Latest news with #Tampa-based
Yahoo
3 days ago
- Business
- Yahoo
'Grotesque': Husband-wife insurance execs earn more than $50 million in 2 years
A Florida insurance company's husband-and-wife team of top executives earned pay in 2023 and 2024 that totaled more than $50 million, according to federal filings. Tampa-based Slide Insurance Company, the state's sixth largest insurance company, which started operations in 2022, paid its CEO Bruce Lucas $21 million last year, more than all other Florida insurance companies except for one. And Slide's COO Shannon Lucas made $16.5 million that same year, according to a May 23 filing with the Securities and Exchange Commission, first reported in the Insurance Journal. Meanwhile, national insurers' CEOs such as top executives at Liberty Mutual and Progressive, are making less than Shannon Lucas in total compensation, the article notes. The pair earned $12.6 million in 2023. The public filing has sparked condemnation and calls for more reform from a few quarters. The Insurance Journal highlighted how Slide founder and CEO Bruce Lucas, who left Heritage Insurance Company in 2021, is making nearly five times his successor at that Deerfield Beach-based insurer he helped co-found in 2012. Current Heritage CEO Ernie Garateix made $4.3 million in 2024, the Insurance Journal reported. Douglas Heller, director of insurance for the Consumer Federation of America, called the compensation package, 'grotesque,' especially considering Florida's insurance woes due to its vulnerability to catastrophic hurricanes. Also problematic for Heller: how much of the start-up's business came from policyholders essentially forced to take Slide Insurance because Citizens Property Insurance Corp., the state-backed insurer of last resort, wanted to pare its rolls. Citizens' policyholders can be forced to take a policy from a commercial insurer should the policy cost within 20% of what the estimated Citizens' policy would have renewed at. Slide, from 2023, when it started taking Citizens' policyholders, to the end of May 2025 has assumed a total of 232,901 policies that were under Citizens, according to information on the state-backed insurer's website. Slide currently has 343,000 policies in force, according to the Florida Office of Insurance Regulation. The Washington-based consumer education and research organization that's more than 50 years old has found that residents in most Florida zip codes are paying the highest premiums in the country, Heller said The compensation for Slide's executives, Heller said, is 'just shocking and should offend the sensibilities not just of every policyholder who pays premiums to Slide, but every politician who created the conditions for Slide to move in, take all these policies and vacuum up this for their personal windfall.' More: Hope for legislative property insurance fix dimming as Legislature enters second half Slide Insurance officials did not return an email seeking comment, but industry officials have long pointed out that Florida's insurance industry is one of the most heavily regulated in the state. Insurance companies that want to increase their premium rates by 15% more than the previous year company must undergo a public hearing before a panel from the state's Office of Insurance Regulation, justify the increases with historical claims and future risk assessments and then hope for the regulatory body's stamp of approval. Still, Republican Rep. Hillary Cassel, who works as a plaintiff's insurance attorney and introduced legislation this year that would have changed the landscape in which Slide has taken root, said the situation points out exactly why the current set of rules should be modified. Her legislation sought — and ultimately failed — to roll back a 2022 change that made it so that attorney fees, in most cases, would not be added into litigated settlements for policyholders against their insurers. The 2022 tort changes have caused the number of suits against insurers to plummet, and, some say, stem a tide of legal fraud, add up to a healthier insurance market with more consumer choices and slow the premium growth from the crisis of a few years ago when some premiums were tripling. Cassel, however, has said the changes have left Florida homeowners still paying more and with few avenues to hold their insurer accountable. And the Lucases are paying themselves on the backs of Florida policyholders, she said. 