Reinsurance, “Takeout” Execs Vie to Become Florida’s Top Insurance Regulator
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Reinsurance, “Takeout” Execs Vie to Become Florida’s Top Insurance Regulator

Two reinsurance executives — and a leader of a recently created “takeout” insurer — have placed their names into the process to replace outgoing Florida Insurance Commissioner Kevin McCarty.

Richard McCarty — listed as the former senior vice president and general counsel of XL America — applied to become Florida’s top insurance regulator, according to state records. In addition Arnold Braun, associate general counsel at Everest Reinsurance, is also participating in the application process, according to documents.

Also listed as having applied is Wayne Fletcher, currently vice president of underwriting of G&G Holdings Group. That company is owner of G&G Property and Casualty Insurance Company, a local insurer participating in the “takeout” program instituted by the state-backed Citizens Property Insurance Corporation that has transferred thousands of policies into the private market.

A total of 33 applicants have placed their names for consideration to become Florida Insurance Commissioner following the resignation of Kevin McCarty in January. The group includes everyone from Jeffrey Bragg, the former executive director of the federal Terrorism Risk Insurance Program to several insurance brokers, a bail bondsman and a parole officer.

The application process is open until March 11.

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