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SLDE, Slide Insurance Holdings Inc.
An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.
Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer.
We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~37 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Underwriting discipline and the float. What decides it: whether the combined ratio stays below 100% so the policies make money on their own, how large the float is against equity, and what that float earns once it is invested. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- The underwriting result is not cleanly tagged in the filings. Whether the discipline holds through a soft market, and how the float is invested, are what the 10-K decides.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Not enough dataIndustry peers: median 95%
What this means
Premiums or claims weren't found in the filing data.
- Return on equity 40%StrongNet income $444M ÷ equity $1.1BIndustry peers: median 11%
What this means
What it earns on shareholders' capital, the underwriting result plus what the float earns invested. Durably above the ~10% cost of equity is what compounds book value.
The float
- Float $1.1B1.0× equityNet reserves + unearned premiums − prepaid reinsurance − receivables − DAC = $1.1B
What this means
Money held against future claims and invested in the meantime. Buffett's insight was that good underwriting makes this float cost less than nothing, a pool of other people's money the owners earn on. The larger it is against equity, the more that leverage works, for better or worse.
- Investment income $66M6.0% on the floatNet investment income $66M, 6.0% on the float
What this means
What the float and capital earned this year. This is the second engine: an insurer that breaks even on underwriting still wins if the float is large and invested well.
The cost and the reserves
- Not enough data
What this means
Needs the full float arithmetic and a cleanly tagged underwriting total; a partial figure would mislead.
- Not enough data
What this means
Not disclosed in the filings' structured data — the absence is itself worth knowing on a business whose product is a promise.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership50.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$12M
The slice of the business handed to employees in shares in fiscal 2025, 1.0% of revenue, equal to 2.0% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Insurance reserves as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Insurance — Property & Casualty
The same industry, side by side on the underwriting lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Combined ratiomedian over the record | Loss ratiomedian over the record | Yield on floatmedian over the record | ROTCEmedian over the record |
|---|---|---|---|---|---|
| ROOTRoot Inc. | $1.5B | — | — | 3.7% | -62% |
| SKWDSkyward Specialty Insurance Group Inc. | $1.4B | 94% | — | 4.7% | 15% |
| SAFTSafety Insurance Group Inc. | $1.3B | 97% | 65% | 7.7% | 11% |
| SLDESlide Insurance Holdings Inc. | $1.2B | — | — | 5.2%2y | 44%2y |
| HCIHCI Group Inc. | $901M | 96% | 55% | 6.6% | 13% |
| EIGEmployers Holdings Inc | $879M | — | 57% | 5.1% | 11% |
| PLMRPalomar Holdings Inc. | $876M | 82% | 41%1y | 10.6% | 14% |
| HRTGHeritage Insurance Holdings Inc. | $847M | 93%1y | 58% | 3.9% | 12% |
| Group median | — | — | — | 5.1% | 13% |
The price
What a price has to assume.
What the price implies
reverse-DCFA bank / financial isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Manual order: ← SLB its page in the Manual SLDP →
Industry order: ← SKWD the Insurance — Property & Casualty chapter SPNT →