Versatile, energetic team leader experienced in resolving complex problems, reducing operating expense and delivering exceptional client service. Extensive know-how with alternative risk finance, M&A and international operations.
Appalachian Trail: 2009
Planned a hike of the full 2178 mile trail (20% completion rate).
Obtained light weight gear, pre-packaged food for weekly shipment, arranged support network.
Hiked the entire length of the trail from Maine to Georgia from June 14 to November 29.
Spanish Studies in Latin America: 2008 - 2009
Lived with families in Ecuador, Guatemala and Argentina while studying Spanish.
Learned about Latin American history, culture and economy.
Broadened my world view and gained an understanding of life in third world and developing nations.
Studied Spanish up to the C1 (low advanced) level.
Marsh USA Inc., Atlanta, GA branch office: 1994 - 2008
Worlds leading insurance broker and risk advisor. Nearly $5 billion revenue; 24,000 employees; 400 offices in over 100 countries
Senior Vice President, Property Practice Leader: 2005 - 2008
$11 million P&L, Team of 25. Managed marketing, servicing, retention and growth of property and international insurance business for clients based in Georgia and Florida.
Situation
Competition for retention of clients and new business sales intensified during a period of unrest in the insurance industry following investigative actions by Attorneys General in New York and a number of other states. The flow of Requests for Proposal (RFPs), both defensive and opportunistic, increased significantly following these actions.
Actions
Assigned RFPs to Client Advisors with relevant industry expertise to create written responses. Wrote numerous responses myself.
For existing clients, placed a focus on demonstrating value added over time. For prospects, examined existing programs and proposed substantive improvements.
Closely coordinated with business development group for consistent, professional content, formatting and presentation.
Results
Won an average of 65% percent of all RFPs, a success rate 50% greater than other regions of Marsh during the same time period.
Senior Vice President, Client Executive: 1997 - 2005
$4 million P&L. Cultivated client relationships. Directed multi-functional service teams. Monitored and ensured client satisfaction. Consulted with clients and prospects to identify risk-related needs and provide solutions. Principal client: Georgia-Pacific Corporation, a forest and consumer products company. $20 billion revenue; 300 locations; 45,000 employees in North America, South America and Europe.
Situation
Following a strategic acquisition, while in the midst of a down cycle for pricing of many of its products, the client was anxious to reduce debt by divesting of non-core businesses. Two significant divestitures could not proceed without custom designed insurance and contract solutions.
Actions
For the first divestiture, marketed placement of a $500 million tax opinion liability insurance program.
For the second divestiture, negotiated an acceptable agreement concerning ongoing insurance and retained loss responsibility for the involved operations.
For both divestitures, directed a cross-functional team of related product line specialists and facilitated communication with insurance underwriters, in-house and outside legal and tax counsel, financial reporting group, client senior management and the purchasers counterparts.
Results
For the first divestiture, when we completed the insurance transaction, the client was able to reduce high interest, short term debt by $715 million and eliminate approximately $60 million of annual interest expense.
When we finalized the insurance agreement enabling the second divestiture, the client eliminated $790 million of debt and approximately $55 million of related annual interest expense.
The clients insurance premiums for coverage required under the agreement were reduced by more than $1 million annually because of the concessions we negotiated concerning program design.
Situation
The market for United Kingdom Employers Liability (UK EL) insurance became very poor and pricing skyrocketed, even though the client had favorable and improving loss experience. The client wished to place its European operations on the same high deductibles for property insurance as its US operations while providing an option to buy down to lower deductibles internally. Creation of a Dublin captive insurance company offered a tax efficient mechanism to address both of these issues.
Actions
Engaged Dublin captive management colleagues to discuss options, create pro forma financials and present potential benefits to the client.
Upon obtaining the clients consent to proceed, we negotiated UK EL coverage as a reinsurance transaction with a meaningful retention maintained by the proposed Dublin captive.
Created the captive and placed the reinsurance.
Added property insurance for European operations several months later.
Results
Attained net annual savings of $750,000 in UK EL expense
Saved $1.9 million annually by purchasing a reduced Europe property insurance deductible from the wholly owned captive rather than the insurance market.
Situation
Given its large scale of operations and large insurance deductibles, the client has over $50 million of annual retained liability losses. Such losses are deductible from taxes when paid, not when incurred. Payout of liability losses takes place over a period of three to ten years or longer. By paying expected retained losses as premium to a captive insurance company and pooling a portion of such loses with other companies via reinsurance, the tax deduction can be accelerated into the year in which losses are incurred.
Actions
Engaged alternative risk finance colleagues to present the benefits of captive insurance formation and reinsurance pool participation to the client.
Assisted the client in completion of the application to the pool and related presentation materials. Attended pool meeting with the client in Bermuda to present the application.
Worked with the client and Marsh colleagues to form the captive and implement pool membership.
Results
The client is now able to deduct $50 million of retained liability losses when they are reserved rather than several years later as they are paid out.
Vice President, Property Client Advisor: 1994 - 1997
Designed, negotiated and marketed property and boiler & machinery insurance. Reviewed contracts. Performed due diligence related to acquisitions and divestitures.
Situation
The client maintained four separate property / boiler & machinery insurance programs, with a variety of deductibles and an annual premium near $20 million. The insurance market would not sufficiently reduce premium in spite of vastly improved loss experience.
Actions
Negotiated an alternative, consolidated three year program structure with higher deductibles, an experience based finite risk layer with a variable premium, and an excess layer with a fixed premium.
Results
$10 million net savings over the three year term after factoring in additional retained losses from increased deductibles. This program renewed for two more three year terms with additional savings of $10 million and $30 million, for cumulative net savings of $50 million.
Early Career
New England Electric System, Westborough, MA: 1988 - 1993 (Electric utility serving Massachusetts, New Hampshire and Rhode Island; $5 billion revenue; 5000 employees)
Senior Insurance Analyst 1991 - 1993
Insurance Analyst 1989 - 1991
Associate Insurance Analyst 1988 - 1989
Education
University of Georgia, Athens, GA
Master of Business Administration - Risk Management and Corporate Finance, 1988
Bachelor of Science - Computer Science, 1986 |
