TAMPA, Fla. — The long-time CEO and executive director of Citizens Property Insurance, Florida's last-resort insurer, announced his retirement on Thursday.
Barry Gilway, 77, has led the company since June 2012. He is set to retire before the start of Florida's 2023 legislative session in March, or sooner, Citizens spokesperson Michael Peltier confirmed.
The company's current general counsel and chief legal officer, Tim Cerio, will serve as interim CEO and Executive Director effective when Gilway steps down.
The announcement comes at a time of instability for Florida's property insurance market. Gov. Ron DeSantis signed sweeping legislation last week aimed at addressing some of the industry's biggest issues.
It also comes a week after Florida's Insurance Commissioner David Altmaier resigned from his position.
Florida has struggled to keep the insurance market healthy since 1992 when Hurricane Andrew flattened Homestead, wiped out some insurance carriers and left many remaining companies fearful to write or renew policies in Florida. Risks for carriers have also been growing as climate change increases the strength of hurricanes and the intensity of rainstorms.
The new law will create a $1 billion reinsurance fund, put disincentives in place to prevent frivolous lawsuits and force some customers to leave the state-created Citizens Property insurance for a private insurer.
The insurance industry has seen two straight years of net underwriting losses exceeding $1 billion in Florida. Six insurers have gone insolvent this year, while others are leaving the state.
Citizens recently topped 1 million policyholders for the first time in a decade.
The Associated Press contributed to this report.