Malone Named Fla. Citizens Chairman

Florida Chief Financial Officer Alex Sink announced today that James R. Malone has been appointed board chairman for Citizens Property Insurance Corporation, the state’s home insurer of last resort.

Ms. Sink said Mr. Malone’s position at the largest property insurer in Florida is effective Aug 1.

The announcement of the appointment said Mr. Malone, 65, from Naples, Fla., has more than forty years of experience as an entrepreneur, manager and chief executive for several Fortune 500 companies.

Mr. Malone’s “experience leading major corporations and reputation for improving business practices will greatly benefit Florida’s insurance consumers,” said CFO Sink.

She said Mr. Malone would come to his post with “sound finance and management principles that will help ensure the largest property insurance company in the state operates with the transparency that the people of Florida expect.”

Mr. Malone is listed as the founding managing partner of Naples-based Qorval LLC, an investment banking, financial advisory and turn-around firm, and as chairman of Boyne Capital Partners.

Ms. Sink’s announcement said his efforts “focus on improving company business practices, particularly during times of change and adversity.”

She said Mr. Malone previously led several Florida companies, including Brown Jordan International (Jacksonville), Avborne Heavy Maintenance (Miami), Anchor Glass Container (Tampa), Family Private Care (Palm Beach) and Amerifactors (Orlando). Additionally, he is a director of Regions Financial, Birmingham, Ala., and Ametek of Philadelphia.

He served as a member of the Business Council for the United Nations in New York for 20 years.