Chief Financial Officer - Washington, DC

Our retained client - a profitable and stable insurance company serving large corporations and institutions across the US - is seeking a new Chief Financial Officer.  

Role Overview: 

The Chief Financial Officer (“CFO”) serves as a strategic financial leader and trusted business partner to the Company’s President, Executive Management team, and Board of Directors. The CFO oversees and manages all financial, accounting, treasury, and operational/administrative functions of the Company, serves as an integral member of the Company’s four-person senior management team, and plays an important role in communicating with, and presenting to the Board of Directors, particularly its Audit and Investment Committees.

Role Scope:

The CFO is responsible for the development, implementation, and monitoring of the finance function, team, and control systems designed to ensure that the assets of the Company are properly safeguarded, and that financial results are reported accurately. Specific responsibilities include:

Financial Reporting, Tax Filings, and Annual Audits:

• Ensure accuracy and timely composition of requisite financial reports, tax filings, and annual audits, including:
  • Providing technical accounting and financial advice or knowledge as staff prepares and files the Company’s quarterly and annual statutory and GAAP financial statements
  • Overseeing the preparation and filing of the Company’s federal, state, and local income tax, and other tax returns (including premium taxes payable in multiple states); and
  • Overseeing the annual audit of the Company’s financial statement by independent auditors (including negotiation of annual audit and tax preparation fees)

Treasury and Investment Operations:

• Ensure appropriate oversight and execution of treasury and investment operations, including:
• Establishing and maintaining of all banking relationships (e.g., operating accounts for the parent company and two subsidiaries, trust and custody accounts, and accounts with the Federal Home Loan Bank of Boston

• Monitoring of cash balances to ensure efficient use and availability of cash
• Arranging, on an as-needed basis, for temporary funding of large claims payments (i.e., through loans from the FHLB, or reverse repurchase agreements)
• Monitoring of accounts receivables and payables to ensure timely receipt and payment of funds
• Acting as chief liaison to the Company’s outside investment managers and investment consultant
• Working with the Investment Committee of the Board to develop appropriate investment guidelines for the Company’s investment portfolio (including developing a strategic allocations between asset classes), and monitoring performance and making recommendations for changes in investment guidelines where appropriate
• Coordinating responses to matters raised during Investment Committee meetings; and
• Reviewing overall investment portfolio and investment transactions for compliance with investment guidelines and reviewing portfolio securities for possible impairments.

Management Reporting & Budgeting:

• Design and coordinate monthly and quarterly reporting materials for senior management. Oversee annual budgeting process and periodic forecasting. 

Cost Control:

• Monitor costs to ensure efficient use of resources.
• Identify opportunities for cost/expense savings and operational efficiencies. 

Case and Actuarial Reserves:

• Understand the Company’s policies and procedures for establishing appropriate loss reserves. While the Company’s General Counsel and independent actuary establish case reserves, the CFO should understand the related financial reporting and audit implications.

Financial Liaison:

• Act as the Company’s financial liaison to outside interested entities and agencies, including the Vermont Department of Financial Regulation, the National Association of Insurance Commissioners, FHLB, and A.M. Best.

Finance Leadership:

• Lead, develop, motivate, and retain a high performing accounting and finance team. 

Operations, IT, Human Resources & Administration:
In addition to direct oversight of the Company’s Finance Department, the CFO is responsible for day-to-day oversight and management of the Company’s general operations and administration.
Specific responsibilities include:

• Oversee all information technology and information systems used Company-wide, including coordination and oversight of the work of the Company’s Director of Information Technology.
• Oversee and direct HR issues
• Actively participating in the development of employee guidelines and employee benefit programs
• Managing employee benefit plans (including major medical, pension, 401(k)
• Serving as a fiduciary for Company’s retirement plans; and
• Maintaining employee records
• Negotiating leases for office space and equipment
• Acting as a liaison with the Company’s sponsoring organization
• Working with outside insurance brokers to obtain appropriate insurance coverages

Experience Desired/Qualifications:

• • Fifteen (15) or more years in accounting and financial management functions
  • Exposure to or experience from insurance or, more broadly, financial services industries is strongly preferred.  
  • A Bachelor’s Degree in Accounting, Finance or Business (or related) is preferred.
  • A Certified Public Accountant certification is required.
  • A Master’s Degree in Finance or Business Administration is preferred (and/or commensurate work experience).
  • Should be able to offer experience and the confidence to analyze, understand, and act on issues related to operating a niche insurance operation, including ensuring accurate and complete accounting.  
  • Must offer and display excellent communication skills and a proven ability to be a team player, and collegial co-worker.
  • Prior experience in managing and developing a small staff is preferred (5+ years).

Technical Skills:

• • Financial Planning & Analysis skills and experience – budgeting, forecasting, variance analysis, modeling, cash flow analysis (required)
  • Financial Reporting knowledge
  • Knowledge of insurance accounting (GAAP and statutory) and the ratings and regulatory environments (preferred)
     

Licenses and Certifications:

• • Certified Public Accountant (CPA) or a Masters-level Degree in Finance, Business or related, is required.
  • A Certified Financial Analyst (CFA) charter holder will also be considered.

Compensation, Culture & Benefits:

• • Competitive Base Salary ($250-300k) depending on experience
  • Annual target bonus of 25%
  • Company culture is welcoming, collaborative, interdependent, transparent and diligent
  • Position is three days in-office, location in downtown Washington, DC
  • Generous benefits summary

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