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Article says Heritage Insurance in FL is raising homeowners insurance rates by an average of about 15% (despite no big claim events) while its CEO's compensation now tops $27.3 million. And people aren't happy about it???
From the article (linked below):
A fast-growing but untested insurer wants South Florida homeowners to tighten their belts and pay up to 25 percent more — even as Heritage Insurance Holdings Inc. CEO Bruce Lucas has nearly quadrupled his compensation in one year to a whopping $27.3 million, records reviewed by The Palm Beach Post show.
That represents more than 50 times what the CEO gets paid at larger, state-run Citizens Property Insurance Corp., where Heritage got most of its customers on its way to becoming one of the state’s five largest property carriers.
“People are living paycheck to paycheck and this guy is making $27 million,” said Ken Schurr, a Coral Gables attorney who represents policyholders against insurance companies. “It’s not right.”
After all, Heritage has never experienced a hurricane and its claim losses have been falling, not rising, as a share of premiums, he said. Yet it wants homeowners to fork over a statewide average rate hike of 14.9 percent.
Rate hike 'greedy'? Heritage CEO paid $27m, 50 times Citizens CEO | www.mypalmbeachpost.com
From the article (linked below):
A fast-growing but untested insurer wants South Florida homeowners to tighten their belts and pay up to 25 percent more — even as Heritage Insurance Holdings Inc. CEO Bruce Lucas has nearly quadrupled his compensation in one year to a whopping $27.3 million, records reviewed by The Palm Beach Post show.
That represents more than 50 times what the CEO gets paid at larger, state-run Citizens Property Insurance Corp., where Heritage got most of its customers on its way to becoming one of the state’s five largest property carriers.
“People are living paycheck to paycheck and this guy is making $27 million,” said Ken Schurr, a Coral Gables attorney who represents policyholders against insurance companies. “It’s not right.”
After all, Heritage has never experienced a hurricane and its claim losses have been falling, not rising, as a share of premiums, he said. Yet it wants homeowners to fork over a statewide average rate hike of 14.9 percent.
Rate hike 'greedy'? Heritage CEO paid $27m, 50 times Citizens CEO | www.mypalmbeachpost.com