Citizens' President Resigns, will Step Down in April

Scott Wallace, president and CEO of Citizens Property Insurance Corp., has announced his resignation, effective April 6.

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 states housing industry, Citizens chairman Carlos Lacasa stated in a release. His talents will be sorely missed.

Wallace, who has been with the state-backed Citizens for six years, informed Lacasa of his decision on Friday.

No reason was given for Wallaces decision.

Citizens has been targeted for reform in the legislative session that begins Tuesday.The agency, created as the insurer of last resort but with 1.5 million policies, has grown as the states largest insurer, and has put Floridians at exposure to a growing financial risk as there may not be enough in reserve to cover the impact of a major disaster.

Among the proposals to bulk up Citizens Hurricane Catastrophe Fund would be a need to hit customers with sizeable rate hikes.