Tom Grady Quits OFR, Will Take Over as Interim President of Citizens

By: Kevin Derby and Nancy Smith | Posted: March 7, 2012 3:55 AM
Tom Grady

Tom Grady | Credit: Meredith Geddings - myfloridahouse.gov

Former state Rep. Tom Grady will be stepping down as the commissioner of the Florida Office of Financial Regulation to take over at Citizens Property Insurance Corp., the state-backed insurer of last resort.

Grady was unanimously chosen Monday by the Citizens board of governors to serve as interim president and, on Tuesday morning, Grady told his staff that he will assume his new position March 12.

After serving six years as the president/CEO and executive director of Citizens, Scott Wallace announced in early January that he would step down. Wallace’s last day at Citizens is scheduled to be on April 6, and he will help Grady in his final weeks there.

Grady thanked the board and its chairman, Carlos Lacasa, in a statement on Tuesday.

“Florida’s economic recovery depends upon sound risk-management decisions, and clarity for Florida’s employers,” Grady said. “I am honored to be asked by Chairman Lacasa and the entire board to sustain and build on their momentum, while operating a first-class insurance company for our policyholders.”

“It is important that we maintain continuity of the board’s business plan as we embark on a national search for a permanent replacement for Mr. Wallace,” said Lacasa. “Mr. Grady has graciously agreed to step in on short notice and lead the administration on an interim basis while we implement initiatives aimed at reducing the size and exposure of Citizens.”

Sunshine State News contacted Gov. Rick Scott’s office on Tuesday before the formal announcement and the governor's office confirmed the appointment, saying Grady will serve as the interim top executive and will have the opportunity to apply for the permanent post.

The son of former Rockledge Mayor R.W. “Mac” Grady, Grady is no stranger to politics. Grady served as a legislative page and intern for the Florida House of Representatives and served on the transition teams of both Gov. Charlie Crist and state Attorney General Bill McCollum after the 2006 elections.

Grady was elected to the Florida House as a Republican representing parts of Collier County in 2008.

During his time in the Florida House, Grady served as vice chairman of the Insurance, Business and Financial Affairs Committee and on the Economic Development Policy Committee and the Finance and Tax Council.

He successfully sponsored various bills amending financial regulation and enhancing consumer protections. Grady did not choose to seek a second term and the seat is now held by Rep. Kathleen Passidomo, R-Naples.

During his stint in the Legislature, Grady often worked closely with OFR and other state and federal regulators and prosecutors before agreeing in 2011 to become the office's commissioner.

Reach Kevin Derby at kderby@sunshinestatenews.com and Nancy Smith at nsmith@sunshinestatenews.com. They both can be reached at (850) 727-0859.

Comments (1)

Robert Lloyd
8:57AM MAR 8TH 2012
No where in the story does it mention Grady ever working within a real insurance company. Has he ever sold a policy or adjusted a claim? Has he ever had to make a profit?

It appears he is a politician (sociopath) and bureaucrat.

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