(Bloomberg) --Slide Insurance Holdings Inc. filed for an initial public offering, positioning the specialty insurer to tap into the recent success of similar listings in an otherwise slow market for company debuts.
The underwriter of single-family home and condominium policies in Florida and South Carolina reported net income of $92.5 million on total revenue of $281.6 million in the three months ended March 31, compared with net income of $54.7 million on revenue of $199.1 million a year earlier, according to its filing Friday with the US Securities and Exchange Commission.
Slide was co-founded in 2021 by the husband and wife team of Bruce and Shannon Lucas. Bruce Lucas, who previously founded and led Heritage Insurance Holdings Inc., is Slide's chief executive officer, while Shannon Lucas, the former CEO of risk consulting firm Securus Risk Management LLC, is the company's chief operating officer and chief risk officer.
Together they own 47.7% of Slide's shares outstanding prior to offering, which will include a partial sell-down by existing shareholders, according to the filing.
The filing positions Slide to begin a roadshow as early as next month. It follows the debut earlier this month of American Integrity Insurance Group Inc., whose shares have risen 3.4% since its $126.5 million IPO.
Both companies are headquartered in Tampa, Florida and are heavily exposed to the hurricane-prone Florida property market. As of the end of last year, 99.5% of Slide's policies were concentrated in Florida, the filing shows.
The company targets coastal zones with high population density and low underwriting capacity, according to the filing.
Barclays Plc and Morgan Stanley are leading the Slide offering. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol SLDE.
