The idea to privatize Citizens Property Insurance Corp., tossed out at a recent board of governors' meeting, continues to draw attention. On July 13 the 8-member board met in Naples as part of its regular schedule of meetings at different venues across the state.
During a presentation by Citizens' CEO Scott Wallace, as both he and Board Chair James Malone voiced concern about the carrier's continued growth, Malone surprised many listeners by saying, "I think we ought to really consider privatizing a substantial portion of Citizens. A base of about 800,000 customers who need an insurer of last resort with billions of dollars in assets, thousands of customers, and a nice premium base, should have value somewhere in the marketplace."
Malone has served as board chair since his appointment to that post by then-CFO Alex Sink. He is the founding managing partner of Naples-based Qorval LLC, an investment banking, financial advisory, and turn-around firm, and chairman of Boyne Capital Partners. He says that the guidelines under which Citizens operates from a legislative and administrative standpoint simply do not work. "Think about it for a moment," he said at the meeting. "You have this huge concentration of risk at under-market price, under-market value.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
