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OIR Approves Slide/UPC TransactionThis afternoon, the Office of Insurance Regulation (OIR) signed a consent order approving Slide’s assumption of the vast majority of United Property and Casualty’s (UPC) Florida homeowners policies. Under the agreement, Slide will assume approximately 72,000 HO-3 and DP-3 policies through a cancel/rewrite transaction. Slide also acquired the renewal rights for an additional 21,000+ UPC policies that renew in April or May. Slide is expected to communicate a list of policies acquired by the end of this week. FAIA will continue to work with the OIR and Citizens to find a solution for the policyholders not being assumed under this agreement. Over the past several months, FAIA has been working to find solutions for agents impacted by UPC’s decision to non-renew their personal lines book. UPC has roughly 116,000 policies in force in Florida, which means many of the company’s appointed agencies have large books of business. As most personal lines agents know, there are very few private market alternatives for displaced policyholders. Though we were unable to share the details of our efforts until now, agents can remain confident that their association has been working steadily to represent their interests as this has unfolded. “Slide has been working with FAIA and state regulators for the last couple of months to negotiate a transaction that provides policyholders and their agents with a seamless policy transition,” said Slide co-founder and CEO Bruce Lucas. “FAIA’s advocacy for their agents and policyholders was instrumental in making this transaction work.” The details of the approved transaction are as follows:The transaction is expected to be completed Wednesday, February 1.UPC will cancel the vast majority of policies on February 1, and Slide will immediately issue replacement policies on the same forms, duration, and premium until the in-force policies expire.Slide renewals will use Slide’s rates and forms.Agents will retain pre-paid commissions. However, agents will have to return unearned commissions if a policy is canceled before expiration.Agents not already appointed with Slide will receive communication to establish an appointment.Policyholders will receive a notice of cancellation with a new declaration page and a letter explaining the process.If the premium has been paid in full, it will be transferred to Slide.Policyholders will pay future premium payments directly to Slide.Slide will continue to use the same systems as UPC for the policies until they renew.General information regarding Slide:Slide’s headquarters is in Tampa.Slide’s Territory Sales Managers will be the agents’ primary point of contact.Slide recently raised $105 million in equity.Slide founder & CEO Bruce Lucas was the founder and CEO of Heritage Property & Casualty Insurance Company. He successfully completed three similar cancel/rewrite transactions with Sunshine State Insurance, Sawgrass Mutual Insurance Company, and St. Johns Insurance Company.More than 350 FAIA members accessed UPC through sub-producer agreements with Independent Market Solutions (IMS). IMS has executed an agency agreement with Slide, which provides UPC sub-producers the opportunity to become Slide sub-producers. For agents who had a UPC sub-producer agreement with IMS, but already have a contract with Slide, your UPC book being assumed by Slide will move to your direct appointment. Slide executed a similar transaction with St. Johns Insurance Company last year. It was widely regarded as a success for agents and policyholders alike. Given the condition of Florida’s homeowners market and the details of the approved transaction, which will cause little to no disruption for agents and their clients, FAIA recommends that agents perform their due diligence and strongly consider leaving these policies in place and accepting the appointment agreement offered by Slide or the sub-producer agreement from IMS.FOLLOW THE DISCUSSION
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