'This is exactly the type of egregious behavior that, as the vice chair of the House Insurance & Banking Subcommittee, I am committed to ensuring oversight and transparency into any and all payments … so runaway insurance costs are reined in, claims are paid and Floridian may continue to secure coverage for their property,' Cassel said. More: Report: As insurance market wobbled, some companies paid billions to affiliated firms Cassel's subcommittee was holding an investigation during the last legislative session into insurance company payments, but it did not come to any conclusions about why parent companies of Florida insurers distributed $680 million to shareholders and distributed billions more to company affiliates. The report filed with federal authorities shows that Slide is heavily reliant on reinsurance to pay claims, Heller noted. Reinsurance is what insurers must buy on the global financial markets to fortify their reserves to prepare for when or if a catastrophic level of claims hit. The reinsurance market has improved since the Florida market started wobbling beginning in 2019, but Florida's insurance crisis peaked as the reinsurance market became particularly tight. Reinsurance costs typically account for the largest, single chunk in an insurance premium — about 30% to 50%. 'To be highly reliant on reinsurance that's a real concern, especially in Florida, where the reinsurance market has been extremely volatile, and there's only so much they (Slide) can take out of the Florida reinsurance fund,' Heller said. 'And if you're highly reliant on reinsurance … you could imagine things going south for Slide customers really quickly.' Slide did enter the market at a moment of high risk for Florida insurers: 10 Florida-based insurance companies became insolvent between 1999 and 2023, and some national carriers decreased Florida business. The risk appears to be paying off for Slide: What was left for stockholders after expenses, taxes and costs (commonly known as the profit) grew from $87 million in 2023, its first full year in business, to $201 million in 2024. That's about a 130% growth in net income attributable to common stockholders, according to the federal filing. Insurance Commissioner Mike Yaworsky could not be reached to comment on the filing, and Slide officials did not comment due to the 'quiet period,' according to reporting from the Insurance Journal. This period falls between when the initial public stock offering is registered with the federal government and a month after stock trading begins, to ensure that officers don't release new information that could affect investor decisions. Still, Harold Levy, founder and managing partner of HL Law Group in Fort Lauderdale, which represents insurance policyholders, said the situation sounds like the same old insurance game: deny, delay, defend. 'Further evidence that it is clearly a profitable strategy to take in premiums and not pay claims,' he said, after hearing of Slide's expanding executive compensation and profits. Anne Geggis is the insurance reporter at The Palm Beach Post, part of the USA TODAY Florida Network. You can reach her at ageggis@ support our journalism. Subscribe today This article originally appeared on Palm Beach Post: 'Grotesque': Married insurance execs earn $50 million in 2 years
Yahoo
7 days ago
- Entertainment
- Yahoo
Portrait Studios at Wedding Receptions Are the Interactive and Personalized Trend Guests Love—Here's How to Create Your Own
In the age of curated wedding content and keepsake-worthy moments, some couples are taking a more refined approach to reception photos. However, it's not just about swapping disposable cameras for a photo booth. Instead, they're creating a one-of-a-kind portrait studio, a dedicated space where guests can have professional pictures taken in front of a backdrop. 'A wedding reception portrait studio is a bespoke experience that adds an editorial, high-fashion element to your celebration,' says Jamésa Alexander, a wedding planner. 'It's a designated space—typically activated during cocktail hour or the reception—where guests can enjoy a complimentary photo session in front of a professionally designed backdrop.'Jamésa Alexander is a wedding planner and the owner of Jayne Heir Events, a full-service event planning company. Rebecca Jordan is a Tampa-based family, lifestyle, and wedding photographer. Angela Carter is an event planner and the founder of Carter Group a standard booth with props and a countdown screen, this setup offers your guests a red-carpet moment they'll actually want to frame. Wedding photographer Rebecca Jordan agrees: 'It's a chance for your guests to take a really nice portrait together or with the couple. It gives a sophisticated experience, having a professional photographer there.' And beyond the glam? It's a genuinely thoughtful gesture. While traditional wedding favors often get left behind at the end of the night, a portrait is something guests will take home, frame, and cherish for years to come. Whether you opt for a sleek and minimalist look or create a scene that reflects your wedding aesthetic, this trend is a modern way to enhance your reception (and give guests something a bit more long-lasting than a bag of Jordan almonds). Here, the experts break down how to incorporate this trend into your big day. Related: 10 Hallmarks of a Modern Wedding, From the Flowers and Food to the Photography Reception portrait studios may feel like a fresh idea, but they're actually a modern revival of an old-school wedding tradition. 