Hurricane Ian flooded houses in Florida residential area. Credit: bilanol/Adobe Stock
An insurance CEO and his wife pocketed more than $50 million in 2024 as Florida homeowners were hit with extreme weather and ever-rising monthly premiums, according to ABC Gulf Coast News.
Slide CEO Bruce Lucas and his wife, the company’s chief operating officer, paid themselves $21 million and $16.5 million respectively last year while also taking in bonuses and stock awards. Company policyholders, which comprise 340,000 after just three years of business, want answers— calling the CEO’s spending ‘out of control’ as ‘the rich get richer and the poor get poorer’.
Despite the outrage, and as some Florida homeowners face a 20% increase in monthly insurance coverage, “Slide remains in the IPO quiet period and has no further comment at this time,” a company spokesperson told PropertyCasualty360.
In May, the Tampa-based insurtech announced its IPO launch at $17 per share, according to an SEC filing, and in June, the stock opened on Wall Street at $21 per share, exceeding expectations and securing a valuation of $2.62 billion after climbing 24% during its first day.
The initial offering was for 20 million shares, with an additional 3 million shares available to underwriters. Slide trades on the Nasdaq under the symbol "SLDE”. Prior to the offering, Lucas and his wife held 47.7% of Slide’s outstanding shares.
Meanwhile, the underwriter of single-family home and condominium policies in Florida and South Carolina reported net income of $92.5 million on total revenue of $281.6 million for the first quarter of 2025, compared to net income of just $54.7 million on revenue of $199.1 for the same period in 2024.
Roughly 99% of Slide’s policies are concentrated in Florida, where some insurers are pulling back due to its history of natural disasters, primarily hurricanes, ABC Gulf Coast News said.
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