Florida Regulators Seek New Authority to Curb Excessive Insurance Exec Pay

Florida regulators express concern about Slide Insurance executives' $21 million compensation package and $16.5 million deal for CEO Bruce Lucas' wife. Regulators suggest they need new authority to limit pay packages, but currently lack the legislative authority to do so. Insurance Commissioner Michael Yaworsky says OIR continues to monitor Slide and the companies' executives closely, but cannot control what they pay their employees.

Florida regulators have raised concerns over the substantial compensation packages received by executives at Slide Insurance. According to a recent SEC filing, Slide Insurance CEO Bruce Lucas and his wife Shannon Lucas, the COO, earned a combined $37.7 million in 2025 [1]. This revelation has sparked public outrage, with policyholders questioning the appropriateness of such high compensation while homeowners' insurance premiums continue to rise.

The Florida Office of Insurance Regulation (OIR) has confirmed that they are monitoring Slide Insurance closely but lack the regulatory authority to cap executive salaries. The OIR stated, "The OIR is very much aware of Slide’s SEC filing and the reported salaries of its CEO and his wife. These salaries are concerning. However, the OIR does not have the regulatory authority to control what they do or do not pay their employees at any level" [1].

The Florida Chief Financial Officer, Blaise Ingoglia, has also expressed concern, stating, "It's super concerning but we need to have the legislative authority to look at it we don't have it right now and unfortunately that was stopped" [1]. Ingoglia noted that while they cannot directly control executive compensation, they can use the "bully pulpit" to call out perceived bad behavior.

Slide Insurance, currently the 6th largest in Florida with over 334,000 policies, has not commented on the matter, citing a mandatory SEC-mandated IPO quiet period [1]. The company has been criticized for its aggressive takeout business, which has led to complaints from other insurance companies [1].

Meanwhile, Universal Insurance Holdings, Inc. (UVE) reported a strong 29.4% adjusted return on common equity for Q2 2025, driven by favorable underwriting trends in the Florida market [2]. The company's adjusted diluted earnings per common share increased to $1.23, supported by higher direct premiums earned, net investment income, and commission revenue. Despite the positive financial results, analysts have raised questions about reinsurance costs and the competitive environment in Florida.

References:
[1] https://www.abcactionnews.com/news/region-hillsborough/its-absurd-slide-insurance-policyholders-react-to-ceos-21-1-million-salary
[2] https://seekingalpha.com/news/4472357-universal-insurance-signals-optimism-as-florida-market-improves-and-adjusted-roe-hits-29_4