A national search is officially underway to replace the veteran insurance consultant who has overseen the rollout of an ongoing assistance program for Connecticut homeowners with crumbling foundations.

Michael Maglaras recently announced he and his insurance and risk management consulting firm are stepping aside in October. He plans to work with his replacement, who will face funding challenges and large numbers of homeowners still needing financial help.

More than 150 homeowners impacted by the iron sulfide pyrrhotite will be back in their homes by this time next year. The Connecticut Foundation Solutions Indemnity Co. has identified almost 1,100 claimants in less than seven months. CFSIC recently announced it had temporarily stopped accepting new claims until the state is able to provide it with more funding.

The company said on Sept. 3 it would stop accepting new applications as of 5 p.m. on Sept. 6, at which point the booked value of known and verifiable claim liabilities on its balance sheet will hit $121.6 million. CFSIC has only been scheduled to receive $125.5 million from the state between now and June 30, 2022, when the company will be wound down under the terms of the legislation that created it. Industry watchers expect the number of homeowners suffering pyrrhotite damage to their foundations who come forward will continue to grow for some time.

The organization’s board is looking for firms with extensive captive insurance underwriting and claims management experience. More information can be requested at info@crumblingfoundations.org.