Citizens Property Insurance Corp. president, CEO, executive director resigns

TALLAHASSEE, Fla.—Citizens Property Insurance Corp. President, CEO and Executive Director Scott R. Wallace has resigned, effective April 6.

Mr. Wallace gave no reason for his resignation in a letter he sent last week to Citizens Property Chairman Carlos S. Lacasa. Instead, he gave a brief review of his six years as head of the nonprofit government corporation that provides property insurance to Florida citizens and businesses.

“Our surplus has grown to over $5.5 billion and our total claims-paying capacity (including surplus, pre-event financing. Florida Hurricane Cat Fund and private reinsurance) is nearly $17 billion,” Mr. Wallace wrote. He said he was “extremely proud” of the insurer’s achievements.

In a statement issued Monday, Mr. Lacasa praised Mr. Wallace for having led Florida Citizens “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."

Florida law required Mr. Wallace to give at least 90 days notice before the effective date of his resignation, a fact that Mr. Wallace noted in his letter.