Slide Insurance CEO Compensation and Premium Increases Spotlight Florida Insurance Market Reforms

Slide Insurance, a Florida-based coastal specialty insurer, disclosed in its recent Securities and Exchange Commission prospectus that CEO Bruce Lucas and COO Shannon Lucas earned $50.3 million in combined salary, bonuses, and stock payments over 2023 and 2024. This compensation was revealed alongside a reported net income of $288 million over two years and a premium revenue of $2.2 billion. Slide's business model relies heavily on taking over policies from the state insurer of last resort, Citizens Property and Casualty Insurance, gaining a significant share by assuming over 290,000 Citizens policies as of March 2025. Following legislative reforms in Florida from 2022-2023, which capped liability for litigation and encouraged takeouts from Citizens, Slide increased premiums on these policies by an average of 23.2% upon renewal in 2024. The company differentiates its coverage by offering substantially higher limits than Citizens, including up to $10 million per property, higher personal liability, and enhanced property and medical payments coverage. However, critics from legal and consumer advocacy groups argue that Slide's rapid profit growth and executive compensation reflect overcharging policyholders under the reformed legislative environment, which some say benefits insurers at the expense of Floridian homeowners facing some of the highest insurance premiums in the nation. Regulatory officials clarify that executive compensation occurs at the holding company level and not directly within the regulated insurance carrier, and that policyholders are encouraged to shop around for insurance coverage. Concerns have also been raised about the removal or reduction of water damage coverage in some Citizens takeout policies by Slide and other insurers, although Slide states these reductions pertain to minority cases. Recent regulatory measures limit premium increase offers to 40% above Citizens' rates to moderate cost impacts on consumers. Slide is positioned as a technology-driven insurer managing its entire value chain to maximize profitability, having expanded rapidly since its founding in 2021 and becoming Florida's sixth-largest insurer by early 2025.