Slide Insurance (SLDE) Q3 2026 Earnings Call Transcript

DATE

Oct. 28, 2026

CALL PARTICIPANTS

• Chairman and Chief Executive Officer - Bruce Lucas
• Chief Financial Officer - Andy Omiridis
• Investor Relations - Garrett Edson

TAKEAWAYS

• Gross Written Premiums -- $506.6 million, representing 9.3% growth driven by voluntary new business and expansion into new states.
• Net Income -- $138.2 million, increasing 24.5% compared to the prior year period.
• Total Revenue -- $361.1 million, a 35.9% increase reflecting the earning of premiums from previously acquired Citizens policies.
• Diluted EPS -- $1.09, increasing 37.3% from $0.79 in the third quarter of 2025.
• Net Premiums Earned -- $333.3 million, growing 37.1% due to the expansion of the homeowners portfolio.
• Combined Ratio -- 59.3%, compared to 48.5% in the prior year period, primarily reflecting higher catastrophe losses.
• Accident Year Combined Ratio -- 54.4%, improving from 62.3% in the prior year when excluding catastrophe losses and reserve development.
• Loss Ratio -- 30.4%, compared to 13.7% in the prior year, driven by catastrophe events in Florida.
• Expense Ratio -- 28.9%, improving from 34.8% in the prior year due to scaling benefits and moderate operating expense growth.
• Catastrophe Losses -- $34.2 million, resulting from convective storms in Florida and representing a 10.3% catastrophe loss ratio.
• Accident Year Loss Ratio -- 25.5%, improving 200 basis points when excluding catastrophe losses and prior period development.
• Favorable Reserve Development -- $18 million, compared to $32.5 million in the prior year period.
• General and Administrative Expenses -- $48.8 million, increasing from $45 million in the prior year due to investments in personnel and technology.
• Total Invested Assets -- $849.8 million, consisting primarily of available-for-sale fixed maturity securities.
• Cash and Cash Equivalents -- $700.6 million as of Sept. 30, 2026.
• Credit Facility -- $1.07 billion, replacing a previous $530.4 million agreement to support strategic growth and M&A.
• Special Cash Dividend -- $1.50 per share, declared by the board of directors and payable on Nov. 30, 2026.
• Quarterly Cash Dividend -- $0.07 per share, payable to stockholders of record as of Nov. 23, 2026.
• Capital Returned to Shareholders -- $423.1 million, since the June 2025 initial public offering through dividends and buybacks.
• Share Repurchases -- $230.9 million, at an average weighted price of $17.28 per share since the IPO.
• Remaining Buyback Authorization -- $114.1 million, following no repurchases during the third quarter.
• Hurricane Isaias Retention -- $50 million, estimated pre-tax loss retention for the fourth quarter.
• Full-Year Gross Written Premium Guidance -- $1.9 billion to $1.95 billion, raised from the previous lower end of $1.85 billion.
• Full-Year Net Income Guidance -- $500 million to $520 million, increased from the previous range of $455 million to $470 million.
• Return on Equity -- 44.4% annualized, with full-year 2026 expectations exceeding 40%.

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RISKS

• Lucas warned that Hurricane Isaias made landfall near the Florida-Alabama border in October and stated, "we believe the hurricane will result in approximately $50 million of pre-tax retention," which will impact fourth-quarter results.
• Omiridis cautioned that in new expansion territories, "the ramp-up time... comes from the regulatory side. Sometimes ramp-up can take a little bit longer than expected."

SUMMARY

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) reported a 35.9% increase in total revenue for the third quarter, driven by organic growth in voluntary sales and expansion into new geographic markets. Management announced a special dividend of $1.50 per share and increased its full-year 2026 guidance for net income and gross written premiums. The company reported a 200 basis point improvement in its accident year loss ratio, excluding catastrophe losses, which it attributed to underwriting discipline and favorable loss experience. The company also secured a $1.07 billion credit facility to provide capital flexibility for potential strategic acquisitions and continued expansion outside of Florida.

