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Press Release

Insurance Commissioner: Citizens Needs To Conduct Nationwide Search For New President
Friday, September 29, 2006
TALLAHASSEE (9/29/2006) – Florida Insurance Commissioner Kevin McCarty today requested that the Citizens Property Insurance Corporation Board of Directors conduct a nationwide search for a new President to replace current President Bob Ricker, who has announced his resignation.  The issue is expected to be on the agenda at the Board's next meeting on Monday, October 2nd. 
            A copy of the letter faxed to Citizens Board Chairman Bruce Douglas, and to all Board members, is attached below:
September 29, 2006
G. Bruce Douglas                                              VIA FACSIMILE ONLY 904-285-7677
Chairman of the Board
Citizens Property Insurance Corporation
814 Highway A1A North, Suite 201
Ponte Vedra Beach, FL 32082
Dear Mr. Douglas:
I am writing in response to the resignation of Bob Ricker as President of Citizens Property Insurance Corporation (Citizens) and the issues regarding his replacement that were raised during your Board meeting of September 26, 2006.
Citizens is now the largest insurer in the State of Florida with more than 1.2 million policyholders and growing every day.  The decisions of Citizens' Board and President have a profound impact not only on its policyholders, but on every citizen of the State of Florida.  It is imperative, therefore, that the process used to appoint a replacement be done in a manner that instills confidence in Citizens policyholders, state leadership, and the public that the best qualified person leads the day to day operations of the Corporation.
A nationwide search that includes consideration of candidates within Citizens and outside of the organization is essential to maintain the public confidence needed for the successful operation of Citizens. I am therefore requesting that the Board immediately begin a nationwide search for an appropriate candidate to fill the position of president.  The best candidate may already be employed by Citizens, but the public and the policyholders deserve the benefit of an open and broad-range search to be confident that the most qualified candidate is appointed.
I look forward to your compliance with this request and wish you the best in your endeavor.
Kevin M. McCarty