Citizens Property Insurance Corporation’s Board of Governors on Thursday authorized its chairman to negotiate an exit plan with President, CEO and Executive Director Barry Gilway as he prepares to step down after more than a decade of service.

Following a successful special session, Gilway, 77, will work with Citizens’ Chairman Carlos Beruff on a transition plan as Citizens implements recently enacted legislative reforms to stabilize the Florida property insurance market and return Citizens to its role as the state’s insurer of last resort.

“Leading Citizens has been the capstone of a 52-year career in the insurance industry,” Gilway said. “The historic reforms that we fought so hard for are now in place and it’s time to make way for the next generation of leadership. It’s truly been an honor to lead such an incredible group of dedicated professionals.”

No date has been set for Gilway’s departure, but the intent is to have a permanent successor selected before the Legislature convenes in March 2023. Beruff was authorized by the Board to negotiate a multiyear agreement with Gilway to continue to advise Citizens and assist in the transition.

“Mr. Gilway has capped off his tenure at Citizens by leading the way for passage of historic legislation that, over time, will fix the Florida property insurance market and return Citizens to its role as Florida’s insurer of last resort,” Beruff said. “As we work toward a transition plan, I want to thank Barry on behalf of the Board for his service to Citizens and the industry.”

The Board approved the appointment of Citizens’ General Counsel Tim Cerio to succeed Gilway on an interim basis, effective when Gilway formally steps down.

“Barry is an icon in the industry and will be missed,” Cerio said. “I am honored by this opportunity and look forward to working with the Board through these challenging times. It’s reassuring to know that we will continue to be able to tap Barry’s experience and industry knowledge as we move forward.”

Gilway arrived in June 2012 as Citizens insured more than 1.4 million policies and Floridians were on the hook for more than $11.6 billion in assessments following a 1-in-100-year storm. By 2017, Citizens had reduced its footprint to 420,000 policies and virtually eliminated the risk of assessments.

Over the last decade, Citizens has modernized internal operations and become an industry leader in the global risk transfer arena. In that time, Gilway became a trusted source for legislators, Florida insurance regulators and the media regarding the Florida property insurance market, which has grappled with insolvencies and skyrocketing premiums brought on by litigation, claims fraud and abuse.

Those efforts culminated in the passage last week of SB 2A, a sweeping reform package signed into law by Florida Gov. Ron DeSantis and expected over time to stabilize the market and stop the surge of premium hikes that have hit most Florida property insurance consumers.