• The company entered the Texas residential market during the quarter and continues to ramp up its California residential property E&S program launched in May.
• CEO Lucas stated, "I believe that we will continue to be the market leader for the foreseeable future," while noting the company's ability to generate net income and free cash flow.
• Management noted that the progression of net premiums earned varies based on the timing and volume of Citizens depopulations.
• The organization expects expense ratios to stabilize around 28.5% to 29% for the full year as it achieves further scale.
• Management reported seeing an uptick in M&A activity across the coastal specialty sector and indicated the company is prepared to act on accretive opportunities.
• CEO Lucas noted that Hurricane Isaias was minor by historical standards and management expects the storm to have a negligible impact on industry reinsurance pricing.

INDUSTRY GLOSSARY

• Gross Written Premiums (GWP): The total amount of premiums for all insurance policies issued by a company during a specific period.
• Combined Ratio: A measure of underwriting profitability calculated by dividing the sum of losses and expenses by earned premiums; a ratio below 100% indicates profit.
• Citizens Depopulation: The process by which private insurance companies assume policies from Florida's state-backed Citizens Property Insurance Corporation.
• Excess and Surplus (E&S): A specialized segment of the insurance market that covers high-risk or unique properties not typically served by standard insurers.
• Accident Year Loss Ratio: A non-GAAP metric that measures losses on claims occurring within a specific year, excluding catastrophe losses and adjustments from prior periods.
• Catastrophe Retention: The specific dollar amount an insurer must pay on its own for a single event before its reinsurance coverage begins to pay.

Full Conference Call Transcript

Operator: Greetings, and welcome to the Slide Insurance third quarter 2026 earnings call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I will now turn it over to Slide.

Garrett Edson: Thank you, and good morning. With us today are your hosts, Bruce Lucas, Chairman and Chief Executive Officer of Slide, and Andy Omiridis, Chief Financial Officer. By now, everyone should have access to our earnings release, which was published yesterday after the market closed and can be found on our website at ir.slideinsurance.com. Before we begin our formal remarks, I need to remind everyone that part of our discussion today may include forward-looking statements, which are based on the expectations, estimates, and projections of management regarding the company's future performance, anticipated events or trends, and other matters that are not historical fact.

The forward-looking statements in our discussion are subject to various assumptions, risks, uncertainties, and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statement. These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer all of you to our earnings release and recent filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results and financial condition of Slide.

Our statements are as of today, October 28, 2026, and we undertake no obligation to update any forward-looking statements we may make except as required by law. In addition, this call is being webcast and an archived version will be available shortly after the call ends on the investor relations portion of the company's website at www.slideinsurance.com. With that, I'd now like to turn the call over to our founder, chairman, and CEO, Bruce Lucas. Please go ahead.

Bruce Lucas: Thank you, and welcome to our third quarter 2026 earnings call. Once again, we executed at a high level this quarter, reinforcing the strength of our tech-enabled model and its ability to produce industry-leading top and bottom-line results. For the quarter, we grew gross written premiums by 9% year-over-year to $506.6 million, driven by continued growth in voluntary sales and the early contributions from our expansion markets. In addition to our top-line growth, Slide grew net income by 25% year-over-year to $138.2 million, with diluted earnings per share of $1.09. Third quarter return on equity was approximately 11%, which equates to an approximate annualized return of 44%. Our combined ratio was 59.3%, reflecting continued underwriting discipline even with catastrophe losses.

On an accident year ex-catastrophe basis, our combined ratio was an outstanding 54.4%. Our third quarter results provide further testament to our ability to deliver meaningful value creation to our shareholders. We continue to make meaningful progress in expanding our footprint. California continues to ramp up following our May launch of the residential property E&S program, and we expect to accelerate growth there through the remainder of the year and into 2027. We also began writing residential business in Texas this quarter and remain on track to roll out New York and New Jersey in the coming quarters.

Our expansion outside of Florida further reflects the scalability of our platform and our ability to identify and act on attractive opportunities where we believe we can produce significant growth coupled with attractive returns. We remain confident in our ability to execute on our diversified growth strategy, creating long-term value for our shareholders. We have built our program around one of the strongest balance sheets in the sector, giving us the financial flexibility to pursue this kind of expansion. In October, we closed a $1.1 billion credit facility, the largest facility ever issued to a coastal property insurer, which further enhances our capital flexibility to fund accretive growth opportunities.

