Saturday, February 4th, 2023

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 mentioned that Citizen’s’ board of governors approved chairman Carlos Beruff to barter an exit plan with the outgoing Gilway, with a multiyear settlement to permit Gilway to function an advisor throughout the transition. Beruff may even work with Gilway on a transition plan because the insurer implements lately enacted legislative reforms which can 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 mentioned.

“The historic reforms that we fought so laborious for at the moment are in place and it’s time to make means for the following era of management. It’s actually been an honor to guide such an unbelievable 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,” mentioned Beruff. “As we work towards a transition plan, I wish to thank Barry on behalf of the Board for his service to Residents and the trade.”

Residents’ board has accepted the appointment of Tim Cerio, present basic 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 trade and might be missed,” mentioned Cerio. “I’m honored by this chance and sit up for working with the Board via these difficult instances. It’s reassuring to know that we’ll proceed to have the ability to faucet Barry’s expertise and trade 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 power, 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 danger of assessments was “nearly eradicated,” a launch mentioned.

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