Citizens Property chief updates Scott, Cabinet

Published: Wednesday, January 18, 2012 at 1:41 p.m.
Last Modified: Wednesday, January 18, 2012 at 1:41 p.m.

TALLAHASSEE — Gov. Rick Scott says he likes what he's hearing from executives at Citizens Property Insurance Corp. on their plans to reduce the size of the state-backed insurer.

Outgoing Citizens Property Insurance Corp. President Scott Wallace updated Scott and members of the independently elected Cabinet on Tuesday about its latest efforts to shrink the company and the financial exposure it presents to millions of Floridians.

Wallace said that Citizens policies have leveled off at slightly below 1.5 million after more than a year of growing at some 30,000 policies a month.

Scott has made it a priority for Citizens to once again be a last-resort backup instead of the state's largest insurer of businesses and homes.

The 59-year-old Wallace is leaving Citizens in early April after six years at the company.

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