TALLAHASSEE (CBSMiami/AP) – Governor Rick Scott and Cabinet members will get an update Wednesday on Citizens Property Insurance Corp.'s efforts to shrink their liability risk and size.

The update will be given by outgoing Citizen's President Scott Wallace who is leaving his post in early April after serving as the top executive at Citizens for more than five years.

Scott has made downsizing of Citizens as one of his top priorities as he begins his second year in office.

While Citizens was designed as a last-resort backup, the shrinking of the private market in recent years in hurricane-prone Florida has made it the largest insurer of homes and businesses in the state. The company has grown rapidly in recent years despite legislative efforts to reduce its size and liabilities and now has roughly 1.5 million policyholders.

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