Carol Coady has been called out of retirement to be interim president and CEO of Florida Lawyers Mutual Insurance Co., starting next week.
Coady served as the professional liability insurer’s operations manager for more than 20 years, before she retired in 2024, the company said in an announcement. She succeeds Cathleen Sargent, who has been president since 2022.
“It is a genuine honor to return to Florida Lawyers Mutual and help lead the organization during this transformative and exciting period,” said Coady.
The change in leadership comes five months after the AM Best rating firm downgraded Florida Lawyers Mutual’s strength and credit outlook, from stable to negative. That resulted from the company reporting 2024 operating losses of $872,000 and an underwriting loss of $4 million. It had a combined ratio topping 133 for 2024.
The volatility was due in part to market dynamics, an increase in claims, and turnover at the chief financial officer position, AM Best noted.
The mutual, with offices in Oviedo, Florida, however, has continued to maintain a financial strength rating of “A” or excellent, from AM Best.
Florida Lawyers Mutual was created by The Florida Bar during the professional liability crisis of the 1980s, when premiums soared and coverage was hard to find, the Bar explained. The Bar later divested its ownership in the mutual.
Before joining FLMIC in 2003, Coady had extensive experience in the legal world, as a paralegal and legal assistant at firms in Florida and Washington, D.C.
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