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Citizens Insurance CEO Scott Wallace Resigns

Posted on 10 Jan 2012

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Citizens Property Insurance Corporation today announced the resignation of President/CEO and Executive Director Scott R. Wallace. Wallace plans to remain at Citizens through April 6, 2012 to ensure a smooth transition.

Wallace, who has been at the helm of Citizens for the past six years, tendered his voluntary resignation Friday, January 6, 2012 in a letter to Chairman Carlos A. Lacasa.??Speaking on behalf of the board, Chairman Lacasa accepted Wallace's resignation with regret, praising his dedication and achievements.

Lacasa stated, "Scott has led the company through a complex ramp up of the infrastructure needed for Citizens to provide the services and possess the claims payment ability that is so essential to our state's housing industry."

"His talents will be sorely missed," Lacasa said.

Chairman Lacasa credited Wallace for continuous improvements in Citizens' service levels, risk transference initiatives, and professionalism towards our policyholders, agents, legislative leaders and stakeholders.

Citizens' surplus has grown to over $5.5 billion and our total claims paying capacity (including surplus, pre-event financing, Florida Hurricane Cat Fund and private reinsurance) is nearly $17 billion.

"The Board is grateful to Scott Wallace for a job well done," Mr. Lacasa said