Florida Citizens Property Insurance CFO Sharon Binnun Resigns
Jun 17, 2013
Florida’s Citizens Property Insurance Corporation (“Citizens”) confirmed today, June 17, 2013, that its Chief Financial Officer Sharon Binnun has resigned to take a position in the private sector, effective July 5. Ms. Binnun has been employed with Citizens for six years.
In a memo to Citizens’ staff, President and CEO Barry Gilway spoke of Ms. Binnun’s upcoming departure with a mixture of “pride and regret,” acknowledging her leadership following the devastating 2004/2005 hurricane seasons that tested the Florida insurance market and put increased demands on Citizens, according to a news release issued by the State-run insurer.
As CFO, Ms. Binnun spearheaded efforts to spread Citizens’ risk by negotiating agreements with traditional reinsurers and capital markets to better spread it among private market investors.
“Sharon’s well-earned reputation within the international financial world as an ethical, knowledgeable and honest representative has been instrumental in helping to establish Citizens as a global leader in risk transfer,” Mr. Gilway said. “There truly can be no doubt that no one has made a more significant or beneficial contribution to Citizens or the Florida insurance market.”
Among her most recent achievements are depopulation efforts that have resulted in more than 430,000 policies being assumed by private carriers over the past two years. These efforts, combined with the risk transfer have resulted in a 47 percent decrease in potential assessments on Citizens customers and all Florida policyholders in the event of a catastrophic storm, Citizens’ news release explained.
Ms. Binnun, a former insurance regulator who became Citizens CFO in 2007, is taking a job with a Florida-based insurer that has not done depopulation business with Citizens, the state-created insurer of last resort. The private company is expected to announce the move soon.
“Those of you who know me are aware that I have truly enjoyed my role as CFO at Citizens for the last six years,” Binnun wrote. “I simply love the work and the wonderful people I work with.”
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