Senior Chief Financial Officer and Chief Risk Officer
SUMMARY OF QUALIFICATIONS
. Senior insurance industry financial executive accustomed to providing high impact leadership as Chief Financial Officer, Strategist, Chief Risk Officer, and Business Unit Operations head.
. Experience ranges from large, successful, highly rated companies with dominant market shares to high profile turnarounds and development stage restructures.
. Experience includes Big 4 accounting firm Senior Manager; Senior Vice President, CFO and reinsurance business unit operations head of an A++ rated multi-line property casualty group; owner of a risk management consulting practice; Chief Risk Officer of a high profile nationwide insurer/asset manager in turnaround mode; and most recently Chief Financial Officer, Treasurer and Senior Vice President of Financial Services of a specialty medical liability group in restructure mode.
. Certain quantified accomplishments described in more detail below include two restructures with values of $58mm and $810mm.
PROFESSIONAL EXPERIENCE
Specialty Property Casualty Group 2007 - 2008
The group is controlled and owned in part by a private equity investor, an international law firm. Recruited to accomplish owner restructure objectives for its fast growing early development stage medical liability insurance group which was experiencing challenges in staffing, financial reporting, regulatory matters, governance and organizational structure.
Chief Financial Officer, Treasurer & Sr. VP of Financial Services
Key Accomplishments:
. Quickly remediated the pressing regulatory issues resulting from defective prior regulatory filings which jeopardized the group reputation and ability to do business.
. Redesigned the processes for accounting for reinsurance.
. Implemented methodologies for asset/liability matching, evaluating risk in residential and commercial structured mortgage investments and other enterprise risks.
. Established investment and audit committees of the boards of directors.
. Right-sized the finance staff and reduced finance staffing and expense by 45% while simplifying and shortening the monthly reporting process. Improved the cash flow projection model.
. Significantly reduced the organization complexity and back office expenses by developing a strategy to reduce the number of entities.
. Reduced outside audit expenses by 50%.
. Recruited a Finance VP appropriate for the group size for a go forward basis and eliminated my role.
National Multiline Insurance and Asset Management Group 2004 - 2007
Recruited by a $5 billion multiline insurer and asset manager with operations throughout the United States. The Company, over 70 years old but near insolvency in 2003, was subject to numerous high profile government investigations for allegations of wrongful acts and mismanagement by its prior board and management team. Recruited by the new board of directors to be part of the turnaround team and to provide leadership in restoring group credibility and reputation and to provide leadership in enterprise risk management and governance.
Vice President, Enterprise Risk Management & Chief Risk Officer
Key Accomplishments:
. Quickly replaced previous ineffective risk management and internal audit staff and practices.
. Adopted the Sarbanes-Oxley Act and the COSO Internal Control Framework as the model for governance and internal control.
. Rapidly and successfully led the complete implementation of SOX and brought the Company into compliance with the Act within a year, including a positive attestation on internal controls over financial reporting by its Big 4 registered accounting firm.
. Developed processes for identifying and evaluating enterprise wide risks using the COSO Enterprise Risk Management Framework as the risk management model.
. Built an effective outsourced internal audit function addressing internal control over financial reporting, compliance with laws and regulations, operations and enterprise risks.
. Made significant contributions to restoring both the company solvency and damaged reputation.
. Contributed significantly to the turnaround team mission of reducing the group to its core competencies by selling and shuttering unprofitable operations and reducing staff from 2,200 employees to approximately 300.
INSURANCE CFO SERVICES LLC 2000 - 2003
Founder & President
A specialty consulting practice focused on the insurance industry and risk management. Clients included businesses seeking risk management solutions and investors seeking advice in making insurance acquisitions and formations. Colleagues were former partners/senior staff of Big 4 accounting firms and senior executives in the insurance industry.
Regional Multiline Insurance Group 1984 - 2000
Recruited as Chief Financial Officer of one of the most highly regarded and profitable insurance groups in the country which routinely received the highest ratings from A.M. Best, Standard & Poors and Moodys. The Group was organized as a series of mutual insurers with a publicly traded downstream holding company with property casualty, life insurance, leasing, real estate and construction subsidiaries. Expenses (including executive officer compensation) were shared and reported separately by the public and non-public members of the group. The publicly traded downstream holding company was taken private in 2008.
Senior Vice President & Chief Financial Officer
Key Accomplishments (as Chief Financial Officer):
. Helped grow group net worth from $100 million to $2 billion from 1983 to 2000. Instrumental in restructuring the group to include a publicly traded downstream holding company owned both by the mutual affiliates and public shareholders.
. Led downstream holding company $30mm IPO and the formation of its intercompany reinsurance pool which fueled its growth for over 20 years. When taken private in 2008 it had a market cap of over $1.7bb. The public shareholders received an 18% compound return for 20 years when their shares were repurchased in April 2008 for $840mm which was a gain of $810mm to the public shareholders.
. Presented to rating agencies, stock analysts, and at investor road shows.
. Developed and executed a restructuring plan to strengthen group capacity for absorbing catastrophic coastal wind losses. The restructure value exceeded $58mm.
Key Accomplishments (as Reinsurance Business Unit Operations Leader):
. Successfully deployed group excess capital in the broker market reinsurance business.
. Introduced catastrophe modeling to evaluate exposure aggregates and developed catastrophe risk reduction programs to reduce coastal wind exposures.
. The reinsurance business unit consistently contributed a significant portion of total group earnings.
PriceWaterhouseCoopers 1973 - 1983
. General Practice Manager (1979-1983)
. Various Staff Positions (1973-1979)
. Clients were concentrated in insurance, mortgage banking and construction industries.
EDUCATION, CERTIFICATION & OTHER
B. S. degree in Accounting, 1973
Certified Public Accountant
National Association of Independent Insurers (NAII is now PCI) served two terms as Chairman of the Federal Tax Committee
Recipient of Executive of the Year by local professional society |
