Slide Insurance executives earn millions while Florida homeowners face rising insurance costs.
In the middle of Florida’s shaky insurance market, a Tampa-based insurance company called Slide has made headlines—but not for reasons that sit well with most Floridians. Over just two years, the two Florida insurance brokers, Bruce and Shannon Lucas, who are husband and wife, were paid more than $50 million combined. That’s money earned while thousands of homeowners have been hit with rising premiums and fewer choices.
Bruce Lucas, Slide’s CEO, received $21 million in compensation in 2024 alone. His wife Shannon, the company’s COO, earned $16.5 million the same year. The pair had already taken in over $12 million in 2023. That means their combined two-year earnings surpassed what most other Florida insurance executives made—by a long shot. Shannon even earned more than the CEOs of Liberty Mutual and Progressive, two of the biggest insurers in the country.
But there’s more to the story than high salaries. Slide’s growth is tied closely to Florida’s state-backed insurance company, Citizens Property Insurance. When Citizens offloads policies to private insurers—something it can do if the new policy is within 20% of the original rate—many homeowners don’t have much of a choice. They’re moved to private insurance like Slide, whether they want it or not.
Since 2023, Slide has taken over more than 230,000 policies from Citizens. It now holds over 340,000 policies across Florida. That rapid growth has helped the company pull in serious profits. In its first full year, Slide made $87 million. The next year? Over $200 million. That’s more than double. All while many Florida homeowners are still paying the highest insurance rates in the nation.
Consumer advocates and some lawmakers are not letting this go without comment. Douglas Heller from the Consumer Federation of America called the payouts “grotesque,” especially since so many policyholders were forced into the company without options. He also raised concerns about Slide’s dependence on reinsurance, a type of financial protection that helps insurers cover big disasters like hurricanes. Reinsurance is expensive and unstable, especially in Florida. If the company relies too heavily on it and something goes wrong, it’s the policyholders who could suffer most.
Florida’s insurance market has been through tough times. Between 1999 and 2023, ten local insurance companies collapsed. Several big national insurers have backed away from Florida entirely. That left the door wide open for new companies like Slide to enter, even though the risks were high. For Slide, those risks are turning into big rewards.
Meanwhile, Florida homeowners are left paying more for coverage that sometimes offers less. State Rep. Hillary Cassel, who works as a lawyer representing homeowners in insurance cases, tried to pass a law this year that would have made it easier for people to fight back against insurers in court. The law didn’t pass. She says Slide’s executive payouts are a perfect example of what happens when there’s too little oversight.
Critics also point out that while insurers like Slide are raking in money, policyholders are still facing denied claims, slow payouts, and rising costs. One lawyer, Harold Levy, said it’s the same story he’s seen again and again—companies take in premiums, delay or deny claims, and keep the profits.
With Florida entering another hurricane season, many worry that this story could get even worse. If major storms hit, and companies like Slide can’t handle the flood of claims, homeowners may be left in the lurch. And with more storms expected in the coming years, that’s a risk no one wants to take.
Sources:
‘Grotesque’: Married insurance execs earn $50 million in 2 years
$50 million pay package for Slide Insurance’s leading executives draws criticism
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