US-based Heritage Insurance Holdings, a super-regional property and casualty insurance holding company, has entered into a strategic partnership with Slide, a startup InsurTech P&C carrier.
Heritage said the partnership, which will see the company acquire a 6% equity stake in Slide, provides it with the opportunity to leverage Slide’s InsurTech capabilities to improve underwriting and rating decisions.
Slide closed an oversubscribed $100m Series A funding round just last week. The round was led by Gries Investment Funds and Tampa Bay Ventures. Skyway Capital Markets served as placement agent.
Slide’s technology leverages an immense dataset to power new advances in artificial intelligence and machine learning for modern homeowners, who can then create bespoke insurance policies that fit their needs and budget.
The strategic alliance also enables Heritage to participate in the InsurTech without potentially significant capital requirements to develop similar capabilities internally.
Ernie Garateix, Heritage’s CEO, said,“We’re excited to partner with Slide and our former colleague on this win-win opportunity. We believe this partnership will significantly accelerate development of our InsurTech capabilities, while providing us with an equity stake in an impressive startup that is developing cutting edge technology.”
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