CAPE CORAL, Fla. — As Florida homeowners face dramatic increases in home insurance premiums, newly released financial disclosures reveal that the CEO of one of the state’s rapidly expanding insurance companies earned more than $50 million in compensation last year—fueling widespread frustration among consumers and watchdog groups.
A 132-page filing with the U.S. Securities and Exchange Commission shows that Bruce Lucas, CEO of Tampa-based Slide Insurance, awarded himself over $21 million in 2024. His wife, who serves as the company’s Chief Operating Officer, received $16.5 million. With bonuses and stock options included, the couple’s total compensation topped $50 million.
“I was shocked when I heard how much they’re making,” said Cape Coral resident Bob Esposito. “My daughter’s home insurance just nearly doubled, and I expect mine to go up next too.”
Founded just three years ago, Slide Insurance has rapidly grown to over 340,000 policyholders, largely through acquiring policies from Citizens Property Insurance—Florida’s state-run insurer of last resort. Despite being a newcomer, the company posted $201 million in profits in 2024, nearly double the previous year. Meanwhile, Florida homeowners report insurance rate hikes of 20% or more, according to state data and consumer complaints.
Critics say the gap between soaring home insurance rates and executive pay reflects a deeper imbalance in the state’s insurance system.
“This is 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 organization monitors misconduct in the insurance sector, called Slide’s case emblematic of a larger, systemic issue in Florida’s home insurance market.
“We’re constantly told these insurers are struggling, and that’s why they have to keep raising premiums,” he said. “But then we see executives making tens of millions. It doesn’t add up.”
Lucas’ compensation in 2024 was nearly on par with that of the CEO of State Farm—one of the largest national insurers—who earned $24 million in the same period. The disparity is sparking public outrage across Florida.
“The greed! The rich get richer, and the poor get poorer,” said Cape Coral resident Mary Bousquet. “It’s just so unbalanced. The whole system needs to be fixed.”
Despite mounting criticism, regulators have yet to publicly address Slide’s executive pay or the ongoing spike in home insurance rates affecting hundreds of thousands of residents.
A Slide Insurance spokesperson declined to comment, citing the company’s current “quiet period.”
As homeowners continue to search for affordable home insurance coverage, many are calling for greater oversight, transparency, and reform in a state market that some say prioritizes profits over policyholders.
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