Jacksonville, Fla.-based Citizens Property Insurance Corp. said Thursday that longtime president, CEO and chief executive officer Barry Gilway will step down after more than a decade of service.
No date has been set for Mr. Gilway’s resignation, but the expectation is to have a successor selected before the Florida Legislature convenes in March 2023. Citizens’ Board of Directors approved the appointment of Citizens General Counsel Tim Cerio to succeed Mr. Gilway on an interim basis, effective when Mr. Gilway formally resigns.
Citizens chairman Carlos Beruff will negotiate a multi-year deal with Mr. Gilway to continue to advise citizens and assist in the transition, it said in a statement.
Mr Gilway said he is retiring in the wake of property insurance reforms recently passed 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 coverage for those unable to secure coverage through the private market.
Citizens is also helping to stem disaster losses in the state with its series of Everglades Re insurance-linked securities, which have been renewed more than once.