TAMPA, FL – When Slide Insurance filed for its IPO last week, few expected page 132 of the SEC paperwork to make waves. But that’s exactly what happened after industry watchers got a look at the compensation numbers.

According to the filing, Bruce Lucas — Slide’s founder and CEO — received more than $21 million in total compensation in 2024, including salary, bonuses, and stock awards. That puts him in the same league as top executives at global insurance giants like Allstate, AIG, and Chubb.

Adding fuel to the fire, Slide’s COO — and Lucas’s wife — Shannon Lucas, brought in an additional $16.5 million last year.

“Capitalism is great, but this is out of control,” said one Florida insurance executive, requesting anonymity.

Slide’s Meteoric Rise — and Paychecks to Match

Bruce Lucas launched Slide Insurance in 2021 after eight years at the helm of Heritage Insurance. In just a few years, Slide has grown to over 343,000 policies in force, making it one of Florida’s major players in property insurance.

Yet, as premiums continue to rise for policyholders across the state, many are questioning whether such lavish executive compensation is appropriate.

“These are really shocking compensation numbers,” said Douglas Heller, insurance director at the Consumer Federation of America. “How much of this are policyholders actually funding?”

Transparency Gaps and “Emerging Growth” Loopholes

Because Slide is filing as an “emerging growth company,” it’s not required to fully disclose executive compensation. In fact, the company clearly stated in the filing that it’s taking advantage of reduced reporting requirements allowed by the SEC.

This has raised concerns that the actual pay may be even higher than what’s disclosed.

Slide has declined to comment, citing the SEC’s mandated “quiet period” that limits public statements from IPO registrants.

How Lucas Compares to Other Florida Insurance CEOs

Slide’s executive pay stands out dramatically when compared to other Florida-based insurance companies:

• Stephen Donaghy (Universal Property & Casualty): $7.3 million

• Ernie Garateix (Heritage Insurance): $4.3 million

• Bob Ritchie (American Integrity): Under $2 million

• Paresh Patel (HCI Group): $20.2 million*

*Patel’s compensation is largely conditional. He only sees the full amount if HCI stock tops $200 and the bonus vests over time.

Patel defended the structure, saying it was crafted to encourage his continued leadership at HCI after speculation of retirement. HCI stock is currently climbing, hitting $169 — up from $96 a year ago.

What About Slide’s Performance?

To be fair, Slide is profitable — very profitable. In 2024, the company netted $201 million in income, nearly doubling its 2023 results. Early 2025 numbers suggest profits could surpass $300 million this year.

Slide’s growth was fueled in part by acquiring policies from struggling Florida insurers, including takeouts from state-run Citizens Property Insurance and assumptions from two failed carriers.

The company also insists that executive pay is covered by its holding company, not the insurance carrier itself — and therefore, has no impact on customer premiums.

Still, Slide’s average policy premium is now over $4,000, and some consumer advocates aren’t buying the separation.

Is This the Cost of Competition?

Despite the controversy, some in the industry argue Slide deserves credit for entering the Florida market when many others were pulling out due to lawsuits and hurricane losses.

“Florida is actually getting what it wanted — a competitive insurance market,” said HCI’s Patel. “But that also brings a lot of noise.”

Closing Thoughts

While large compensation packages aren’t new in the corporate world, Slide’s executive pay — particularly for a young company in a volatile state insurance market — has struck a nerve.

“It might be a drop in the bucket for a company like Allstate,” said Heller. “But for Slide, this is no small footnote on your premium.”

As Slide’s IPO inches closer and Wall Street weighs in, all eyes are on whether investors — and Florida’s policyholders — will accept the price of this rapid success.