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As insurance premiums rise, Citizens execs get big pay hikes

When the president of Citizens Property Insurance Corp. learned that his chief financial officer had used corporate funds to finance a luxurious weekend at a $633-a-night resort in Bermuda, he initially described the expenses as “absolutely appropriate.”

But President Barry Gilway changed his tune after a Herald/Times story and a subsequent inspector general report documented evidence that executives regularly ran up huge expenses on the company credit card, traveling and dining at four-star locations across the globe.

“As guardians of public funds, we must hold ourselves to a more rigorous standard,” he said.

It was a full-throated mea culpa, following sharp rebukes from Gov. Rick Scott, state Chief Financial Officer Jeff Atwater and top lawmakers. But behind the scenes, Gilway was quietly handing out huge salary raises for the well-traveled CFO, Sharon Binnun, and several other executives who run the state-backed company.


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PaulStrecker

I think small time citizens badly needs an increase to their salaries to cope with all the payments. And regarding the execs, I think their outdoor expenses should not be charged all through the company credit cards, but only half of it so they will not be as luxurious as they tend to be.

Fire Scott!

My citizens insurance doubled this year making my monthly mortgage payments almost too much to bear.
Is the intent of the Governor to have people kicked out of their homes and kicked off their insurance policies so he can feed all the insurance companies that feed his Party's coffers.

This is despicable and will be Scott's final nail in the coffin.

Anti-Tallahassee

The Tallahassee Republicans would rather cater to the insurance industry and enjoy their kickbacks than create a robust housing market. The whole premise that we have to be prepared EVERY YEAR for the once in 150 year storm season is ludicrous! Citizens has amassed 6 BILLION in reserves, while wasting millions every year, since the 2004-5 storm seasons. At this rate they will have a couple a hundred billion (interest earned) by the time we have a similar season. Of course that won't happen because the Republicans will find a way to funnel the money to their well connected friends. Property insurance is a huge TAX imposed on the citizens of Florida for the personal gain of insurers and their Republican allies in Tallahassee.

asigurari auto ieftine

The whole premise that we have to be prepared EVERY YEAR for the once in 150 year storm season is ludicrous! Citizens has amassed 6 BILLION in reserves, while wasting millions every year, since the 2004-5 storm seasons.

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