Jim Malone Appointed Chairman
Jim Malone Appointed Chair of Country's Fourth Largest Property Insurance Concern
July 1, 2008
The State of Florida’s Chief Financial Officer Alex Sink and Governor Charlie Christ have appointed James R. Malone Chairman of the Board of Governors for Citizens Property Insurance Corporation.
With more than 1.2 million policies and nearly $3.3 billion in annual premiums, Citizens is the largest property insurance company in the state and ranks fourth in the nation. Established by the Florida legislature, Citizens is known as Florida’s “insurer of last resort.”
In announcing the appointment, CFO Sink said, “Jim’s tremendous experience in leading major corporations, and his reputation for improving business practices will greatly benefit Florida’s insurance consumers.
“As Chairman of the Board of Governors, Jim will work to institute sound management principles and make sure that the largest property insurance company in the state has the transparency that the people of Florida expect,” said Sink.
Malone is the founding managing partner of the Naples-based Qorval, a leading business advisory firm providing management services across a broad array of industries.
At least one observer, Randy Diamond of the Palm Beach Post, says this may be one of Malone’s most challenging undertakings, noting, “Jim Malone may have one of the hardest volunteer jobs in America…”
Malone says he is well aware of the challenges facing him and Citizens. “With a potential exposure of $40 to $50 billion or more of risk, the operations of Citizens are a matter of profound importance to every property owner in the State of Florida. My goal is to prove that the confidence that Alex Sink has in my leadership is confirmed and that workable solutions to a very difficult situation can be found and implemented.”
For an update, please use this link to the Gulf Coast Business Review: http://www.review.net/section/detail/building-reserves/