WEST PALM BEACH, Fla. — WPTV has not stopped seeking answers to Florida's insurance coverage collapse.
We learned that Bruce Lucas, the CEO of Slide Insurance based in Tampa, and his spouse are taking home a sizeable household income.
WATCH BELOW: Slide CEO took home $21.1 million in 2024
It's the kind of news that can shake up an already turbulent Florida insurance landscape.
"The one thing we've been saying for years now is the Florida insurance crisis is primarily about insurance companies making money and crying poverty," Doug Quinn of the American Policyholder Association said.
WPTV learned that Lucas took home $21.1 million in 2024, and his wife, Shannon Lucas, who is also an executive with the company, earned another $16.5 million.
Those figures come from a Securities and Exchange Commission document filed May 23 and are more closely in line with the CEOs of large national insurers. The paperwork is part of a request for Slide to start selling shares on Wall Street.
"Florida insurance companies are draining money out of the state through three specific ways: one way is what we're talking about now, executive compensation, the other way is dividends to ownership and the last and largest way appears to be sliding money out the back door to affiliates," Quinn said.
"State Farm's CEO made around $24 million last year with about 91 million accounts under management," Quinn said.
Two years ago, WPTV spoke with Lucas about his then-new company and making insurance affordable.
"As home values go up, your premium goes up because we're giving you more coverage but on the whole," Lucas told WPTV in October 2023. "I think that we are in a unique position to offer really affordable solutions to Florida homeowners."
At the end of 2024, Slide had close to 350,000 policies across Florida.
The company was founded by Lucas in 2021 after being chairman and CEO of Heritage Insurance. In just a few years, Slide has grown to be the sixth-largest insurer in Florida.
WPTV reached out to Slide for comment on this story, but they said that "due to the SEC-mandated quiet period, the company is unable to comment further at this time."
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
