Job Purpose: Under the direction of the Group Insurance Director and/or VP NA Insurance and Risk. Responsible for effective financial management and reporting in relation to the North American self-insurance, insurance programs, and insurance reserve balance sheet; captive management; insurance budgets; surety bond program; and insurance policy information to support renewals, interface FGA and Divisional CFO s, North America and Group Tax, Treasury, and Finance;
- Prepares insurance budgets for NA divisions. This includes in depth analysis of fleet, payroll, accident frequency and severity etc. as part of each division s overall budget to ensure appropriateness of the insurance charge.
- CFO of the FirstGroup s insurance captive. In addition to traditional duties associated with this role, the individual also liaises with VT authorities (where the captive is domiciled and regulated).
- Quarterly sends data to and works with actuary as ultimate costs of insurance claims is determined. Does some actuary and development work on loss portfolio transfers and the corridor provision.
- Leads department analysis on most appropriate levels of retained risk, assists with negotiations with external insurers regarding structure, rate, and collateral requirements.
- Handles cash-flow forecasting and visibility of claims payments to FGA treasury.
- Prices insurance for various projects, startup businesses, expansions, and acquisitions of the divisions.
- Member of Liability Management Board.
- Supports Group Insurance projects (i.e. presentations to audit committee, analysis of cost opportunities.
- Gathers and aggregates data in anticipation of casualty and property renewals.
- Manages allocation of insurance costs to each division.
- Builds or updates charge back or safety incentive models as needed or requested.
- Manages departments P&L.
- Works closely with external auditor as the insurance reserves/balance sheet is assessed for adequacy and sound management.
- Prepares data for insurance fees for divisions 5-year plan.
- Maintains history of all policies.
- Builds and adjusts bid models for all divisions.
- Stays current on insurance and/or transportation news and facilitates education within the department and company on these topics.
- Stays current on changes in accounting practices, impact of inflation, and benchmarking regarding insurance and the transportation sector.
- Develop and deliver a suite of high quality reports, addressing among other areas:
- Actuarial vs. balance sheet position on self-insured reserves
- Periodic and YTD position against budget
- Claims position and trends for each Division and overall.
- Responsible for reconciliation of claim payments against company and TPA bank accounts.
- Responsible for insurance reserves/balance sheet of circa $400m and overall North America insurance budget of approximately $200m. Prepares divisional insurance budgets and recommends budgets for divisions five year plans. Recommends insurance allocations by division. Recommends insurance structure and assists in modeling exercise to ensure the most appropriate level of retained risk.
- The insurance reserves and insurance balance sheet at circa $400m and an overall insurance budget of approximately $200m is extremely material and must be well managed.
- Bachelor s degree-BA/BS/BBA required.
- CPA preferred
- Detailed knowledge of captive operations, preferably with hands-on captive management experience helpful.
- High quality analytical and presentation skills, including report writing.
- Ability to interface at all levels within a large, global corporation, and with a range of external professional advisors.
- Certification (s) Claims Law; CE in Claims Management Practices-Preferred i.e. CPCU; IIA; ARM; ARC preferred.
- Extensive Experience in risk management, Claims and Litigation Management and Practices-Minimum 7-10 years.
- Knowledge and Experience with Spreadsheet software-MS Excel Knowledge and Experience with Word processing software-MS Word.
- Knowledge and Experience with Presentation software-MS PowerPoint.
- Knowledge and Experience with Outlook.
Associated topics: analyst, bank, cfa, finance director, financial controller, fiscal, investment banking, pay, revenue, treasure