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No date has been set for Gilway’s departure, however Citizens 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 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 lately enacted legislative reforms which can search to stabilize Florida’s troubles property insurance coverage market and “return Citizens to its role as the state’s insurer of last resort,” a launch mentioned.
“The historic reforms that we fought so hard for are now in place and it’s time to make way for the next generation of leadership. It’s truly been an honor to lead such an incredible group of dedicated professionals,” famous Gilway.
“Mr. Gilway has capped off his tenure at Citizens by leading the way for passage of historic legislation that, over time, will fix the Florida property insurance market and return Citizens to its role as Florida’s insurer of last resort,” mentioned Beruff. “As we work toward a transition plan, I want to thank Barry on behalf of the Board for his service to Citizens and the industry.”
Citizens’ board has authorized 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 in the industry and will be missed,” mentioned Cerio. “I am honored by this opportunity and look forward to working with the Board through these challenging times. It’s reassuring to know that we will continue to be able to tap Barry’s experience and industry knowledge as we move forward.”
Gilway joined Citizens in June 2012; at the moment, the insurer had greater than 1.4 million insurance policies in pressure, and Floridians owed over $11.6 billion in assessments following a 1-in-100-year storm. Under 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 “virtually eliminated,” a launch mentioned.