Citizens Property Insurance chief to update Governor Rick Scott, Florida Cabinet

Jan 18, 2012

The following article was published in the St. Augustine Record on January 18, 2012:

Citizens Property chief to update Scott, Cabinet

By Brent Kallestad

Outgoing Citizens Property Insurance Corp. President Scott Wallace is planning to update Gov. Rick Scott and members of the independently elected Cabinet on its latest efforts to shrink the state-backed insurer.

Wallace is leaving his post in early April after serving as the top executive at Citizens for more than five years.

While Citizens was designed as a last-resort backup, the shrinking of the private market in recent years in hurricane-prone Florida has made it the largest insurer of homes and businesses in the state. The company has grown rapidly in recent years despite legislative efforts to reduce its size and liabilities and now has roughly 1.5 million policyholders.

Scott has made downsizing of Citizens as one of his top priorities as he begins his second year in office.

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