Home insurance startup Slide to take over 72,000 UPC policies [South Florida Sun-Sentinel]
The announcement by Slide comes nearly a year after the company took over 147,000
Slide’s agreement to take over the UPC policies was authorized in a consent order signed Tuesday by
Under terms of the transaction, the company will cancel the 72,000 policies effective
Transferred policyholders will have 30 days to reject the short-term coverage from Slide, according to the consent order.
As part of the consent agreement with the
UPC has about 116,000 policies in
Headquartered in
Slide, based in
State legislators questioned why the deal was not subjected to Citizens’ usual approval process and asked whether Heritage benefited from political contributions made to Gov.
Last year, top private market insurance officials said they were taken by surprise when Lucas and Slide announced approval by the
As part of that deal, Slide was allotted
CEOs of two companies —
On Wednesday, insurance insiders said the latest deal was different. First, Slide didn’t get
In addition, even as it’s in an “orderly runoff,” UPC hasn’t been taken over by the state. Its leaders have every right to strike a deal with Slide.
Finally, the company’s financial troubles have been well known for weeks, unlike St. Johns, whose insolvency was made public at the same time as the Slide acquisition.
“This was very transparent in the sense that any company could look at the UPC data and make whatever decision they wanted to,” Burt said by email Wednesday. “We looked at the data and decided not to pursue a renewal rights transaction.”
He added, “When one company can offer a “soft landing” to another carrier’s customers in need of coverage, the marketplace has done its job.”
According to its news release, Slide’s future is bright. In just over a year, the company raised
As an “insurtech” company, “Slide’s cutting edge technology leverages artificial intelligence and big data to hyper-personalize, optimize and streamline every part of the insurance process,” the release states.
The release also said that Slide is the “first
©2023 South Florida Sun-Sentinel. Visit sun-sentinel.com. Distributed by Tribune Content Agency, LLC.
House recommends Medicaid expansion stay, but with concerns
New Findings in Insurance Described from State University of New York (SUNY) Albany (Does Public Policy Affect Attitudes? Evidence From Age-based Health Insurance Coverage Policies In the United States): Insurance
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News