Tampa, Florida: Slide Insurance Holdings (NASDAQ:SLDE) today announced its entry into the California residential property insurance market through its surplus and excess lines program, according to a press release.
The company issued its first policy in California at a time when many major insurers have scaled back their presence or exited the state, leaving homeowners with canceled policies and limited coverage options.
"We are proud of our successful entry into the California market, in line with our strategic timeline," said Bruce Lucas, Slide Chairman and CEO. "This milestone reflects our disciplined approach to expansion and our ability to bring much-needed capacity to underserved markets."
The company's expansion comes from a position of financial strength, with a market capitalization of $2.13 billion and revenue growth of 36.00% over the past twelve months. According to InvestingPro analysis, SLDE stock appears to be undervalued at current levels, trading below its fair value. Investors can access detailed analysis through SLDE’s comprehensive professional research report, available alongside reports on over 1,400 U.S. stocks.
The company will offer coverage to California homeowners and landlords through its Catastrophe Markets Underwriting Program.
Slide Specialty Insurance operates as a surplus line insurer and is not licensed or authorized by the California Department of Insurance. California risk insurance coverage is available only through a properly licensed surplus line broker in California and is subject to the policy’s terms, conditions, limitations, exclusions, and underwriting approvals.
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