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<\/figure><\/div>\n\n\nGilway has overseen operations of the state-backed insurer of last resort since June 2012.<\/p>\n\n\n\n
Tim Cerio, General Counsel of Citizens, will serve as interim Chief.<\/p>\n\n\n\n
Gilway has been at the helm of Citizens during some of the most turbulent times in Florida\u2019s property insurance market. No date for his retirement has been announced, but it will occur before the 2023 legislative session in March.<\/p>\n\n\n\n
In 2022, at least 6 insurance companies have become insolvent. Many of those policy holders are forced into Citizens.<\/p>\n\n\n\n
The state-backed company has hit 1.2 million policies. That means they have more than doubled in just two years.
\u201cCitizens is growing, why is that a problem?\u201d asked Investigator Mahsa Saeidi in July.
\u201cThe whole objective is to basically hold the exposure down so that we\u2019re never in a position to have to assess,\u201d said Gilway.
Essentially, an assessment is a tax on Floridians.
\u201cFirst we assess our own policyholders, then we assess under an emergency assessment \u2013 we can assess the general public, whether it\u2019s an auto policy, a homeowner\u2019s policy, etc.,\u201d said Gilway. \u201cIt\u2019s highly unlikely that we\u2019re in a position where we have to assess but it\u2019s most definitely a possibility if we have that one in 100 storm.\u201d
How long Citizens can continue to take on new policies.
\u201cWell the more policies you take on, the more reinsurance you need. In other words \u2013 when we grow, we attempt to place a lot of that exposure offshore,\u201d Gilway explained. \u201cThe reason people are getting cancelled is not because you\u2019re a bad homeowner, it\u2019s not because you have losses, it\u2019s because the insurance companies are exiting the state.\u201d<\/p>\n\n\n\n
Gilway has called the new property insurance reforms passed in December historic. <\/p>\n","protected":false},"excerpt":{"rendered":"
Barry Gilway, the long-time CEO and Executive Director of Citizens Property Insurance, announced he is retiring. Gilway has overseen operations of the state-backed insurer of last resort since June 2012.… <\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[128],"tags":[2021],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/56586"}],"collection":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/comments?post=56586"}],"version-history":[{"count":2,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/56586\/revisions"}],"predecessor-version":[{"id":56589,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/56586\/revisions\/56589"}],"wp:attachment":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media?parent=56586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=56586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=56586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}