Managing Director Insurance & Risk Management

Job Summary: 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.

What You'll Do: 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.

Education: Bachelor's Degree required preferably in Insurance and Risk Management, Business, Finance, Engineering or other relevant education.

Experience: 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.

Other Must Haves: MBA or JD is desirable. Experience in the energy or utility industry is highly desirable. Experience with captive insurance companies is highly desirable.

Compensation Range: $188,524.00 - $245,080.00 The Physical Demand Level for this job is: S – Sedentary Work: Exerting up to 10 pounds of force occasionally (Occasionally: activity or condition exists up to 1/3 of the time) and/or a negligible amount of force frequently. (Frequently: activity or condition exists from 1/3 to 2/3 of the time) to lift, carry, push, pull or otherwise move objects, including the human body. Sedentary work involves sitting most of the time but may involve walking or standing for brief periods of time. Jobs are sedentary if walking and standing are required only occasionally, and all other sedentary criteria are met. Hear about it first! Get job alerts by email. Log in to your Candidate Home Account today! If you don't have an account, you can create one. It is hereby reaffirmed that it is the policy of American Electric Power (AEP) to provide Equal Employment Opportunity in all respects of the employer-employee relationship including recruiting, hiring, upgrading and promotion, conditions and privileges of employment, company sponsored training programs, educational assistance, social and recreational programs, compensation, benefits, transfers, discipline, layoffs and termination of employment to all employees and applicants without discrimination because of race, color, religion, sex (including pregnancy, gender identity, and sexual orientation), national origin, age, veteran or military status, disability, genetic information, or any other basis prohibited by applicable law. When required by law, we might record certain information or applicants for employment may be invited to voluntarily disclose protected characteristics.