We see a shift in the market taking place and are excited about the ability to move quickly should the right opportunity arise. Turning to capital management, we continued our disciplined approach to returning capital to shareholders. In addition to our regular quarterly cash dividend of $0.07 per share, I am pleased to announce that our board of directors has approved a special cash dividend of $1.50 per share. This decision reflects the consistency and durability of our earnings power, the strength of our free cash flow generation, and the robust capital position we have built. The special dividend complements our share repurchase program and regular dividend, underscoring our confidence in the long-term trajectory of the business.

There are several reasons why I believe a special dividend is warranted at this time. First and foremost, I have a high degree of confidence in our business model and growth initiative. Slide's ability to generate net income and free cash flow is unmatched in the coastal specialty market, and I believe that we will continue to be the market leader for the foreseeable future. The board has carefully reached the decision to issue a special dividend because the company continues to outperform virtually every financial metric, generating capital in excess of what is needed to fund our growth initiatives.

I am always looking for ways to enhance shareholder return, and to date, that has been in the form of share repurchases and dividends. Since our IPO in June of 2025, Slide has returned approximately $423.1 million in capital to our shareholders. Slide repurchased $230.9 million of stock at an average weighted price of $17.28 a share, which equates to an approximate return on investment of 56.8%. Slide has also paid approximately $192.2 million in dividends, which translates to a yield in excess of 5%. We will continue to use our capital thoughtfully to enhance future shareholder returns, and I strongly believe that both of our initiatives are accretive to our forward ROE.

In the fourth quarter, Hurricane Isaias made landfall near the Florida, Alabama state line as a Category 2 hurricane. Our thoughts are with all of our impacted policyholders, and we are here for them in their time of need. Slide is not heavily concentrated in the Florida Panhandle, and we do not expect the storm to generate significant retention losses. It is too early to state the exact dollar amount of the retention, but we believe the hurricane will result in approximately $50 million of pre-tax retention.

Despite the hurricane, we believe Slide will end the year with over $500 million of net income, which translates into an annual ROE in excess of 40% for 2026, marking the fourth consecutive year of annual ROEs above 40%. Finally, our results this quarter reflect the dedicated work of our entire team. I want to thank all of our employees for their relentless effort and the important role they play in Slide's performance. I'm proud of what we're accomplishing together, and I appreciate all of you. Thank you for your continued support of Slide. With that, I'll now turn the call over to Andy Omiridis to provide some color on our third quarter results.

Andy Omiridis: Thank you, Bruce, and good morning, everyone. For the third quarter, net income increased 24.5% to $138.2 million, compared with $111 million in the prior year period, resulting in diluted earnings per share of $1.09. Our results demonstrate the continued strength of our earnings profile, supported by sustained top-line growth and disciplined expense management. Gross written premiums increased 9.3% to $506.5 million, compared with $463.4 million in the third quarter of 2025. Growth was driven by continued momentum in voluntary new business, including expansion into new states as well as policy retention. Total revenue increased 35.9% to $361.1 million, compared with $265.7 million in the prior year period.

Net premiums earned grew 37.1% to $333.3 million, compared with $243.1 million, reflecting the continued earning of premiums generated by our expanding portfolio. As a reminder, the quarterly progression of net premiums earned is not necessarily linear, given the timing and volume of Citizens depopulations completed in prior periods and their respective positions within the policy earning cycle. Turning to our underwriting performance. Net losses and loss adjustment expenses totaled $101.3 million during the quarter, including $34.2 million of catastrophe losses associated with convective storms in Florida. These losses represented 10.3% catastrophe loss ratio compared with no catastrophe loss ratio in the prior year quarter.

We also recognized $18 million of favorable prior period reserve development compared with $32.5 million in the prior year period. Importantly, our accident year loss ratio, excluding catastrophe losses and prior period reserve development, improved to 25.5% from 27.5% in the prior year quarter. This 200 basis point improvement reflects favorable underlying loss experience and the continued effectiveness of our disciplined underwriting approach. Policy acquisition and other underwriting expenses increased to $46.2 million, compared with $36.4 million in the prior year period, primarily reflecting higher acquisition costs associated with our growth.

