Following a successful six-year tenure as Florida Citizens Property Insurance Corp.'s CFO, Sharon Binnun has accepted a position in the private sector with a state-based insurer that has not done depopulation business with the last-resort insurer.
Binnun will resign her post effective July 5.
In a memo to staff, Citizens CEO Barry Gilway spoke of Binnun's upcoming departure with a mixture of “pride and regret,” acknowledging her leadership following the devastating 2004/2005 hurricane seasons that tested the Florida insurance market and put increased demands on Citizens.
As CFO, Binnun spearheaded efforts to spread Citizens risk and protect Florida taxpayers by negotiating groundbreaking agreements with traditional reinsurers and capital markets to better spread Citizens risk among private market investors.
“Sharon's well-earned reputation within the international financial world as an ethical, knowledgeable and honest representative has been instrumental in helping to establish Citizens as a global leader in risk transfer,” says Gilway, in a statement. “There truly can be no doubt that no one has made a more significant or beneficial contribution to Citizens or the Florida insurance market.”
Among Binnun's most recent achievements are depopulation efforts that have resulted in more than 430,000 policies being assumed by private carriers over the past two years. The depopulation efforts, combined with the successful risk transfer have resulted in a 47 percent decrease in potential assessments on Citizens customers and all Florida policyholders in the event of a catastrophic storm.
“Those of you who know me are aware that I have truly enjoyed my role as CFO at Citizens for the last six years,” Binnun wrote. “I simply love the work and the wonderful people I work with.”
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