Florida’s Citizens Names OFR’s Grady as Interim President

Florida largest property insurer has named a state regulator and former state lawmaker as its interim president, effective March 12.

Citizens Property Insurance Corp. announced yesterday that it has hired Tom Grady to take over as president and CEO, replacing Scott Wallace who announced in January his plan to step down after six years leading the insurer.

Last year, Grady was named commissioner of the Office of Financial Regulation, which regulates banking, finance and securities industries. He has been in charge of streamlining the office’s operations. Among other things, he has called for a $4 million reduction in the office’s current $37 million budget.

In 2008, Grady was elected as a Republican member of the Florida House of Representatives where he served one two-year term. He was vice chair of the Insurance, Business and Financial Affairs Committee. He also was a member of the Economic Development Policy Committee and the Finance and Tax Council.

As interim president, Grady will have the opportunity to apply for the permanent position of head of Citizens.