Heritage takes stake in Bruce Lucas-run insurtech that just raised $100m Series A

Property/casualty insurer Heritage Insurance Holdings has acquired a strategic stake in Slide following the insurtech start-up's oversubscribed $100 million Series A funding round.

Heritage hopes the strategic partnership will help enhance its technological capabilities to improve underwriting and rating decisions, as well as capitalise on strong agency relationships by generating commission income on policies that don't meet its underwriting criteria due to factors such as geographic concentration.

The company has taken a 6 percent equity stake in Slide, which is led by Bruce Lucas who previously founded Heritage and served as its chairman and chief executive officer (CEO).

Slide uses data, artificial intelligence and machine learning to create specialised insurance policies for homeowners. It has recently closed its oversubscribed $100 million Series A fundraising round, led by Gries Investment Funds and Tampa Bay Ventures.

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.”