As Florida homeowners grapple with soaring insurance premiums, newly obtained government filings show the CEO of one of the state’s fast-growing insurance companies collected tens of millions of dollars in compensation — igniting outrage among policyholders and consumer advocates alike.
According to a 132-page filing with the U.S. Securities and Exchange Commission, Slide Insurance CEO Bruce Lucas paid himself more than $21 million in 2024 . His wife, who serves as the company’s chief operating officer, received $16.5 million . Combined with bonuses and stock awards, the couple’s total compensation has exceeded $50 million.
“I was shocked when I heard how much they’re making,” said Bob Esposito , a Cape Coral resident. “My daughter just renewed her policy, and her premium almost doubled. I’m expecting the same thing to happen to me.”
Slide Insurance, a Tampa-based firm that launched just three years ago, has quickly expanded to over 340,000 policies , many acquired through takeovers of Citizens Property Insurance policies — Florida’s insurer of last resort. While the company’s profits nearly doubled to $201 million in 2024 , homeowners are being hit with premium increases of 20% or more , according to state data and consumer complaints.
Consumer advocates say the disparity between executive compensation and rising rates highlights a broken system.
“It’s out of control,” said Doug Quinn , Executive Director of the American Policyholder Association. “The regulators are simply not holding these insurance companies accountable.”
Quinn, whose group monitors abuses in the insurance industry, says Slide’s case is emblematic of a broader problem in Florida’s insurance market.
“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 said. “Meanwhile, the executives are profiting handsomely.”
Slide’s executive compensation dwarfs that of other Florida-based insurers. In fact, Lucas’ 2024 earnings rivaled those of the CEO of State Farm, a nationwide industry giant, who earned $24 million in the same period.
“The greed! The rich get richer and the poor get poorer,” said Mary Bousquet , another Cape Coral resident. “It’s just so unbalanced. The whole thing is out of control — it has to be fixed somehow.”
While public outcry grows, regulators have yet to comment on Slide’s compensation structure or the ongoing rate hikes impacting thousands of Florida homeowners.
Reached for comment, a Slide Insurance spokesperson said the company is currently in a “quiet period” and unable to respond at this time.