'They used to be really popular back in the day, and they're trending again because they offer a truly elevated experience,' Jordan says. Unlike candid dance floor shots or rushed table photos—where guests are often caught mid-bite or half-turned at a round table—a portrait studio gives everyone the opportunity to feel seen, styled, and special. 'It's a way to show your guests that you care about them,' Jordan adds. 'You're not just hoping they get a nice photo—you're inviting them to have one taken.' Part of the appeal is that it's both thoughtful and functional. 'Professional photos are a sophisticated twist that's both personal and polished,' says Angela Carter, an event planner. 'They also tick both the entertainment and guest-favor boxes.' Alexander agrees that the trend is rooted in the desire for next-level, immersive experiences. 'Today's couples—and their guests—crave more than casual snapshots,' she says 'They want something that feels intentional.' Drawing inspiration from red-carpet moments and editorial shoots, these styled spaces feel both luxurious and fun. A wedding portrait studio can be one of the most memorable features of your reception—but only if you treat it like an experience, not an afterthought. Here's where couples tend to go wrong (and how to fix it). One of the biggest missteps is saving the portrait studio for too late in the night. When guests are deep into dinner, drinks, and dancing, a quiet corner with a camera can get overlooked. Jordan recommends opening the studio earlier in the day, such as during cocktail hour or even before the ceremony. If guests don't know about the studio—or don't realize it's a 'come get your cover moment' situation—they might miss it entirely. Alexander suggests noting it on your wedding website, putting up signage at the venue, or even giving it a quick mention during your welcome speech. And if you want to nudge guests toward that red-carpet energy, let them know ahead of time they'll be photographed. This isn't your cousin manning a ring light and iPad. A portrait studio requires someone behind the camera who knows what they're doing—ideally, a dedicated second shooter. 'Your main photographer is going to be with you most of the night,' says Jordan, who notes that without someone running the studio, the setup might go unused or end up filled with blurry iPhone snaps. Yes, photo booths are fun—but this is a portrait studio. There's a difference. Over-the-top props or inflatable flamingos can make the space feel cheap or out of sync with your wedding aesthetic. Jordan suggests styling the area with furniture or décor that aligns with the rest of your design (think: a velvet armchair or curated floral arrangement instead of feather boas). The area should feel like an intentional extension of your event, not a clunky add-on, Alexander adds. If your studio is tucked in some random hallway or away from the action, guests won't bother trekking over. Instead, situate it near the bar or lounge, says Alexander, so people naturally wander through it. Carter adds that proximity to the main event space keeps energy up and encourages participation—without pulling guests away from the party. After capturing the photos, don't forget to give them to your guests. Whether you opt for digital files, a post-wedding gallery, or even framed prints on-site, providing the finished product makes all the difference. 'It's a memorable gift they'll treasure,' says Alexander. Related: Taking Engagement Photos Soon? These Expert-Approved Fashion Tips Will Help You Avoid Photo Regret The cost of a wedding portrait studio can vary widely depending on your guest count, location, and how elaborate the setup is, but remember that this isn't your average photo booth add-on. According to Alexander, couples investing in a fully customized, high-end experience with premium lighting, set design, and a dedicated photographer can expect to spend anywhere from $5,000 to $10,000. 