Ex-Florida Citizens CEO to Head Homeowners Choice

NU Online News Service, March 13, 11:55 p.m. EDT

Two months after resigning as the president and chief executive officer of Florida Citizens Property Insurance Corp., Scott R. Wallace has agreed to join Homeowners Choice Inc.

Homeowners Choice says Wallace was named president of its property and casualty division, Homeowners Choice Property & Casualty.

Wallace will start at Homeowners Choice soon after his time at Citizens. He has agreed to stay there until April 6.

“Scott has extensive and wide-ranging experience in the insurance industry, including management of Florida’s largest homeowners’ insurance carrier,” says Paresh Patel, chief executive of Homeowners Choice, in a statement.

Though it was established to be Florida’s last-resort insurer, Citizens has grown to become the state’s leading writer of property insurance, with about 1.5 million policies.

Wallace led Citizens for six years and resigned for personal reasons. At the time of his resignation, a spokeswoman said his departure was not due to controversy, or a hidden politically-related reason.

Earlier this month Citizens tapped Tom Grady, former Florida Representative and commissioner of the Florida Office of Financial Regulation, to be its interim president.

Wallace’s new position with Tampa-based Homeowners Choice is an interesting one because the insurer was started in 2006 as a domestic “take-out” company.

That is, Homeowners Choice’s book of business was created by taking out, or depopulating, bundles of policies from Citizens as part of a state program meant to reduce the state-run insurer’s exposure. Homeowners Choice now has about 125,000 policyholders (about a 2.8% Florida market share) with about $235 million in annualized premiums, and is now traded on the NASDAQ Global Market.

Late last year Homeowners Choice made a move that could double its size purchasing troubled insurer HomeWise Insurance Co., which was ordered into receivership.

Comments

Resource Center

View All »

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Guide: Top 15 E&O Risks-And How To Avoid Them

Accidents happen. But when it's an errors and omissions oversight, that accident can open your...

We'll Show You How to Reach Your Sales Goals

Whether you work alone or have a team of agents working for you, we can...

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.