Managing Director Insurance & Risk Management

American Electric Power • Columbus, OH

20h • $188,524 - $245,080 • Onsite

About The Position

Direct all activities pertaining to the Risk and Insurance Management Department, including all insurance procurement and risk financing, captive insurance oversight, risk control of physical hazard risks, property insurance claims, public liability claims and recovery/subrogation claims. Develop and maintain risk management, risk financing, claim and risk control policies and procedures for the effective and efficient financial protection of corporate assets. Supervise a department of 15 people and multiple external vendors including brokers, actuaries, loss control consultants and others.

Requirements

• Bachelor's Degree required preferably in Insurance and Risk Management, Business, Finance, Engineering or other relevant education.
• Minimum of 10+ years with experience in finance, corporate risk management or insurance, including six years of supervisory responsibility and possessing an understanding of claims management, insurance procurement, actuarial analysis, contractual insurance provisions and other job functions.

Nice To Haves

• MBA or JD is desirable.
• Experience in the energy or utility industry is highly desirable.
• Experience with captive insurance companies is highly desirable.
• Certification in either Chartered Property and Casualty Underwriter (CPCU), or Associate in Risk Management (ARM) is preferred.

Responsibilities

• Provide leadership to the Risk and Insurance management department including the activities of insurance analysts, liability claim adjusters and the recovery (subrogation) claim process.
• Oversee the process of insurance procurement and risk financing including the management of the $100 million insurance budget and related premium allocations.
• Lead the process of marketing insurance programs including underwriting submissions and presentations to insurance companies, and reporting and providing updates to AEP senior management as appropriate.
• Oversee the management of recovery claims, property damage claims and public liability claims.
• Collaborate with the legal department in strategizing the disposition of significant liability claims.
• Direct and oversee the activities pertaining to vendor relationships including insurance companies, captive management firms, insurance brokers, risk consultants, etc.
• Direct the review of existing Risk and Insurance management policies and procedures and direct the creation of new policies and procedures as needed.
• Review and negotiate insurance terms and other provisions across multiple contracts and agreements with service and material vendors, EPC contractors, etc.
• Lead insurance due diligence for mergers, acquisitions and divestitures and facilitate transaction-related insurance solutions where required.
• Oversee AEP interdepartmental activities for insurance programs and claims processes including operating company and business segment leadership, legal, trusts and investments, accounting, internal audit, treasury, etc.
• Oversee the AEP insurance captive including its underwriting and financial strategies, acting as the chair of the captive Program Advisory Committee (PAC) and participating in other committees according to AEP's participation agreement with the captive.

Benefits

• Base salary
• Annual bonus
• Long-term incentive
• 401K match
• AEP Pension
• Comprehensive benefits package that aims to support and enhance the overall well-being of our employees.

What This Job Offers

• Job Type: Full-time
• Career Level: Manager