Florida taxpayers owe Citizens Insurance’s Binnun a debt of gratitude

NOTE: This wonkier than usual post for Reaganista.com originally appeared on the R Street Institute blog, but I figured I’d share.  Florida has lost a necessary expert on this very important issue.

Florida’s state-run Citizens Property Insurance Corp. announced earlier this week that Chief Financial Officer Sharron Binnun has resigned to take a job in the private sector. Her departure from Citizens is unfortunate, but ultimately unsurprising (more on that later).

During her six years as Citizens’ CFO, she conceived or supported several initiatives aimed at shoring-up the corporation’s finances and spreading its risk to the global capital and reinsurance markets, rather than relying on its authority to impose assessments (taxes) on essentially every Floridian to make up for the deficits it would inevitably incur after a sufficiently bad hurricane season. Continue reading

Citizens Insurance elects new president–why Floridians should care

Florida Citizens Property Insurance Corporation’s board hired a new president yesterday.

Who cares, right?

Well, if you’re a Floridian who owns or rents a house or apartment, drives a car, owns a boat, or owns a business, you should care.  Everyone else may utter a collective “meh” and read something else.

For those of you still reading, Continue reading