Head of Exposure Management

This role is responsible for developing the Personal Lines-wide (and possibly enterprise-wide) exposure management framework, including "philosophy" of risk appetite, key thresholds for capital preservation and tail risk, a "playbook" of tiered exposure reduction actions, a set of tradeoffs between exposure reduction, profitability, and growth, and a collaboration model across all relevant Farmers Personal Lines teams.

The individual will work closely with the Chief Risk Officer and the Head of Reinsurance to develop and implement this framework across the organization, including running the quarterly/semi-annual/annual exposure management process.

This individual will lead analysis on Farmers profitability, tail risk, and earnings volatility vs. the established thresholds, and recommend improvement actions.

The role requires close collaboration with Foremost Specialty, Business Insurance, and other product functions including State Management to develop, document, and execute recommended exposure management actions.

Finally, this role will play a significant role in developing and delivering stakeholdercommunications to our Boards, reinsurers, ratings agencies, and other interested parties in order to demonstrate Farmers' ability to understand and proactively manage our exposure and concentration risk.

Leads, owns and manages catastrophe reserving process for Farmers and FWS property products including yearly updates of internal CAT models.

Leads process with key stakeholders, including executive and senior leadership, on the development and implementation of comprehensive exposure management and reinsurance strategies including the exposure management process, reporting and controls.

Oversees the review and analysis of exposure to catastrophe risk. Works with other business units, Finance, Actuary, Product and Risk Management to implement catastrophe management strategies.

Establishes and leads exposure and concentration of risk policy, philosophy and business practices for the respective line of business to include reinsurance structure recommendations and usage of modeling results in rate making and underwriting.

Directs and leads the business exposure management functions and establishes priorities and action plans to manage exposure, concentration risks and rate adequacy by partnering closely with key stakeholders in Product, Finance, Actuary, Reinsurance and Underwriting. Tracks and reports progress against action plans and presents recommendations for adjustment.

Owns and oversees the review, analysis and strategic response for catastrophe risk management. Partners closely with Farmers Reinsurance/ Risk Management on corporate policy and philosophy and areas of common concern. Builds and maintains strong relationships with key stakeholders including Risk Management, Reinsurance, Finance, Actuary and Product senior leadership and risk coordinators. Advises executive leadership on risk and reward strategies.

Recruits, develops, and leads a team of analysts and/or statisticians in support of major analytic projects impacting the top and bottom line of the organization in developing exposure management practices.

Assures proper metrics and reviews are in place and leads efforts on exposure reviews and identified actions. Stays current with exposure management trends including catastrophe model changes, newly created and adopted models, alternative reinsurance structures, capital allocation models to also include tools and technology being introduced to manage impacts of climate change. Establishes needed sources of training and skill development for line of business.

Identifies and works with responsible business unit(s) on mitigation strategies in response to emerging risks.

This role, whether performed virtually or in an office setting, will include normal and customary distractions, noise, and interruptions. Sits or stands for extended periods of time, up to a full work shift. Occasionally reaches overhead and below the knees, including bending, twisting, pulling, and stooping. Occasionally moves, lifts, carries, and places objects and supplies weighing 0-10 pounds without assistance. Listens to, interprets, and differentiates auditory information (example others speaking) at normal speaking levels with or without correction. Visually verifies and reads information. Visually locates material, resources and other objects. Ability to continuously operate a computer for extended periods of time, up to a full work shift. Physical dexterity sufficient to use hands, arms, and shoulders repetitively to operate keyboard and other office equipment up to a full work shift.

7-10 years in insurance management including product, finance, marketing, actuarial, exposure management and/or underwriting.

5-7 years leading a business unit or strategic projects.

Must have insurance risk management experience. Experience in either product management, claims, reinsurance, underwriting, CAT modelling, or other related topics are helpful to ensuring success in this role.

ACAS or FCAS designation preferred.

CPCU certification preferred.

A deep understanding of the property insurance industry along with familiarity with techniques and methods used for CAT modelling and exposure management.

Ability to drive a transparent and effective cross-functional process around exposure management.

Ability to justify recommendations and influence other groups to accept the implications of the exposure management recommendations and take action.

Knowledge of insurance regulations and compliance requirements, product and pricing techniques. In depth understanding of competitive environment. Understanding of the impact of global and local economic and regulatory trends on the insurance marketplace.

A thorough understanding of techniques, metrics, and methods used to measure and manage insurance exposure risk.

Advanced leadership skills, critical and analytical thinking, recruiting and people development skills.

Also, advanced presentation skills, including the ability to influence others (who are not direct reports) is a necessary skill.

Strong ability to engender creative discussion across interdepartmental lines and achieve consensus to drive change.

Effective negotiation skills.