Citizens names Grady president

TALLAHASSEE — The board of governors of Citizens Property Insurance Corp. named Naples attorney Tom Grady as interim president.

Grady, a securities lawyer who currently serves as commissioner of the Florida Office of Financial Regulation, will begin serving as interim president of Citizens on March 12 following the resignation of current president Scott Wallace. Wallace will remain with the insurer until April 6 to assist with the transition.

“It is important that we maintain continuity of the board's business plan as we embark on a national search for a permanent replacement for Mr. Wallace,” said Carlos Lacasa, chairman of Citizens. “Mr. Grady has graciously agreed to step in on short notice and lead the administration on an interim basis while we implement initiatives aimed at reducing the size and exposure of Citizens.”

Citizens, the state's insurer of last resort, currently has more than 1.4 million policies in force with more than $500 billion of risk exposure.

Click here to read the Business Review's recent interview with Grady.