Citizens CFO departs for private sector
Sharon Binnun, who has spent the last six years as the chief financial officer of Citizens Property Insurance Corporation, will resign her position effective July 5. She’s leaving the Florida public insurer for a post in the private market.
Binnun told Bermuda Re: “I am ready to return to the private sector after many years of public service. I will remain in the Florida insurance industry, a sector in which I have been an auditer, regulator, regulatory consultant and CFO. ”
She continued: "I appreciate the excellent relationship Citizens has developed with the Bermdua market, which is so important to us and Citnes' risk transfer programs. The reinsurance markets have been essential to our success in transferring risk outside of Florida."
She discussed her legacy at the company, saying: “I am proud of the excellent results my team and I have brought to Citizens.”
As CFO, Binnun “spearheaded efforts to spread Citizens' risk and protect Florida taxpayers by negotiating ground-breaking agreements with traditional reinsurers and capital markets”. She was responsible for the recent depopulation efforts which, according to the company, resulted in more than 430,000 policies being assumed by private carriers. Combined with risk transfer, Binnun’s strategy has resulted in a 47 percent decrease in potential assessments on Citizens' customers and all Florida policyholders.
Barry Gilway, CEO of Citizens, told Bermuda Re: “Sharon’s professional and groundbreaking relationship with the reinsurance market has been integral to Citizens’ success. We may not be able to replace her, but Sharon has assembled an exceptional team that will maintain and build upon the strong ties she has forged with the industry.”
He continued: "Sharon’s well-earned reputation within the international financial world as an ethical, knowledgable and honest representative has been instrumental in helping to establish Citizens as a global leader in risk transfer. There truly can be no doubt that no one has made a more significant or beneficial contribution to Citizens or the Florida insurance market.”