The governing board for Florida’s Citizens Property Insurance Corp. last week voted to hire a new president from the private insurance sector.
Barry Gilway, president and chief executive officer of Seattle-based Mattei Insurance Services, will now negotiate salary and terms of his employment with the state-run, nonprofit insurer.
Gilway was selected following a national search, and was chosen over Glenn Pomeroy, CEO of the California Earthquake Authority.
Last week Citizens also priced $1.5 billion of bonds and notes in a transaction that was oversubscribed 2-1/2 times after receiving $3.8 billion in orders.
Proceeds will be used as liquidity to pay certain property insurance claims, if needed, during the hurricane season. The bonds were sold at a true interest cost of 3.075%.