Tom Grady to become presidents of Citizens Insurance

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Former lawmaker Tom Grady, who took over in August as commissioner of the state Office of Financial Regulation, will become interim president of Citizens Property Insurance Corp, reports the News Service of Florida. The appointment, announced Tuesday by Citizens, will take effect next week. Grady will replace Scott Wallace, who in January announced his resignation from the top staff position at the state-backed property insurer. “It is important that we maintain continuity of the board’s business plan as we embark on a national search for a permanent replacement for Mr. Wallace,” Carlos Lacasa, chairman of the Citizens board, said in a news release. “Mr. Grady has graciously agreed to step in on short notice and lead the administration on an interim basis while we implement initiatives aimed at reducing the size and exposure of Citizens.” Grady, a Naples Republican who served in the House from 2008 to 2010, sent a message to OFR employees Tuesday that said he was asked Monday to serve as “the interim, and potentially permanent,” president of Citizens. “I love working at the OFR,” Grady said in the message. “I love the people, the industry and the work. But I am eager to serve in a different capacity in another area of the financial services industry, one where stability and rationality are necessary conditions to a sustained economic recovery.”

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