What are the responsibilities and job description for the 26-032 SVP, Chief Financial Officer position at Chesapeake Employers Insurance Company?
Who We Are
Chesapeake Employers’ Insurance Company is a purpose-driven organization dedicated to improving the lives and livelihoods of our policyholders, injured workers, team members, and the community. As a leading workers' compensation specialty insurer in the mid-Atlantic region, we take pride in being a force for good. Our 350 team members are committed to making a positive impact every day in the lives of all our stakeholders. Join our motivated, professional team as we foster a culture of values, teamwork, innovation, and collaboration. Established in 1914, Chesapeake Employers Insurance, headquartered in Towson, Maryland, has over a century of experience, a strong financial foundation, and an "A" rating from AM Best.
POSITION SUMMARY:
The Chief Financial Officer oversees all financial activities for the organization. This includes preparation of financial reports as well as summaries and forecasts for future business growth and the general economic outlook for Maryland business related to Workers Compensation. The Chief Financial Officer provides strategic leadership for the company by working with the Executive Team to establish long-range goals, plans, and policies, which will ensure the solvency of the organization.
MAJOR AREAS OF ACCOUNTABILITY:
1. Responsible for the daily oversight of the Finance Department, including accounts payable, accounts receivable, payroll, budgeting, daily financial reconciliations of check registers and other ancillary financial reconciliations, billings and collections. Includes supervision of 4 direct reports and a staff of 18 teammates.
2. Responsible for the weekly analysis of claims disbursements and revenue.
3. Monthly preparation of financial reports which include investments, revenue, claims, reserves, and operating expenses and other ancillary reports as needed.
4. Monthly presentation of financial reports including trend analysis and to Chesapeake Employers’ Insurance Company’s board of directors. Analysis includes revenues, expenses, reserves, operating expenses, budget to actual analysis, prior year to current year analysis and other related financial reporting.
5. Monthly review and analysis of operating expenses to include general and administrative budget, bad debt expense, bank fees, depreciation, and other related expenses.
6. Monthly preparation of any related financial reports requested by Chesapeake Employers’ Insurance Company’s Board or senior management.
7. Quarterly preparation and filing of statutory accounting reports with Maryland Insurance Administration.
8. Annual preparation of forecast for presentation and approval with Chesapeake Employers’ Insurance Company Board of Directors. Forecast includes revenue projections, trend analysis, pricing strategy, operating and expense budgets and capital budgets.
9. Responsible for timely reporting of any financial fluctuation, with recommendations for changes to any adverse financial trends, to the senior management of the company.
10. Responsible for reinsurance negotiations, pricing, alternative coverage and contracts.
11. Oversees development of pricing strategies.
12. Responsible for reserves, including annual projections, monthly development, communications and contracts with actuarial consultants, etc.
13. Implement and enforce policies and procedures for the organization that have financial impact by looking for methods to improve overall operational effectiveness.
14. Provide strategic financial input and leadership on decision-making issues affecting the organization.
15. Ensure accurate and timely statutory and GAAP reporting, including interaction with external auditors throughout the annual audit process.
16. Review alternatives to maximize operating gains and grow surplus.
17. Review Risk Based Capital model, analyze positive and negative contributors to maximize and grow surplus, and provide options to comply with RBC requirements (or grow surplus to desired level).
18. Supervise the development of management reporting.
19. Keep senior management informed on statutory and GAAP issues. Plan for changes to minimize financial impact.
20. Supervise general accounting functions.
21. Oversee procurement process and contracts.
SKILLS, EDUCATION AND EXPERIENCE:
1. Bachelor’s Degree required, postgraduate degree desirable.
2. Certified Public Accountant required.
3. 10 years relevant insurance experience including demonstrated career development and advancement throughout this period.
4. Thorough knowledge of GAAP and statutory accounting.
5. 8 years management experience.
6. Demonstrated superior skills in the competencies of leadership and management, strategic thinking and planning, professionalism, business and financial acumen, customer service, and communications.
7. General PC skills.
8. Bilingual skills preferred.
POSITIONAL COMPETENCIES:
While performing the duties of this job, the teammate is regularly required to sit, use hands to finger, handle or feel objects, tools or controls; reach with hands and arms. The teammate is occasionally required to stand, walk, stoop, kneel, crouch or crawl. The teammate may occasionally lift up to 30 pounds. Specific vision abilities are required, which include, close vision, peripheral vision and the ability to adjust focus.
WORK ENVIRONMENT:
Office environment. The noise level is usually moderate.
What We Offer
We offer a competitive benefits package that includes health, vision, and dental coverage, a robust PTO plan, an 8% employer contribution to retirement regardless of team member contribution, educational assistance, and opportunities to participate in team member appreciation events. Additionally, we provide STD, LTD and group life insurance 1X a team members salary. You'll also enjoy free tickets to community attractions, all part of our commitment to providing a high quality of work life. You will have the flexibility to thrive in a hybrid work environment and an opportunity to participate in development and volunteer programs.