General and administrative expenses totaled $48.8 million, compared with $45 million in the prior year quarter, primarily reflecting investments in personnel and infrastructure to support our continued growth and geographic expansion. Despite these investments, we continue to realize meaningful operating leverage as our platform scales. Our expense ratio improved to 28.9%, compared with 34.8% in the prior year period, representing a 590 basis point improvement. Our reported combined ratio was 59.3%, compared with 48.5% in the prior year quarter, primarily reflecting higher catastrophe losses, partially offset by improved operating leverage and lower underwriting loss experience.

More importantly, our accident year combined ratio, excluding catastrophe losses and prior period reserve development, improved to 54.4%, compared with 62.3% in the prior year period. Turning to our balance sheet and capital position. As of September 30th, 2026, we held $700.6 million in cash and cash equivalents and $849.8 million in total invested assets, consisting primarily of available-for-sale fixed maturity securities. Our strong liquidity position and continued earnings generation provide substantial financial flexibility to support our strategic priorities. Turning to capital management, as Bruce mentioned, during the quarter, we successfully closed a $1.1 billion credit facility, replacing our previous credit agreement and significantly enhancing our financial flexibility.

This financing represents an important milestone in Slide's continued evolution, providing additional capacity to support strategic growth opportunities while further strengthening our capital management capabilities. Importantly, our capital management strategy remains balanced and disciplined. We are committed to delivering meaningful shareholder returns while maintaining the financial flexibility to pursue attractive organic and inorganic growth opportunities. Turning to our updated full-year 2026 outlook. Given our strong year-to-date performance and continued momentum across the business, we are pleased to raise the lower end of our full-year gross written premium guidance. We now expect gross written premiums of $1.9 billion-$1.95 billion, compared with our previous guidance of $1.85 billion-$1.95 billion.

This upward revision reflects our confidence in the underlying trajectory of the business, with continued premium growth expected to be driven primarily by sustained organic expansion, including voluntary new business production, geographic diversification, and ongoing execution of our growth strategy. We also now expect to deliver full-year net income between $500 million and $520 million, compared to our prior range of between $455 million and $470 million, which result in a full-year return on equity above 40%. Our full-year net income expectations are inclusive of up to $50 million of expected pre-tax losses related to Hurricane Isaias. Thank you for your time. Operator, we now are ready to open the line for questions.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment please while we pull for questions. The first question is from Alex Scott from Barclays. Please go ahead.

Alex Scott: Hi. Good morning. This is for Olive. Maybe just first a question on the hurricane. Can you help us unpack the roughly $50 million of estimated pre-tax losses? What drove the magnitude of the loss, and how should we think about your underlying exposure to the effect of the?

Bruce Lucas: Yeah, absolutely. Isaias hit in a very low populated area of Florida. It is just east of the Alabama-Florida state line. We have a very small concentration up there. We do have some commercial residential business up there. We do have affected policy holders. It is way too early to understand the magnitude of the storm, but everything we do here is extremely conservative from a reserve philosophy. So we took a very conservative $50 million pre-tax loss to just message the market. But at this time, it is impossible to tell if it is going to be 50 or a number below that.

In terms of what drove the loss, it is a hurricane, and houses get impacted and get damaged, and this is pretty routine in Florida. So, this was a pretty minor one by all accounts. I do not think this is a real industry-moving event. It was, I do not want to say a nothing burger, but it was, in terms of a hurricane, it was pretty minuscule.

Alex Scott: Okay. That's helpful. Thank you. Just second, can you discuss how you're thinking about the $1 billion or over $1 billion available credit capacity? To what extent could that be to support organic growth versus capital deployment shareholders or other?

Bruce Lucas: Well, we could use the credit facility for just general corporate purposes. It is designed to be very flexible. We can use it in a number of ways, but one of the primary reasons for the credit facility is to pursue ex-Florida growth and potentially strategic M&A.

