He waited for the Florida legislature to pass long-awaited reforms, but now Citizens Property Insurance Corp. CEO Barry Gilway is set to retire after nearly 11 years at the helm.
Gilway announced at the Citizens’ Council of Governors meeting today, Thursday, that he would be stepping down sometime before the start of the 2023 regular session of the Legislative Assembly in March. The board quickly agreed to pay Gilway up to $650,000 over the next few years to keep him engaged as an adviser to the state-backed insurer that became the world’s largest property insurer. the state.
The board also named Tim Cerio, the company’s general counsel, as interim CEO to take the reins from Gilway’s departure. The council will eventually appoint a permanent leader, who will need to be confirmed by the Florida Senate.
The nine-member board was full of praise for Gilway, who led the quasi-public company through one of the most troubled insurance markets and through a time of explosive but unexpected growth for the company, which now has more than 1.1 million policyholders.
“It was Barry Gilway’s leadership and thought leadership that guided the Legislature toward real, long-term change to help stabilize Florida’s real estate market,” said board member Charlie Lydecker. , who called Gilway “one hell of a leader” in tough times.
President Carlos Beruff hailed Gilway’s “intelligence and tenacity” in guiding citizens and working tirelessly to reform the system over the past decade.
“With the team he left behind, we all sleep quite well at night,” added Beruff.
Gilway, who has been in the insurance industry for 52 years, has repeatedly sounded the alarm about Florida’s property insurance market implosion in recent years. At Citizens board meetings, in legislative hearings and in media interviews, Gilway has frequently pointed to other insurers’ financial troubles and soaring legal costs.
To today’s meeting, he suggested the hard work paid off when the December special session of the Legislative Assembly addressed key reforms, including limits on claims litigation and attorney fees; a flood insurance requirement for insured citizens; and a state-backed reinsurance plan.
“What was accomplished this month in the legislative session will absolutely have a lasting impact on the citizens and on Florida,” Gilway said. “It is a huge success for the citizens.
He praised the staff at Citizens and said he left the company in the hands of a highly experienced ‘dream team’.
Gilway was well known in the North American insurance industry before becoming CEO of Citizens in 2012, having led Zurich Canada, Zurich North America, Maryland Casualty Companies and Crum and Forster, according to his biography on the website. of Citizens.
He began his insurance career after college and after two years of military service, in regional management with the Insurance Company of North America and WR Berkley Corp. In the 1990s, Gilway was named president of Maryland Casualty Business Lines. He retired from Zurich in 2006 and worked as a consultant and was later appointed CEO of Mattei Insurance Services.
He received his Bachelor of Science degree from the University of Akron.
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