Chesapeake Employers’ Insurance Company is a purpose-driven organization dedicated to improving the lives and livelihoods of our policyholders, injured workers, team members, and the community. As a leading workers' compensation specialty insurer in the mid-Atlantic region, we take pride in being a force for good. Our 350 team members are committed to making a positive impact every day in the lives of all our stakeholders. Join our motivated, professional team as we foster a culture of values, teamwork, innovation, and collaboration. Established in 1914, Chesapeake Employers Insurance, headquartered in Towson, Maryland, has over a century of experience, a strong financial foundation, and an "A" rating from AM Best.
POSITION SUMMARY:
The Chief Financial Officer oversees all financial activities for the organization. This includes preparation of financial reports as well as summaries and forecasts for future business growth and the general economic outlook for Maryland business related to Workers Compensation. The Chief Financial Officer provides strategic leadership for the company by working with the Executive Team to establish long-range goals, plans, and policies, which will ensure the solvency of the organization.
MAJOR AREAS OF ACCOUNTABILITY:
1. Responsible for the daily oversight of the Finance Department, including accounts payable, accounts receivable, payroll, budgeting, daily financial reconciliations of check registers and other ancillary financial reconciliations, billings and collections. Includes supervision of 4 direct reports and a staff of 18 teammates.
2. Responsible for the weekly analysis of claims disbursements and revenue.
3. Monthly preparation of financial reports which include investments, revenue, claims, reserves, and operating expenses and other ancillary reports as needed.
4. Monthly presentation of financial reports including trend analysis and to Chesapeake Employers’ Insurance Company’s board of directors. Analysis includes revenues, expenses, reserves, operating expenses, budget to actual analysis, prior year to current year analysis and other related financial reporting.
5. Monthly review and analysis of operating expenses to include general and administrative budget, bad debt expense, bank fees, depreciation, and other related expenses.
6. Monthly preparation of any related financial reports requested by Chesapeake Employers’ Insurance Company’s Board or senior management.
7. Quarterly preparation and filing of statutory accounting reports with Maryland Insurance Administration.
8. Annual preparation of forecast for presentation and approval with Chesapeake Employers’ Insurance Company Board of Directors. Forecast includes revenue projections, trend analysis, pricing strategy, operating and expense budgets and capital budgets.
9. Responsible for timely reporting of any financial fluctuation, with recommendations for changes to any adverse financial trends, to the senior management of the company.
10. Responsible for reinsurance negotiations, pricing, alternative coverage and contracts.
11. Oversees development of pricing strategies.
12. Responsible for reserves, including annual projections, monthly development, communications and contracts with actuarial consultants, etc.
13. Implement and enforce policies and procedures for the organization that have financial impact by looking for methods to improve overall operational effectiveness.
14. Provide strategic financial input and leadership on decision-making issues affecting the organization.
15. Ensure accurate and timely statutory and GAAP reporting, including interaction with external auditors throughout the annual audit process.
16. Review alternatives to maximize operating gains and grow surplus.
17. Review Risk Based Capital model, analyze positive and negative contributors to maximize and grow surplus, and provide options to comply with RBC requirements (or grow surplus to desired level).
18. Supervise the development of management reporting.
19. Keep senior management informed on statutory and GAAP issues. Plan for changes to minimize financial impact.
20. Supervise general accounting functions.
21. Oversee procurement process and contracts.
SKILLS, EDUCATION AND EXPERIENCE:
1. Bachelor’s Degree required, postgraduate degree desirable.
2. Certified Public Accountant required.
3. 10 years relevant insurance experience including demonstrated career development and advancement throughout this period.
4. Thorough knowledge of GAAP and statutory accounting.
5. 8 years management experience.
6. Demonstrated superior skills in the competencies of leadership and management, strategic thinking and planning, professionalism, business and financial acumen, customer service, and communications.
7. General PC skills.
8. Bilingual skills preferred.
POSITIONAL COMPETENCIES:
- Bias for Action
- Knowledge Sharing
- Deliver Results
- Sales and Service Excellence
- Personal Leadership
- Teamwork and Communication
While performing the duties of this job, the teammate is regularly required to sit, use hands to finger, handle or feel objects, tools or controls; reach with hands and arms. The teammate is occasionally required to stand, walk, stoop, kneel, crouch or crawl. The teammate may occasionally lift up to 30 pounds. Specific vision abilities are required, which include, close vision, peripheral vision and the ability to adjust focus.
WORK ENVIRONMENT:
Office environment. The noise level is usually moderate.
What We Offer
We offer a competitive benefits package that includes health, vision, and dental coverage, a robust PTO plan, an 8% employer contribution to retirement regardless of team member contribution, educational assistance, and opportunities to participate in team member appreciation events. Additionally, we provide STD, LTD and group life insurance 1X a team members salary. You'll also enjoy free tickets to community attractions, all part of our commitment to providing a high quality of work life. You will have the flexibility to thrive in a hybrid work environment and an opportunity to participate in development and volunteer programs.