'The more intricate the production, the higher the price tag,' she says. For a more minimalist approach, know that you'll likely still be looking at a starting price in the low thousands. Smaller weddings or simpler setups might come in closer to $500 to $2,000, especially if you're only running the studio during cocktail hour or using fewer design elements. But as Jordan explains: 'Even for a scaled-down version, you'll need to budget for a second shooter, professional lighting, and editing. $1,000 is a solid baseline to plan for.' From choosing the perfect backdrop to timing it just right, there's an art to pulling off a reception portrait studio that actually delivers. Here, the experts explain what couples tend to overlook—and the small upgrades that can make a major difference. Want your portrait studio to feel like more than just a simple photo opportunity? Start with the backdrop. Jordan recommends opting for a hand-painted canvas in your wedding colors—or even creating your own for a more personal touch. For added dimension, she suggests incorporating florals, like an arch or elegant arrangements in vases, to elevate the space. 'The flowers and the chairs really make it an experience for the guests,' she says. As mentioned, a striking chair or vintage settee doesn't just look great—it adds variety and comfort. 'Special pieces of furniture bring dimension to the photos,' Jordan says. 'They're also perfect for elderly guests or anyone who'd prefer to sit for their portrait.' You don't want guests to miss the setup altogether. 'Have it somewhere very clear, where people can see the lighting and the backdrop and feel drawn to it,' says Jordan. Visibility encourages participation and helps guests recognize it as a core part of the wedding experience. That said, avoid putting it smack in the middle of the action. 'You want people to notice it, but still feel comfortable,' adds Jordan. As hallway guests walk through on the way to cocktail hour is ideal—close enough to be inviting, but not so central that it feels awkward or disruptive. Timing matters. That's why Jordan suggests opening the portrait studio earlier in the evening—before people feel too sweaty or tired. 'This is supposed to be a special moment, where guests can have a beautiful portrait taken while they're still feeling polished and put together,' she says. If you want to go all out, think beyond the camera. 'Enhancing the experience with a nearby bar or passed drinks keeps guests happy and engaged,' says Carter. And for a truly showstopping moment? Add personal touches. 'A standout portrait studio reflects your story,' says Alexander. At the end of the day, a portrait studio isn't just another wedding trend—it's a gift to your guests. As Jordan puts it, 'It's a present for them... it lets them know we value that they're here to celebrate with us.' When done right—with thoughtful timing, intentional design, and maybe even a few florals—it becomes a moment they'll remember long after the cake is cut. Up Next: Is the Blurry Wedding Photo Trend Here to Stay? Read the original article on Brides
Yahoo
29-05-2025
- Business
- Yahoo
American Integrity Insurance Group, Inc. Announces Full Placement of 2025-2026 CAT XOL Reinsurance Program
TAMPA, Fla., May 29, 2025--(BUSINESS WIRE)--American Integrity Insurance Group, Inc. (NYSE: AII) ("American Integrity" or the "Company"), a Tampa-based property and casualty insurance holding company, announced today that it has fully placed its 2025-2026 indemnity based, catastrophe excess-of-loss reinsurance program for its insurance subsidiary, American Integrity Insurance Company of Florida, Inc. ("AIICFL"), which is effective as of June 1, 2025. Robert Ritchie, CEO of American Integrity, commented, "I am pleased to announce the successful completion of our 2025-2026 catastrophe excess of loss reinsurance program. Due to the significant growth in premium and exposure we have experienced in the past year due to our robust voluntary writings and our participation in the fourth quarter 2024 and 2025 Citizens take-out programs, we have increased our reinsurance limit by $799 million to $2.59 billion. The placement is a combination of protection provided by traditional reinsurers, Insurance Linked Securities ("ILS") investors, the Florida Hurricane Cat Fund and our captive reinsurer." Key points of the 2025-2026 catastrophe reinsurance program include: The reinsurance program provides third-party coverage of $1.93 billion for a single catastrophic event. The total third-party coverage provided for all occurrences is $2.59 billion, representing an increase of $799 million or 45% over the 2024 treaty. The total incurred net consolidated catastrophe reinsurance premiums ceded to third parties are expected to total $433 million for the treaty year, an increase of $96 million, or 28%, over the 2024 treaty year estimate. The program includes multi-year indemnity coverage totaling $565 million sourced through new catastrophe bonds issued by Integrity Re III Ltd in 2025. This catastrophe bond issuance was the eighth and largest ILS transaction the Company has sponsored. The Company's net retention is $35 million for each of the