WEST PALM BEACH, Fla. — Displaced policyholders of Farmers Insurance in Florida may soon be getting offers from Slide Insurance, which announced they acquired renewal rights for 86,000 Farmers policies.
“This is an offer. They’re free to take it. They’re free to reject it,” Slide CEO Bruce Lucas said. “It gives them an option at a time when most consumers cannot find options.”
Farmers announced over the summer they were pulling out of the Florida market due to risk exposure from hurricanes.
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“The fact that Slide is picking up 86,000 policyholders is great news for those who were getting dumped by Farmers,” Florida CFO Jimmy Patronis was quoted in a Slide news release.
Slide Insurance is a Tampa-based company that started three years ago and has an A financial rating.
“Florida is my backyard, and I live here. My family is here. I’ve run Florida-based insurance companies since 2012, so I know the market very well,” Lucas said.
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Slide, he said, has grown into one of the largest insurance companies in Florida, and he’s willing to write policies even in high-risk weather areas like South Florida, but he admits other forces like inflation are influencing rates.
“Home values go up. Your premium goes up because we’re giving you more coverage,” Lucas said. “But on the whole, I think that we are in a unique position to offer really affordable solutions to Florida homeowners.”
