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Jacksonville, Florida-based Citizens Property Insurance Corp. said Thursday that longtime President, CEO and Executive Director Barry Gilway will step down after more than a decade of service.
No date has been set for Mr. Gilway’s departure, but the expectation is to have a successor selected before the Florida Legislature convenes in March 2023. The Citizens board approved the appointment of Citizens’ General Counsel Tim Cerio to succeed Mr. Gilway on an interim basis, effective when Mr. Gilway formally steps down.
Citizens Chairman Carlos Beruff will negotiate a multiyear agreement with Mr. Gilway to continue to advise Citizens and assist in the transition, a statement said.
Mr. Gilway said he is retiring in the wake of property insurance reforms recently enacted by the state.
“The historic reforms that we fought so hard for are now in place,” he said in the statement.
Citizens is a not-for-profit company that helps provide property insurance protection for those unable to secure coverage through the private market.
Citizens also helps backstop catastrophe losses in the state with its series of Everglades Re insurance-linked securities, which have been renewed more than once.