Florida’s Citizens Property CEO Wallace to Exit

Citizens Property Insurance Corp. President Scott Wallace has announced that he will step down as president and CEO of the corporation effective April 6.

Wallace, who has served more than six years as the CEO of the company, has overseen a period of rapid growth as Citizens has become the state’s largest homeowners insurer in the state with 1.5 million policies.

The insurer has come under increasing scrutiny as Gov. Rick Scott and other state officials have sought ways to depopulate the insurer.

In a letter to the board, Wallace said he was proud of his service and the improvements Citizens has made in serving the public.

“Citizens have greatly improved as we constantly strive toward continuous improvement and excellence in our service levels and professionalism to our policyholders, legislative leaders and stakeholders,” said Wallace. “We know have a professional organization that is sustainable and scalable to address the needs of Citizens’ policyholders and the Florida market.

Speaking on behalf of the Citizens’ board, Chairman Carlos Lacasa praised Wallace for his dedication and achievements on behalf of the insurer.

“Scott has led the company through a complex ramp up of the infrastructure needed for Citizens to provide the services and possess the claims payment ability that is so essential to our state’s housing industry,” said Wallace. “His talents will be sorely missed.”

Wallace will stay on through the Florida legislative session that starts today, January 10, and ends on March 9. Lawmakers are expected to consider a number of Citizens reforms designed to reduce the number of policies insured by the company.