Key Highlights

  • Slide Insurance reported third quarter gross premiums written of USD 506.6 million, up 9.3% year over year.
  • Net income grew 24.5% to USD 138.2 million, with diluted earnings per share of USD 1.09, up 37.3%.
  • The combined ratio was 59.3%, compared with 48.5% a year earlier, reflecting higher catastrophe losses during the quarter.
  • The company raised full year 2026 net income guidance to a range of USD 500 million to USD 520 million.

Premium Growth Continues Alongside Higher Catastrophe Losses

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) reported third quarter gross premiums written of USD 506.6 million, up 9.3% from USD 463.4 million a year earlier, driven by growth in voluntary new business, renewals of previously acquired Citizens policies, and contributions from new state launches. Net premiums earned grew 37.1% to USD 333.3 million, while total revenue increased 35.9% to USD 361.1 million.

Net income grew 24.5% to USD 138.2 million, with diluted earnings per share increasing 37.3% to USD 1.09, compared with USD 0.79 a year earlier. The combined ratio was 59.3%, compared with 48.5% in the prior year period, primarily reflecting higher catastrophe losses during the quarter, partially offset by improved operating leverage.

Capital Return and Financing Actions

The board of directors declared a one-time special dividend of USD 1.50 per share, which the company said reflects the continued strong performance of its book of business, approaching USD 2 billion in size. The company also closed a new USD 1.07 billion credit facility, providing additional flexibility to act on opportunities accretive to shareholders.

Return on equity for the quarter was 11.1%, compared with 12.1% a year earlier, with annualized return on equity at 44.4%. These capital actions, alongside continued premium growth, reflect the company's stated strategy of balancing growth investment with shareholder returns.

Geographic Expansion and Raised Guidance

The company made progress writing residential excess and surplus lines policies in California and expanding its homeowners solutions in South Carolina and Rhode Island. Earlier in October, the company began writing residential business in Texas, further extending its geographic footprint beyond its core Florida market.

The company raised its full year 2026 net income guidance to a range of USD 500 million to USD 520 million, up from a prior range of USD 455 million to USD 470 million, which would result in return on equity above 40% for the full year. The updated range includes up to USD 50 million of pre-tax losses related to Hurricane Isaias expected in the fourth quarter.

Expansion and Guidance Metrics to Track

Progress on the new state launches in Texas, California, South Carolina and Rhode Island, the combined ratio trajectory relative to the 59.3% reported this quarter, and full year net income relative to the raised USD 500 million to USD 520 million guidance range, inclusive of anticipated Hurricane Isaias losses, are among the items the company has flagged for investors.