Gov. Ron DeSantis tapped Erin Knight to remain on the Citizens Property Insurance Corporation’s board of governors, reappointing her for a full four-year term.
Knight, a Coral Gables resident, was first appointed in May 2021 by DeSantis. She is President of Monument Capital Management and serves on the executive leadership team of A-Rod Corp., an venture capital investment firm led by MLB Hall-of-Famer Alex Rodriguez. She has prior stints at Stonegate Bank and Regions Bank, as Miami market president and senior vice president, respectively.
Knight is one of three DeSantis appointees to the nine-member Citizens board. The Chief Financial Officer, Senate President and House Speaker each get two appointees. DeSantis’ other two appointees, Jillian Hasner and Nelson Telemaco, who were also appointed in May 2021, have terms that expire in 2023.
Citizens was created by lawmakers in 2002 as a last-resort insurance company for homeowners who couldn’t find affordable coverage in the private market. Some lawmakers and industry observers have grown concerned as its policy count has climbed, from about 450,000 two years ago to nearly 1 million.
The numbers reflect the struggles of smaller, domestic private companies in Florida. Four have gone into receivership within the last 12 months and several more have stopped writing new coverage.
Lawmakers held a Special Session in May to shore up the industry, creating a $2 billion reinsurance fund for carriers unable to place coverage in the private market.
But the industry has continued to struggle, and after Demotech, an Ohio-based ratings agency, threatened to downgrade at least 17 companies earlier this month, regulators blasted the move and declared Citizens’ surplus would be used as a last-gasp reinsurance fund for companies that were downgraded. Demotech has punted for now, however, and won’t be changing financial ratings for companies in the immediate future.
The next Citizens board meeting is July 13.
July 29, 2022 at 5:11 pm
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