Scott Wallace, the President and CEO of Citizens Property Insurance Corporation (“Citizens”), has announced his resignation to be effective April 2012.  The timing coincides with the completion of Florida’s most recent legislative session, which began today.  It is anticipated that this legislative session will involve issues concerning the state-run Citizens as it continues to transition back to an insurer of last resort.  Wallace has headed Citizens for the past six years, in which Citizens has seen its surplus grow to over $5.5 billion while becoming Florida’s largest property insurer.  However, there are still concerns by some that Citizens may not be able to cover a 100-year storm without an assessment.  The Board of Directors will begin a search for Wallace’s replacement.

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