As homeowners in Florida struggle to keep up with rising insurance premiums, newly released government papers reveal that the chief executive officer of one of the state’s rapidly expanding insurance businesses received tens of millions of dollars in pay.
This has sparked indignation among consumers as well as consumer groups.
Bruce Lucas, the CEO of Slide Insurance, reportedly paid himself more than $21 million in 2024, as stated in a statement that was 132 pages long and submitted to the United States Securities and Exchange Commission.
The sum of $16.5 million was given to his wife, who is currently serving as the chief operating officer of the company. The couple’s total remuneration has surpassed $50 million, which includes bonuses and stock awards in addition to their regular salary.
“I was shocked when I heard how much they’re making,” Bob Esposito, a Cape Coral resident stated. “My daughter just renewed her policy, and her premium almost doubled. I’m expecting the same thing to happen to me.”
After only three years of operation, Tampa-based Slide Insurance has grown to over 340,000 policies, many of which were obtained through takeovers of Citizens Property Insurance policies, Florida’s insurer of last resort. According to state data and customer concerns, homeowners are facing premium increases of 20% or more, even as the company’s revenues nearly doubled to $201 million in 2024.
Advocates for consumers claim that the discrepancy between rising rates and CEO salary exposes flaws in the system.
The American Policyholder Association’s Executive Director, Doug Quinn, declared, “It’s out of control. The regulators are simply not holding these insurance companies accountable.”
Slide’s case is representative of a larger issue in Florida’s insurance market, according to Quinn, whose organization keeps an eye out for malpractices in the insurance sector.
“We keep hearing these stories about how these ‘poor struggling insurance companies’ are being taken advantage of, and that’s why they need to keep raising rates,” he stated. “Meanwhile, the executives are profiting handsomely.”
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Compared to other Florida-based insurers, Slide offers CEO remuneration that is significantly higher. In actuality, Lucas’ 2024 profits were comparable to $24 million received by the CEO of State Farm, a major player in the country’s economy.
Regulators have not yet addressed Slide’s compensation plan or the continuous rate increases that affect thousands of Florida homes, despite mounting public criticism.
When contacted for response, a Slide Insurance representative stated that the business is presently in a “quiet period” and cannot comment at this time.
