James R. Malone has been appointed chairman of the Board of Governors for Citizens Property Insurance Corp. He takes over the helm tomorrow from Bruce Douglas, who has been on the board of the state-run nonprofit property insurer for six years.
Malone, 65, is from Naples. He was appointed by Florida’s elected chief financial officer, Alex Sink.
Malone is the founding managing partner of Naples-based Qorval LLC, an investment banking, financial advisory, and turn-around firm. He also is chairman of Boyne Capital Partners and a director of Birmingham, Ala.-based Regions Financial and Philadelphia-based Ametek.
“Jim’s tremendous experience leading major corporations and reputation for improving business practices will greatly benefit Florida’s insurance consumers,” Sink said in a statement. “As chairman of the Citizens Board of Governors, Jim brings sound finance and management principles that will help ensure the largest property insurance company in the state operates with the transparency that the people of Florida expect.”
The day after Citizens priced a $1.75 billion tax-exempt deal in June, Douglas announced that he would not seek reappointment to the non-paid position and that he would return to work in a family business.
The high-profile agency insures property across the hurricane-prone state because private insurers won’t take the risk.