Alex Scott: Okay. Thank you. That's helpful.

Operator: The next question is from Tommy McJoynt from KBW. Please go ahead.

Tommy McJoynt: Hey, good morning. Thanks for taking our questions. The first one is sort of a modeling one, and it is around the operating leverage on the expense side, and specifically looking at the G&A line on the income statement. It looks like you guys got some nice operating leverage there in the third quarter with it coming down sequentially. I was surprised to see that QoQ step down, and frankly, it being barely up year-over-year. Was there anything unusual in the third quarter, and going forward, would you expect that to continue to increase as you expand into other states and have some build-out costs associated with that?

Bruce Lucas: Yeah. I will just say that we are extremely cost-conscious on all of our spend here at Slide. I do not like to waste money, and so we run a pretty tight ship. In terms of the G&A ratio and the fact that it is coming down, it really reflects the fact that we invested in prior quarters into technology, our staffing, et cetera, for this multi-state expansion. So some of those expenses kind of get front-loaded, and then as you grow your top line GWP, those numbers start to come down some. So it just kind of reflects the seasonality or where we are in the business cycle.

As we go forward, I would think that this is a pretty consistent number. I do not know, Andy, if you have any opinion.

Andy Omiridis: Yeah, I totally agree with Bruce. I think what you are seeing is the organization scale up, and as you know, there are always expenses that are front-loaded. We assume that as we achieve scale, that we should start to flatten out the expense ratios.

Bruce Lucas: Yeah.

Andy Omiridis: Therefore, it will be favorable moving forward. I think we have given guidance as far as that we assume to be around the 29, maybe a 28.5 for the year, but I think that is the right run rate for us.

Bruce Lucas: Yep.

Tommy McJoynt: Okay, got it. Thanks for that color. As you started thinking about the top-line growth opportunity into 2027, do you have some early sort of indications or milestones that you'd look for in terms of the size of your growth, both in Florida and on an ex-Florida basis, relative to your premium dollar size this year, which looks like it's going to be about $2 billion. What would be considered a good growth year in 2027 relative to the size of the book this year?

Andy Omiridis: I think consistent with this year. I think right now, if we look at where we're sitting today, we're roughly around 8% or 9%. I think with the new markets, we like to be conservative because we want to make sure that we deliver what we commit to. I think at a minimum, we should see 8%-9% and then probably layer something in for the new territories. Again, Tommy, the only thing with the new territories is the ramp-up time, which comes from the regulatory side. Sometimes ramp-up can take a little bit longer than expected. I would assume probably an 8%-9% growth rate for the next year as we're trending for this year.

Tommy McJoynt: Thank you.

Operator: As a reminder, to ask a question, please press star one. The next question is from Paul Newsome from Piper Sandler. Please go ahead.

Paul Newsome: Just a quick follow-up to that thought on growth next year. If you could maybe talk a little bit more about the timeline that as we roll out these states, I would expect the 8%-9% necessarily isn't quarter by quarter by quarter. Should we expect an acceleration of growth as we get through the year because of what's happening from a distribution perspective? I think, on top of that, maybe what's going on with some of those Citizens depopulations too. Just obviously not quarter-by-quarter guidance, but just in general, how do you think that evolution will happen over the course of the year?

Andy Omiridis: First of all, Paul, it's good to hear from you. I would consider it to be more back-end loaded. In other words, I think you'll see Q1 to be a fairly decent quarter. All the quarters are assumed as we're starting our planning process right now to be, and we can talk about it later after we're done our planning process. But when we look at the 8% or 9%, it is back-end loaded next year because the quarters aren't linear. As these states ramp up, we're waiting to hear about New York. New York will then require a bit of a ramp-up. There's attributes that I just think it's more back-end loaded for next year.

Bruce Lucas: Yeah, you have to also remember that we're out in market buying our catastrophe reinsurance program, and that actually starts for us early February. At that point, we have to get projections out to 9/30, and you don't want to blow through your projections. Reinsurers don't like it. It can be very expensive on a true-up. We're going to have meaningful growth throughout the year that we're going to model into our projections. But there is a ramp-up cycle. There's a reinsurance allocation that has to be done. But I do think that if I were to say what half of the year is going to be more robust, it's probably the second half.

