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Business News

Citizens Property Insurance president resigns

Staff
Published:   |   Updated: March 19, 2013 at 10:47 AM

TALLAHASSEE — Citizens Property Insurance Corporation President Scott Wallace is resigning after six years at the head of the state-backed property insurer.

Wallace turned in his resignation to Board Chairman Carlos Lacasa on Friday. Wallace will remain at Citizens into early April to assist with a transition to new leadership.

Lacasa on Monday credited Wallace for improvements in Citizens' service levels, risk transference initiatives, and professionalism towards its policyholders, agents, legislative leaders and stakeholders.

Citizens is Florida's largest property insurer for home and business owners with roughly 1.5 million policyholders. It has grown rapidly in recent years despite legislative efforts to reduce its size and liabilities.

Citizens was created by the Legislature in 2002 to provide insurance to homeowners in high-risk areas and those unable to find coverage in the private market.

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