Tom Grady has resigned as commissioner of the Florida Office of Financial Regulation, leaving after less than eight months to temporarily head the state's largest insurer.
Grady, who was appointed in August to oversee Florida's 160 state-chartered banks, joined Citizens Property Insurance Corp., effective March 12, the insurer said in a press release.
The abrupt move comes just after Grady told American Banker in January about his plans to restore regulatory relationships with community bankers and help reduce regulatory costs for them. Soon after, he began reducing his own costs instead by closing four offices in the state. Grady, a former securities lawyer, then formed an advisory council made up mostly of securities lawyers who would report directly to him.
Grady was initially appointed to his post by Florida Gov. Rick Scott and the Financial Services Commission. Grady had known Scott from his previous career as a Florida House representative, where he also served as vice chairman of the insurance, business and financial affairs committee.
Grady replaces Scott Wallace, who will remain with Citizens until April 6.
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," Carlos Lacasa, said Citizens' chairman, said in the press release.
Citizens was formed by state lawmakers in 2002 as an insurer of last resort but quickly ballooned into Florida's largest insurer when private companies backed out.