Paul Newsome: That makes sense. How sensitive are you think the growth expectations as well to the current market environment? Lots of conversation about competition both in and ex-Florida, and so any thoughts on what you think is going to happen with the competitive environment and how you're structuring your business around it?

Bruce Lucas: Sure. There's competition everywhere. That just never seems to change. Been doing this for about 15 years, I'm going to say there's always been robust competition everywhere I've launched a state. We're not seeing anything that's outsized or problematic or big headwinds. What we see is a tremendous amount of opportunity still. As we launch new products, new states, we've done our research there and the team has a lot of experience. We have a pretty good idea where our products are going to land and how competitive they're going to be. We're pretty bullish on what we see. As we expand our footprint ex-Florida, we're picking up reinsurance synergies along the way that help fuel that expansion model.

Right now, I'd say we're pretty bullish. I'm not seeing anything that's really changed over the last two, three quarters.

Paul Newsome: Great. Thank you, folks. Appreciate the help.

Bruce Lucas: Thanks, Paul.

Operator: The next question is from Randy Binner from Texas Capital. Please go ahead.

Randy Binner: Hey, thanks. Good morning. Yeah, the eight to nine seems better than expected, so glad to hear you're still competitive in the Florida market. Bruce Lucas, you said something in your comments about kind of a shift in the market, and you also mentioned strategic M&A. Are those two things related, and can you elaborate on kind of what you're seeing with the shift in the market and obviously a lot more flexibility with the new credit facility?

Bruce Lucas: Yeah. I think the market shift that we're seeing is kind of driven by forward reinsurance price expectations, and I won't comment on what that will look like. But I don't think Isaias is going to move the needle on reinsurance pricing at all. For example, Slide will not even see a loss to our reinsurance panel. So I do think that is bullish for the future. It's bullish for growth. It allows us to take on more capacity on the underwriting side because our reinsurance costs aren't going to be in a place where they're volatile next year. That's one big one.

The other thing I'll note on the M&A and kind of part of our thinking around the credit facility is get it in place in case there's a good M&A transaction. We have seen an uptick in M&A activity. Whether these are publicly traded, privately traded, we've seen it kind of across the board. I do think that there is M&A activity out there that could be promising. But again, it comes down to the right price. I've done arguably more M&A than anybody in the coastal specialty sector over my career. Never done a bad deal. I've never lost money.

So you have to be disciplined on the price side, and as long as that's there, I think that there is a good prospect for something transformative into 2027.

Randy Binner: Okay, great. Thank you. I just had a detailed question about the model, or really, your tax rate, and it was a little bit lower than we expected this quarter. I think we've been using kind of a mid-20 tax rate, so 20% rather. Is that the right tax rate to use going forward? Is there going to be a true-up for this lower tax rate in the fourth quarter? Just curious how that is going to extend out more into 2027.

Andy Omiridis: I think it's a great question, Randy. First of all, good morning to you. We have put together a tax strategy, and we do assume that our ETR was 24.5 when we started the year. It is now effectively around 21.5. We assume that we'll stay around 21.5-22 with the tax strategy that we have put in place. We consider that, and we're always going to strive to do better, but I think we can sustain the 21.5-22 ETR, effective tax rate moving forward.

Randy Binner: Okay. Thanks, Andy. Was there a reason why it was lower in the current quarter?

Andy Omiridis: Well, it was the catch-up. In other words, the 21.5 that we have right now, in order to smooth out, because remember, taxes are year-to-date. It's a 14 for the quarter to true up, but 21.5 is the ETR.

Randy Binner: Got it.

Andy Omiridis: Year-to-date.

Randy Binner: Okay, perfect. I'll leave it there. Thanks.

Bruce Lucas: Great. Thanks, Randy.

Operator: There are no further questions at this time. I'd like to turn the floor back over to Bruce Lucas for closing comments.

Bruce Lucas: I would like to thank everyone for joining our third quarter 2026 earnings call.

Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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