Third Quarter 2026
Filed Oct 27, 2026Gross premiums written grew 9.3% year-over-year to $506.6 million; net income increased 24.5% to $138.2 million; Slide raised its full-year 2026 outlook and declared a $1.50 per share special dividend.
Third-quarter premium, revenue and net-income growth remained strong, underwriting expenses grew more slowly than net premiums earned, and the company raised both gross written premium and net-income outlooks. Catastrophe losses increased the combined ratio and reduced quarterly return on equity versus the prior-year period.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gross premiums written, three months ended September 30, 2026other | $506.6M | – | 9.3% |
| Change in unearned premiums, three months ended September 30, 2026other | −$27.27M | – | – |
| Gross premiums earned, three months ended September 30, 2026other | $479.3M | – | – |
| Ceded premiums earned, three months ended September 30, 2026other | −$146.0M | – | – |
| Net premiums earned, three months ended September 30, 2026other | $333.3M | – | 37.1% |
| Net investment income, three months ended September 30, 2026GAAP | $23.84M | – | – |
| Policy fees, three months ended September 30, 2026GAAP | $3.15M | – | – |
| Other income, three months ended September 30, 2026GAAP | $713K | – | – |
| Total revenue, three months ended September 30, 2026GAAP | $361.1M | – | 35.9% |
| Losses and loss adjustment expenses incurred, net, three months ended September 30, 2026GAAP | $101.3M | – | – |
| Policy acquisition and other underwriting expenses, three months ended September 30, 2026GAAP | $46.2M | – | – |
| General and administrative expenses, three months ended September 30, 2026GAAP | $48.8M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | $1.59M | – | – |
| Depreciation expense, three months ended September 30, 2026GAAP | $1.36M | – | – |
| Amortization expense, three months ended September 30, 2026GAAP | $— | – | – |
| Total expenses, three months ended September 30, 2026GAAP | $199.3M | – | – |
| Net income before income tax expense, three months ended September 30, 2026GAAP | $161.7M | – | – |
| Income tax expense, three months ended September 30, 2026GAAP | $23.52M | – | – |
| Net income, three months ended September 30, 2026GAAP | $138.2M | – | 24.5% |
| Loss ratio, three months ended September 30, 2026other | 30.4% | – | – |
| Accident year loss ratio, three months ended September 30, 2026non-GAAP | 25.5% | – | – |
| Policy acquisition expense ratio, three months ended September 30, 2026other | 13.9% | – | – |
| Expense ratio, three months ended September 30, 2026other | 28.9% | – | – |
| Combined ratio, three months ended September 30, 2026other | 59.3% | – | – |
| Return on equity, three months ended September 30, 2026other | 11.1% | – | – |
| Weighted average shares outstanding, basic, three months ended September 30, 2026GAAP | 116.8M | – | – |
| Weighted average shares outstanding, diluted, three months ended September 30, 2026GAAP | 127.1M | – | – |
| Basic earnings per share, three months ended September 30, 2026GAAP | $1.18 | – | – |
| Diluted earnings per share, three months ended September 30, 2026GAAP | $1.09 | – | 37.3% |
| Gross premiums written, nine months ended September 30, 2026other | $1.43B | – | – |
| Change in unearned premiums, nine months ended September 30, 2026other | $17.00M | – | – |
| Gross premiums earned, nine months ended September 30, 2026other | $1.45B | – | – |
| Ceded premiums earned, nine months ended September 30, 2026other | −$386.5M | – | – |
| Net premiums earned, nine months ended September 30, 2026other | $1.06B | – | – |
| Net investment income, nine months ended September 30, 2026GAAP | $66.11M | – | – |
| Policy fees, nine months ended September 30, 2026GAAP | $9.13M | – | – |
| Other income, nine months ended September 30, 2026GAAP | $2.05M | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $1.14B | – | – |
| Losses and loss adjustment expenses incurred, net, nine months ended September 30, 2026GAAP | $321.1M | – | – |
| Policy acquisition and other underwriting expenses, nine months ended September 30, 2026GAAP | $132.6M | – | – |
| General and administrative expenses, nine months ended September 30, 2026GAAP | $150.0M | – | – |
| Interest expense, nine months ended September 30, 2026GAAP | $3.36M | – | – |
