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Investing.com -- Slide Insurance received bullish coverage from multiple brokerages this week, with analysts highlighting its profitability, use of proprietary data, and exposure to a now-favorable Florida property insurance market.
Morgan Stanley (NYSE:MS), Citizens, and Piper Sandler all initiated coverage, citing the company’s success in taking over state-backed policies and its plans to grow beyond Florida.
Morgan Stanley started Slide at Equal-Weight with a $19 price target, saying the firm is well positioned to benefit from Florida’s ongoing insurance market shift.
However, it warned that much of the growth opportunity already appears reflected in the stock, which trades at around 7.2 times estimated 2026 earnings.
The firm noted that Slide has expanded premiums from $480 million in 2022 to $1.3 billion in 2024, aided by takeovers of Citizens Property Insurance policies.
Citizens JMP and Piper Sandler were more upbeat, both initiating with Outperform or Overweight ratings and a $25 price target.
They pointed to Slide’s above-average return on equity, 60% in 2024, and low combined ratios as evidence of underwriting discipline. They also highlighted the company’s tech-driven pricing model, which helps estimate reinsurance costs more accurately and supports margins.
Slide was founded in 2021 during a period of instability in Florida’s insurance market.
Since then, the state has implemented tort reform aimed at lowering litigation costs, including curbing attorney fees and narrowing the statute of limitations. Analysts said the legislative changes have reduced claims frequency and improved profitability across the sector.
In addition to its core Florida book, Slide plans to enter new markets including New York and New Jersey later this year, using capital raised in its recent IPO.
While most of its current premium comes from Florida, analysts expect the company to expand through both organic growth and future acquisitions.