Slide Insurance Holdings, Inc.

Greetings and welcome to the Slide Insurance fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to hand the floor over to the Slide team to begin.

Thank you and good morning. With us today are your hosts, Bruce Lucas, Chairman and Chief Executive Officer of Slide, and Andy Omarides, Chief Financial Officer. By now, everyone should have access to our earnings release, which was published yesterday after the market closed and can be found on our website at ir.slideinsurance.com. Before we begin our formal remarks, I need to remind everyone that part of our discussion today may include forelooking statements, which are based on the expectations, estimates, and projections of management regarding the company's future performance, anticipated events, or trends, and other matters that are not historical facts. Forward-looking statements in our discussion are subject to various assumptions, risks, uncertainties, and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These statements are not guarantees of future performance and, therefore, under-reliance should not be placed upon them. We refer all of you to our earnings release and recent filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results and financial condition of SLIDE. Our statements are as of today, February 25, 2026, and we undertake no obligation to update any forward-looking statements we may make except as required by law. In addition, this call is being webcast, and an archived version will be available shortly after the call ends on the investor relations portion of the company's website at www.slideinsurance.com. With that, I'd now like to turn the call over to Chairman and CEO, Bruce Lucas. Please go ahead.

Thank you and welcome to our fourth quarter 2025 earnings call. We appreciate your continued interest in Slide and are excited to be speaking with you today. 2025 was a significant year for Slide. We took the company public and continued to demonstrate the ability of our tech-enabled coastal specialty focus to deliver the best top and bottom line performance in our sector, and we believe the best is yet to come. We closed out the year with another industry-leading performance. We delivered fourth quarter results that materially outpaced our prior guidance for gross premiums written and net income, primarily as a result of higher voluntary sales, better retention ratios, favorable loss development, and assumption activity from citizens' insurance. Our voluntary sales in the fourth quarter showed strong performance once again, and we believe the trend for year-over-year higher top-line growth will persist in 2026. For the quarter, we meaningfully accelerated our gross premiums written, which increased by 57% year-over-year to $618 million. We were opportunistic with respect to the ongoing citizens depopulation and assumed a significant number of policies in the quarter, driving another strong top-line performance. Our vast data set and technology-enabled underwriting approach allows us to find policies and citizens with very attractive return characteristics. We expect to continue to be opportunistic with respect to citizens depopulation efforts in 2026, albeit at a lesser level as we believe there will be fewer policies that meet our criteria to assume. However, we expect to grow our gross premiums written in 2026 year-over-year as a result of higher policy retentions, higher voluntary sales, and the launch of new states in the Northeast in California. In addition to our strong top line results, Slide produced $170 million in net income in the quarter, more than doubling the $75 million in the prior year quarter, which represents yet another quarterly record for Slide. Along with net income, fourth quarter return on equity was once again strong at 16.4% in the quarter. For 2025, Slide produced a 57.4% return on equity notwithstanding the substantial capital raise in the second quarter from our initial public offering. Meanwhile, our conservative approach to underwriting and reserving continues to lead to best-in-class margins with a quarterly combined ratio of 38% versus 60.9% in the prior year period. Quite simply, our fourth quarter and full year 2025 performance was once again clear evidence of the power of the slide business model. Our long-term value proposition continues to deliver excellent earnings and attractive returns on equity, creating long-term shareholder value. All of these accomplishments provide us with significant momentum as we progress through 2026. We have carefully and thoughtfully created a high-momentum coastal specialty insurer as evidenced by our industry-leading performance, and we have the strongest balance sheet in the coastal specialty sector. Slide is the only coastal specialty insurer to surpass $1 billion in book value, ending the year at just over $1.1 billion, along with $2.9 billion of assets, only 2.9% debt-to-capital ratio, and over $1.2 billion in cash and cash equivalents. Our superior balance sheet and future earnings give Slide ample capital to scale faster than its peers, which is a tremendous market advantage. We intend to use our balance sheet and profitability to further expand our geographic footprint in 2026. We have successfully established ourselves in Florida and South Carolina, but as previously mentioned, it is time to pivot toward growing our operations and bringing our unique skill set to other catastrophe-exposed markets. To that end, we continue to produce strong voluntary sales in South Carolina during the fourth quarter, and we believe this trend will continue through 2026. Importantly, we remain on track, pending final regulatory approval, to begin writing bi-parallel tailored policies in New York and New Jersey in the first half of 2026, Rhode Island in the second half of 2026, and we expect to launch an excess and surplus product in California in the next 30 to 60 days. As we diversify into these new geographies, we will utilize our decades of experience and our proprietary PROCAST technology to underwrite policies that enhance our portfolio, manage our concentration of risk and our reinsurance expense, all while optimizing profitability. We expect to expand thoughtfully in these new states using our large data set and balance sheet to generate growth and enhance bottom line results. We have achieved extraordinary growth from our startup origins, far exceeding our expectations. Since Slides launched in 2022, we have produced the best top and bottom line results of any coastal carrier in my career. Since 2022, we have achieved a 55% compounded annual growth rate in gross premiums written while delivering a 7,399% compounded annual growth rate in net income. Our track record is unmatched in the industry, but we are not resting on our prior success. We believe that there is a tremendous long-term opportunity ahead of us, and our results to date have positioned us to successfully continue on this trend moving forward. We're poised for continued growth in 2026, With double-digit increases in policies in force and gross written premiums in our expanding footprint outside of Florida, our strategic diversification will establish Slide as a leader across multiple regions in catastrophe-exposed homeowners insurance, fueling our growth engine for years to come and delivering sustained long-term success and shareholder value. In the fourth quarter, we repurchased $20 million in equity at an average price of $16.38 a share. On our prior earnings call, I noted that SLIDE's earnings and balance sheet growth are substantially outpacing our prior estimates, and this trend accelerated in the fourth quarter as evidenced by $170 million in net income in the quarter versus our guidance of $115 to $125 million. I expect our earnings to be on a strong upward trend through 2026, and we will deploy excess capital in a manner that increases shareholder value. At current trading levels, I fully expect to opportunistically repurchase our stock throughout 2026 as the company has more than enough capital to meet our business plan for growth while retiring undervalued common stock. There are several reasons why we intend to continue our share of repurchases in 2026. First, as mentioned, SLIDE is an abundance of capital at its disposal, and the earnings power of the business is significantly outpacing our prior estimates. We expect that 2026 will produce gross written premiums in the range of $1.85 to $1.95 billion and after-tax net income between $455 and $470 million. As of yesterday's closing price, SLIDE is trading at less than two times book value and a sub-five trailing PE ratio, despite producing a 57 percent return on equity in the prior year. Our current forward PE ratio for 2026 is similar to our trailing metrics. At these levels, it is very accretive for Slide to retire common stock that is undervalued until a more normalized valuation is reflected in our share price. Our incredible success is a team effort, and I would be remiss if I did not thank all of our employees for their relentless efforts to make Slide into the company it is today. I am extremely proud to work with you and truly appreciate your sacrifice for our company. We appreciate your continued support of the slide, and with that, I'll now turn the call over to Andy Omeridis to provide some color on our excellent fourth quarter and full year 2025.