurance more immune to market swings compared to discretionary sectors like technology.

Founded in 2021, Slide provides homeowners and property coverage through both agents and direct channels, targeting coastal areas along the Atlantic seaboard.

Filings show 99.5% of the company's policies are concentrated in Florida, where the company is aiming to grow its footprint in a market from which some insurers are pulling back, due to its history of natural disasters, primarily hurricanes.

Company CEO Bruce Lucas, who previously founded and led Heritage Insurance HRTG.N, stands out as one of the highest paid executives in the sector. Lucas's $21.2 million total compensation for 2024 is notable even when compared to large carriers like Allstate ALL.N and UnitedHealth UNH.N.

 (Reporting by Ateev Bhandari in Bengaluru; Editing by Maju Samuel)

 ((Ateev.Bhandari@thomsonreuters.com;))