Florida’s Citizens CEO Wallace to Join Homeowners Choice

The man who is leaving his post as chief executive officer of Florida’s state-backed Citizens Property Insurance Corp. is joining one of the state’s private homeowners insurers.

Homeowners Choice Inc. announced that Scott R. Wallace, departing CEO of Citizens, has agreed to serve as president of its property/casualty division.

Citizens is Florida’s largest homeowners’ insurance company with approximately 1.5 million policies in force and $3 billion in annual revenue.

Wallace has served as Citizens’ president since January 2007. He delivered notice of his resignation in January of this year and agreed to continue there until April 6, 2012.

Last week, Citizens announced it is hiring state regulator and former state lawmaker, Tom Grady, as its interim president, effective March 12, to replace Wallace. Grady will have the opportunity to apply for the permanent position of head of Citizens.

According to Homeowners Choice Chief Executive Paresh Patel, Wallace’s tenure with Homeowners Choice will begin soon after he leaves Citizens. Among his duties will be to serve as president of Homeowners Choice Property & Casualty Insurance Co., the company’s principal operating subsidiary.

Wallace has more than 30 years of experience in property/casualty insurance and reinsurance. He joined Citizens in January 2006 as senior vice president of operations and was appointed president in January 2007. Before joining Citizens he held senior management positions with member companies of the W.R. Berkley Corp.

Tampa-based Homeowners Choice sells insurance to homeowners, condominium owners and tenants. Founded in 2006, the insurer serves approximately 121,000 policyholders throughout Florida representing approximately $227 million in annualized premiums.

Topics Florida Homeowners Property Casualty