SENIOR FINANCE AND OPERATIONS CONSULTANT
Senior finance and operations executive who has managed during times of substantial growth and through one of the most difficult periods facing the insurance industry.
Successful at achieving operational efficiencies through strategic planning, systems and process development, and organizational reengineering to support organizational growth. Strong analytical acumen, business development, transaction structuring and negotiation, information technology implementations, and leadership skills. Demonstrated personal commitment to people, with a high level of integrity, knowledge, and understanding. Expertise in:
* Financial and Operations Management
* Budgeting and Forecasting
* Investment Management
* Systems and Process Improvement
* Asset Acquisition and Control
* Contract Review and Negotiation
THE LEGION COMPANIES – headquartered in Philadelphia, PA
CFO / Senior Vice President, Financial Operations – Milwaukee, WI (1999 to April, 2009)
Vice President, Operations – Milwaukee, WI (1996 to 1999)
Assistant Vice President, Financial Control – Milwaukee, WI (1995 to 1996)
I was recruited by the CFO of Bermuda-based Mutual Risk Management, Ltd. (MRM), parent company of The Legion Companies, a property casualty insurance group writing premium in 50 U.S. states, to provide back office operations leadership in accounting, and report statutory, GAAP, and SEC financial information to MRM. The insurance group was ultimately comprised of two admitted carriers, Legion Insurance Company and Villanova Insurance Company, and a surplus lines writer, Legion Indemnity Company.
In just seven months, I was promoted to Vice President, Operations, heading the entire Milwaukee back office operation. Grew the operation to 7 direct reports and 230 employees in Policy Issuance, Forms and Filings, IT, Human Resources, Payroll Processing, Reinsurance Processing and Accounting. In 1997, I was invited to join the senior management team and the Boards of Directors of all three insurance companies, and in 1998, all major accounting functions were moved from Philadelphia headquarters to Milwaukee under my direction.
In 1999, we segmented Operations into Service and Financial Operations, to better manage the upgrading and enhancement of financial systems in support of our continued rapid growth. I assumed responsibility, as Senior Vice President, for all aspects of accounting operations, managing staffs in multiple locations. Reporting to the CFO of MRM and the President of The Legion Companies, I was frequently called upon to advise the Chairman of Mutual Risk Management on A.M. Best ratings and system implementation status.
* Supported 478% gross written premium growth (from $300M in 1994 to $1.6B in 2001) and staff growth from 70 to 230 employees, with all associated financial and operational system conversions and enhancements. Over 50% of written premium was Worker’s Comp and Accident & Health.
* Contributed to 420% asset growth (from $267M in 1994 to $1.4B in 2001) and 88% growth in cash and investments (from $247M in 1994 to $464M in 2001).
* Led conversion to SunGard’s EAS General Ledger system, in-house development of Worker's Compensation rating system, policy and claims administration system and other infrastructure improvements to support growth.
* Saved over $1 million in state insurance department expenses through system implementations, and realized $.5 million annual savings by changing banking relationships.
* Developed and presented financial models for successful $200M capital raising effort by Mutual Risk Management.
In 2001, the tragedy of 9/11 led to severe cash flow difficulties for the company due to heavy reliance on reinsurance. When the reinsurance markets collapsed, the company was not able to recover, and went into rehabilitation in April 2002, and subsequently, liquidation in August 2003, under direction of the State of Pennsylvania. During this period of rehabilitation and liquidation, I have led a multi-disciplinary team to maximize the value of the estate and safeguard assets of the company, accomplishing the following:
* Completed the conversion of all historical policy and claim data into the Computer Sciences Corporation (CSC) point system. The information from this system fed the reinsurance billing systems to collect over $1.16 billion in reinsurance over the next six years.
* Oversaw the design of an early access distribution system and large deductible distribution system, implemented asset tagging and scanning procedure, and instituted a paperless payroll system.
* Served on the Executive Planning Group which provided strategic direction to maximize asset value, addressing IT and other operational initiatives and human resources policies.
* Participated on several other senior-level committees including Investment, Legal Review, Reinsurance Commutation Oversight, Claims and Large Loss, and Guaranty Fund Review.
* Since 2001, we have grown the assets 111% and cash and investments by 91%. As of September 30, 2008, the companies had approximately $2.9B in assets and $887M in cash and investments.
I most recently managed Financial Accounting, Actuarial, Cash and Investments, Statutory Reporting, Claims Processing and Service Operation departments. Since early 2008, under direction of the Chief Liquidation Officer, I have led the successful transition of Milwaukee Operations functions to Philadelphia, including Financial Reporting, Budgeting, Payroll Processing, Claims Data Processing, and Premium Collections, and I have hired a CFO to continue to manage financial operations in 2009.
PRIOR EXPERIENCE
Assistant Controller / Financial Analyst, Catholic Knights Insurance Society – Milwaukee, WI (1985 to 1995) – Provided all specifications for automation of insured tax reporting system for life and annuity products. Developed and implemented revised agency management compensation system and new agent compensation system.
Staff Accountant, First Interstate Bancorporation – Sheboygan, WI (1984 to 1985)
EDUCATION / BOARDS / PROFESSIONAL AFFILIATIONS
B.B.A., Accounting, University of Wisconsin, Milwaukee – Milwaukee, WI, 1984
Certified Public Accountant (CPA) – State of Wisconsin
Fellow Life Management Institute (FLMI)
Board of Directors, Legion Insurance Company, 1997 to 2001
Board of Directors, Villanova Insurance Company, 1997 to 2001
Board of Directors, Legion Indemnity Company, 1997 to 2001
Board of Directors, Professional Risk Management Services, Inc., 2004 to 2007
Member, American Institute of Certified Public Accountants (AICPA)
Member, Wisconsin Institute of Certified Public Accountants (WICPA) |
