BRADENTON, Fla. Florida’s state-run insurance company Citizens Property Insurance Corp. tapped Jennifer Montero to be its new chief financial officer.
Montero, a certified public accountant, has served as interim CFO since June. Previously she was Citizens’ assistant controller, director of accounting/controller, senior director of accounting/controller, and deputy CFO.
Montero is replacing Sharon Binnun, who resigned July 5 to take a position in the private sector with a Florida-based insurance company. The name of the company, and her new position, were not released.
John Rollins will become CPIC’s chief risk officer, which is a newly created position, Citizens Director Barry Gilway said in an announcement Sept. 13.
Rollins, a former member of the agency’s board of governors who resigned from the board recently to take the new position, will oversee enterprise risk management, actuarial, analytics, and product development.
He formerly was president of Rollins Analytics Inc., and vice president for public risk services at AIR Worldwide Corp.
The CPIC is a tax-exempt insurer created by the state in 2002 to offer property insurance to homeowners who could not get coverage in the private market.
While envisioned as an agency of last resort, Citizens has become the largest insurer in the state with a market share of 19.5% in 2012. State Farm Mutual Group, the second-largest property insurer, had a market share of 8.7%.
Citizens has $871.5 million of outstanding tax-exempt bonds. They are rated A-plus by Fitch Ratings and Standard & Poor’s, and A2 by Moody’s Investors Service.