Monday, February 6, 2023
HomeInsuranceResidents Property Insurance coverage pronounces CEO exit

Residents Property Insurance coverage pronounces CEO exit


No date has been set for Gilway’s departure, however Residents has revealed in a launch that it hopes to have a everlasting successor chosen earlier than the Legislature convenes in March 2023.

The insurer additionally stated that Citizen’s’ board of governors licensed chairman Carlos Beruff to barter an exit plan with the outgoing Gilway, with a multiyear settlement to permit Gilway to function an advisor in the course of the transition. Beruff will even work with Gilway on a transition plan because the insurer implements just lately enacted legislative reforms which is able to search to stabilize Florida’s troubles property insurance coverage market and “return Residents to its function because the state’s insurer of final resort,” a launch stated.

“The historic reforms that we fought so arduous for at the moment are in place and it’s time to make approach for the subsequent technology of management. It’s actually been an honor to guide such an unimaginable group of devoted professionals,” famous Gilway.

“Mr. Gilway has capped off his tenure at Residents by main the way in which for passage of historic laws that, over time, will repair the Florida property insurance coverage market and return Residents to its function as Florida’s insurer of final resort,” stated Beruff. “As we work towards a transition plan, I need to thank Barry on behalf of the Board for his service to Residents and the business.”

Residents’ board has accredited the appointment of Tim Cerio, present normal counsel, to succeed Gilway on an interim foundation. Cerio’s interim time period is efficient as soon as Gilway steps down.

“Barry is an icon within the business and can be missed,” stated Cerio. “I’m honored by this chance and stay up for working with the Board via these difficult instances. It’s reassuring to know that we are going to proceed to have the ability to faucet Barry’s expertise and business data as we transfer ahead.”

Gilway joined Residents in June 2012; at the moment, the insurer had greater than 1.4 million insurance policies in drive, and Floridians owed over $11.6 billion in assessments following a 1-in-100-year storm. Underneath Gilway’s management, the variety of insurance policies it had written was introduced all the way down to 420,000 by 2017, and the chance of assessments was “just about eradicated,” a launch stated.

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