State board for Citizens Insurance gets first representative from Volusia County

DAYTONA BEACH — The state-backed not-for-profit insurer created nearly 20 years ago to provide coverage to Floridians unable to obtain property insurance policies from private-sector insurers finally has its first representative from Volusia County.

Charlie Lydecker, the chairman, CEO and co-founder of Daytona Beach-based Foundation Risk Partners, was recently appointed by Florida Chief Financial Officer Jimmy Patronis to serve on the board of governors for the state's Citizens Property Insurance Corp.

Lydecker, who lives in Ormond Beach, will attend his first Citizens meeting as a board member on July 13 in Orlando.

"Our state CFO called and asked if I would serve on our Citizens board," said Lydecker in a phone interview with The Daytona Beach News-Journal. "My appointment comes at a time when property insurance is becoming increasingly unaffordable for Floridians. It's a good time to roll up your sleeves."

Active in community service efforts

Prior to spearheading the creation of Foundation Risk Partners in 2017, Lydecker was a longtime executive at Brown & Brown Insurance, which is also based in Daytona Beach.

In just a little over four years, Foundation Risk Partners has grown to become the nation's 17th largest insurance brokerage, generating $450 million in annualized revenues, with 136 offices in 18 states and nearly 1,900 employees. The company whose headquarters is in the Cornerstone Office Park on LPGA Boulevard just east of Interstate 95 employs 110 workers locally.

Lydecker serves on the board of governors for the State University System of Florida and is on the Presidential Search Committee for the University of Florida. He also served two terms as vice chairman of the Florida Ethics Commission and is a former chairman of the Florida Housing Finance Corporation.

Locally, Lydecker has also sat on numerous boards, including the NASCAR Foundation, Halifax Hospital Foundation, and as fundraising chairman of the YMCA of Volusia/Flagler Counties.

In March, the Civic League of the Halifax Area recognized Lydecker for his efforts to help make Volusia County a better place to live by presenting him with its 2021 J. Saxton Lloyd Distinguished Community Service Award.

Patronis in a news release praised Lydecker as “a consummate insurance professional with more than three decades of experience, including property and casualty. As a business owner himself, I know he will bring the utmost professionalism and work ethic to the Citizens’ Board. We all know the unique challenges Florida’s hardening insurance market is facing, and I believe Charlie will help the board navigate those issues, including fighting fraud and protecting policyholders.”

Lydecker is filling the seat on the Citizens board vacated by Marc Dunbar of Leon County, whose term expires at the end of this month.

“I’m a firm believer in sharing expertise to help residents and improve our state. As more and more insurance companies dissolve or cancel policies, Florida homeowners are facing real challenges that require real advocacy,” stated Lydecker in the news release. “I’m honored to serve in this position and look forward to working with the board to help homeowners access affordable coverage."

Community servant: Lydecker receives Civic League's J. Saxton Lloyd award

Up-and-comer: Foundation Risk Partners is becoming one of the nation's fastest-growing insurance brokerages

Governor's appointment: Lydecker tapped to serve on board for state university system

What is Citizens?

Citizens was created by the Florida Legislature in August 2002 as a not-for-profit, tax-exempt, government entity to provide property insurance to eligible Florida property owners unable to find insurance coverage in the private market. Citizens is funded by policyholder premiums. Florida law also requires that Citizens levy assessments on most Florida policyholders if it experiences a deficit in the wake of a particularly devastating storm or series of storms.

The board's role is to administer a plan of operation approved by the Florida Financial Services Commission, an oversight panel made up of the governor, chief financial officer, attorney general and commissioner of agriculture.

This article originally appeared on The Daytona Beach News-Journal: Florida's Citizens Insurance board gets first Volusia representative