first and second events with $10 million retained by AIICFL and an additional $25 million retained by our segregated cell captive reinsurer. Our net retention for the third and fourth event decreases to $15.8 million and $10 million respectively and is solely with AIICFL. Florida Hurricane Catastrophe Fund participation of 90.0%, consistent with the prior year program. The entire program is indemnity based, with no parametric covers. All reinsurers participating in our 2025-2026 catastrophe reinsurance program were rated A- or better by A.M. Best or were required to post collateral up to 100% of all obligations to the Company. The increased coverage and net retention associated with the XOL reinsurance program reflects our growth in written premium, exposure and capital. Jon Ritchie, President of American Integrity, commented, "We are grateful for the ongoing support of the global catastrophe reinsurance community, who have been essential to Florida's ability to withstand multiple catastrophic events in recent years." About American Integrity Insurance Group, Inc. American Integrity Insurance Group is one of Florida's leading providers of residential property insurance, proudly serving more than 383,000 policyholders. Headquartered in Tampa, Florida, the Company continues to set the standard in the industry by empowering homeowners and fostering a culture defined by integrity, resilience, and excellence. Forward-Looking Statements This press release contains forward-looking statements. All statements other than statements of historical facts contained in this press release may be forward-looking statements. This release includes forward-looking statements relating to our 2025-2026 catastrophe reinsurance program. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "contemplates," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "targets," "will," "would" or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, but are not limited to, our ability to write new policies and renew existing ones; our ability to maintain adequate reinsurance programs; legal and regulatory developments in the state of Florida; weather conditions (including the severity and frequency of hurricanes, convective storms, tornadoes, tropical storms, sinkholes, windstorms, hailstorms and other severe weather events); our strategy, expected outcomes, and growth prospects; trends in our operations, industry, and markets; our future profitability, indebtedness, liquidity, access to capital, and financial condition; dependence on investment income and the composition of our investment portfolio; the effects of seasonal trends on our results of operations; the increased expenses associated with being a public company; our ability to remain in compliance with extensive laws and regulations that apply to our business and operations; and other matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, those discussed in our prospectus, dated May 7, 2025 filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on May 8, 2025. New risks emerge from time to time. These forward-looking statements are based only on information currently available to us, speak only as of the date hereof and are subject to business and economic risks. We do not undertake any obligation to update or revise the forward-looking statements to reflect events that occur or circumstances that exist after the date on which such statements were made, except to the extent required by law. View source version on Contacts Ben Lurie, CFOAmerican Integrity Insurance Group, (813) 551-1014blurie@
Business Wire
29-05-2025
- Business
- Business Wire
American Integrity Insurance Group, Inc. Announces Full Placement of 2025-2026 CAT XOL Reinsurance Program
TAMPA, Fla.--(BUSINESS WIRE)--American Integrity Insurance Group, Inc. (NYSE: AII) ('American Integrity' or the 'Company'), a Tampa-based property and casualty insurance holding company, announced today that it has fully placed its 2025-2026 indemnity based, catastrophe excess-of-loss reinsurance program for its insurance subsidiary, American Integrity Insurance Company of Florida, Inc. ('AIICFL'), which is effective as of June 1, 2025. Robert Ritchie, CEO of American Integrity, commented, 'I am pleased to announce the successful completion of our 2025-2026 catastrophe excess of loss reinsurance program. Due to the significant growth in premium and exposure we have experienced in the past year due to our robust voluntary writings and our participation in the fourth quarter 2024 and 2025 Citizens take-out programs, we have increased our reinsurance limit by $799 million to $2.59 billion. The placement is a combination of protection provided by traditional reinsurers, Insurance Linked Securities ('ILS') investors, the Florida Hurricane Cat Fund