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Florida’s insurance regulators expressed concern about recent news that Slide Insurance executives took home millions in compensation last year, suggesting that state agencies need new authority to limit pay packages.

“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,” Florida’s new chief financial officer, Blaise Ingoglia, told Tampa’s WFTS TV last week.

Florida’s Insurance Commissioner Michael Yaworsky also spoke out about the $21 million compensation package for Slide CEO Bruce Lucas last year and the $16.5 million deal for his wife, Chief Operating Officer Shannon Lucas.

“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,” Yaworsky told the TV station. “However, the OIR does not have the regulatory authority to control what they do or do not pay their employees at any level. OIR continues to monitor Slide and the companies’ executives closely. If we find any wrongdoing under our purview, we will take aggressive action.”

The Lucas compensation, far more than most other Florida property insurance executives’ and approaching the size of pay packages for leaders of major national insurers, was widely reported in June, when St. Petersburg-based Slide filed for an initial public stock offering.

Other insurance executives and policyholders in the state have expressed outrage at the size of the salaries, bonuses and stock awards granted in the wake of steep increases in property insurance premiums in the state in recent years. At a board of governors meeting for Citizens Property Insurance Corp. in late June, board member Charlie Lydecker questioned the wisdom of basing Citizens rates on a market that includes insurers with such hefty pay rates.

Slide officials have declined to comment, citing the “quiet period” rule after an IPO is announced.

Slide’s S-1 filing with the U.S. Securities and Exchange Commission notes that the compensation is paid by the holding company, not the carrier. Pay plans are not included in its rate filings, and “such compensation has no impact on rates charged by the carrier.”

Slide’s average premium per policy is about $4,073, up slightly from 2024 but down from 2023, OIR information shows.

Another Florida insurance company, HCI, also reported more than $20 million in salary, stock and bonuses for its top official. But CEO Paresh Patel said he won’t actually see such rewards unless the HCI stock price tops $200 per share, then the bonus will be paid in installments over the next few years.

The concerns about the pay scale come at a time of lingering concern about Florida property insurance premiums, despite 2022 and 2023 legislative reforms that disincentivized excessive claims litigation. A by the North Florida Public Opinion Research Lab shows that 20% of Florida Republican voters believe property insurance is the most important problem they face.

Photo: Ingoglia on the Florida Senate floor in 2023. (AP Photo/Phil Sears)

Read More: Size of Florida’s Slide Insurance Exec Compensation Has Tongues Wagging, Eyes Popping

Topics Florida