| Depreciation expense, nine months ended September 30, 2026GAAP | $4.03M | – | – |
| Amortization expense, nine months ended September 30, 2026GAAP | $99K | – | – |
| Total expenses, nine months ended September 30, 2026GAAP | $611.3M | – | – |
| Net income before income tax expense, nine months ended September 30, 2026GAAP | $525.9M | – | – |
| Income tax expense, nine months ended September 30, 2026GAAP | $113.3M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $412.6M | – | – |
| Loss ratio, nine months ended September 30, 2026other | 30.3% | – | – |
| Policy acquisition expense ratio, nine months ended September 30, 2026other | 12.5% | – | – |
| Expense ratio, nine months ended September 30, 2026other | 27.1% | – | – |
| Combined ratio, nine months ended September 30, 2026other | 57.4% | – | – |
| Return on equity, nine months ended September 30, 2026other | 34.2% | – | – |
| Weighted average shares outstanding, basic, nine months ended September 30, 2026GAAP | 118.5M | – | – |
| Weighted average shares outstanding, diluted, nine months ended September 30, 2026GAAP | 130.3M | – | – |
| Basic earnings per share, nine months ended September 30, 2026GAAP | $3.48 | – | – |
| Diluted earnings per share, nine months ended September 30, 2026GAAP | $3.17 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 outlook
- NoteGross written premiums: $1.90 billion to $1.95 billion
- NoteNet income: $500 million to $520 million
- NoteReturn on equity: above 40% for the full year
- NoteUpdated range is inclusive of up to $50 million of pre-tax losses related to Hurricane Isaias in the fourth quarter
Capital returns
- Quarterly cash dividend of $0.07 per share, payable on November 30, 2026, to stockholders of record as of November 23, 2026.
- One-time special dividend of $1.50 per share, payable on November 30, 2026, to stockholders of record as of November 23, 2026.
- Estimated $423.1 million returned to shareholders since the initial public offering in June 2025, consisting of $192.2 million in estimated quarterly and special dividends and $230.9 million in share repurchases.
- Share repurchases have generated a 56.8% return on investment as of October 21, 2026.
- The company did not repurchase any shares during the third quarter of 2026.
- $114.1 million remained available under the stock repurchase program.
What drove it
- Gross premiums written growth was driven by voluntary new business, renewals of previously acquired Citizens policies and contributions from new state launches.
- Growth in net premiums earned and total revenue was directly driven by earnings growth from the previous increase in voluntary homeowners and Citizens acquired policies.
- The company cited residential E&S policy writing in California, expanded homeowners solutions in South Carolina and Rhode Island, and a start of residential business writing in Texas earlier in October.
- The accident year loss ratio improved to 25.5% from 27.5% in the prior-year period.
- The expense ratio was 28.9%, compared with 34.8% in the prior-year period, reflecting scaling impact in net premium earned growth with more moderate operating expense growth.
Concerns
- Catastrophe losses were $34.2 million from convective storms in Florida during the quarter.
- The combined ratio increased to 59.3% from 48.5%, primarily reflecting catastrophe losses that were benign in the prior-year period.
- Quarterly return on equity declined to 11.1% from 12.1% in the prior-year period.
- General and administrative expenses increased to $48.8 million from $45.0 million, due primarily to increased staffing costs and technology supporting strategic growth initiatives.
- The updated full-year outlook includes up to $50 million of pre-tax losses related to Hurricane Isaias in the fourth quarter.
What to watch
- Fourth-quarter gross written premiums relative to the $1.90 billion to $1.95 billion full-year outlook.
- Fourth-quarter net income relative to the $500 million to $520 million full-year outlook, including Hurricane Isaias losses of up to $50 million pre-tax.
- The effect of catastrophe activity on the loss ratio and combined ratio.
- Execution of organic expansion outside Florida and selective opportunities within Florida that meet the company’s return threshold.