and our captive reinsurer.' Key points of the 2025-2026 catastrophe reinsurance program include: The reinsurance program provides third-party coverage of $1.93 billion for a single catastrophic event. The total third-party coverage provided for all occurrences is $2.59 billion, representing an increase of $799 million or 45% over the 2024 treaty. The total incurred net consolidated catastrophe reinsurance premiums ceded to third parties are expected to total $433 million for the treaty year, an increase of $96 million, or 28%, over the 2024 treaty year estimate. The program includes multi-year indemnity coverage totaling $565 million sourced through new catastrophe bonds issued by Integrity Re III Ltd in 2025. This catastrophe bond issuance was the eighth and largest ILS transaction the Company has sponsored. The Company's net retention is $35 million for each of the first and second events with $10 million retained by AIICFL and an additional $25 million retained by our segregated cell captive reinsurer. Our net retention for the third and fourth event decreases to $15.8 million and $10 million respectively and is solely with AIICFL. Florida Hurricane Catastrophe Fund participation of 90.0%, consistent with the prior year program. The entire program is indemnity based, with no parametric covers. All reinsurers participating in our 2025-2026 catastrophe reinsurance program were rated A- or better by A.M. Best or were required to post collateral up to 100% of all obligations to the Company. The increased coverage and net retention associated with the XOL reinsurance program reflects our growth in written premium, exposure and capital. Jon Ritchie, President of American Integrity, commented, 'We are grateful for the ongoing support of the global catastrophe reinsurance community, who have been essential to Florida's ability to withstand multiple catastrophic events in recent years.' About American Integrity Insurance Group, Inc. American Integrity Insurance Group is one of Florida's leading providers of residential property insurance, proudly serving more than 383,000 policyholders. Headquartered in Tampa, Florida, the Company continues to set the standard in the industry by empowering homeowners and fostering a culture defined by integrity, resilience, and excellence. Forward-Looking Statements This press release contains forward-looking statements. All statements other than statements of historical facts contained in this press release may be forward-looking statements. This release includes forward-looking statements relating to our 2025-2026 catastrophe reinsurance program. In some cases, you can identify forward-looking statements by terms such as 'anticipates,' 'believes,' 'contemplates,' 'continue,' 'could,' 'estimates,' 'expects,' 'intends,' 'may,' 'plans,' 'potential,' 'predicts,' 'projects,' 'should,' 'targets,' 'will,' 'would' or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, but are not limited to, our ability to write new policies and renew existing ones; our ability to maintain adequate reinsurance programs; legal and regulatory developments in the state of Florida; weather conditions (including the severity and frequency of hurricanes, convective storms, tornadoes, tropical storms, sinkholes, windstorms, hailstorms and other severe weather events); our strategy, expected outcomes, and growth prospects; trends in our operations, industry, and markets; our future profitability, indebtedness, liquidity, access to capital, and financial condition; dependence on investment income and the composition of our investment portfolio; the effects of seasonal trends on our results of operations; the increased expenses associated with being a public company; our ability to remain in compliance with extensive laws and regulations that apply to our business and operations; and other matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, those discussed in our prospectus, dated May 7, 2025 filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on May 8, 2025. New risks emerge from time to time. These forward-looking statements are based only on information currently available to us, speak only as of the date hereof and are subject to business and economic risks. We do not undertake any obligation to update or revise the forward-looking statements to reflect events that occur or circumstances that exist after the date on which such statements were made, except to the extent required by law.
Business Journals
29-05-2025
- Business
- Business Journals
BlockSpaces raises $2M to modernize capital markets using bitcoin
Founded in 2017, Tampa-based BlockSpaces' flagship platform, ARCC is a collateral and risk management platform for institutions delivering smart contract-like functionality natively with bitcoin.