- Use of the new $1.07 billion credit facility for refinancing and growth initiatives.
Balance sheet and cash flow
- Cash and cash equivalents were $700,575 (in thousands) at September 30, 2026, compared with $1,201,210 (in thousands) at December 31, 2025.
- Restricted cash and cash equivalents were $798 (in thousands) and restricted cash and cash equivalents - variable interest entity were $1,015,713 (in thousands) at September 30, 2026.
- Total invested assets were $849,767 (in thousands) at September 30, 2026, compared with $593,720 (in thousands) at December 31, 2025.
- Total assets were $3,390,772 (in thousands) at September 30, 2026, compared with $2,918,465 (in thousands) at December 31, 2025.
- Long-term debt, net was $27,613 (in thousands) at September 30, 2026, compared with $33,687 (in thousands) at December 31, 2025.
- Total liabilities were $2,088,109 (in thousands) and total shareholders’ equity was $1,302,663 (in thousands) at September 30, 2026.
- On October 27, 2026, Slide entered into a new Credit Agreement providing a total credit facility of $1.07 billion, replacing its existing credit agreement of $530.4 million.
Analysis
Slide reported a strong third quarter, with gross premiums written increasing 9.3% to $506.6 million and total revenue increasing 35.9% to $361.1 million. Net premiums earned grew 37.1% to $333.3 million. The company attributed premium and revenue growth to voluntary new business, renewal of previously acquired Citizens policies, new state launches, and the earned-premium effect of earlier growth in voluntary homeowners and Citizens acquired policies.
Profitability remained substantial despite elevated catastrophe activity. Net income increased 24.5% to $138.2 million and diluted earnings per share increased 37.3% to $1.09. The quarter included $34.2 million of catastrophe losses from Florida convective storms and $18.0 million of favorable prior period reserve development. Those catastrophe losses lifted the loss ratio to 30.4% from 13.7% and the combined ratio to 59.3% from 48.5%, while the accident year loss ratio improved to 25.5% from 27.5%.
Expense leverage was a significant offset to higher losses. Policy acquisition and other underwriting expenses were $46.2 million versus $36.4 million, while general and administrative expenses were $48.8 million versus $45.0 million. The policy acquisition expense ratio declined to 13.9% from 15.0%, and the expense ratio declined to 28.9% from 34.8%. Quarterly return on equity was 11.1%, below 12.1% in the prior-year period, while annualized return on equity was 44.4%.
Capital allocation combined dividends, repurchase capacity and added financing flexibility. The board declared a quarterly cash dividend of $0.07 per share and a one-time special dividend of $1.50 per share. Slide cited estimated shareholder returns of $423.1 million since its June 2025 initial public offering, with no third-quarter repurchases and $114.1 million of remaining repurchase authorization. The new $1.07 billion credit facility replaces a $530.4 million facility and may support refinancing and growth initiatives.
Management raised the lower end of full-year gross written premium outlook to $1.90 billion to $1.95 billion from $1.85 billion to $1.95 billion, and raised net-income outlook to $500 million to $520 million from $455 million to $470 million. The updated range includes up to $50 million of pre-tax Hurricane Isaias losses in the fourth quarter. Management expects full-year return on equity above 40%, with growth led by sustained organic expansion, including double-digit increases outside Florida, along with selective growth within Florida.
Management, verbatim
We continued to build on our momentum in the third quarter, delivering another period of strong results and disciplined execution.
Bruce Lucas, Chairman and Chief Executive Officer of Slide
We achieved another quarter of double-digit growth on our bottom line while making solid progress with writing residential E&S policies in California and expanding our homeowners solutions in South Carolina and Rhode Island.
Bruce Lucas, Chairman and Chief Executive Officer of Slide
We believe our scalability and opportunity set will enable us to further execute on our diversified growth strategy and create long-term value for our shareholders.
Bruce Lucas, Chairman and Chief Executive Officer of Slide
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no actual-versus-prior-guidance comparison is included.
- Segment revenue was not reported.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Non-GAAP net income and non-GAAP earnings per share were not reported.
- Quarter-over-quarter comparisons were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.