Job Description
Chief Financial Officer
Cities & Villages Mutual Insurance Company
Wauwatosa, WI The Chief Financial Officer (CFO) is a strategic financial leader and a key member of CVMIC’s leadership team, expected to actively contribute to shaping the organization's strategy. The position is responsible for the overall financial management and integrity of CVMIC's supporting lines of coverage, including workers’ compensation, auto physical damage, and general liability. This role ensures accurate financial reporting, strategic budgeting and long-range forecasting, regulatory compliance, effective investment management, and strategic financial planning to support CVMIC’s mission of serving its public entity members.
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What CVMIC Offers Employees: - Outstanding benefits that include: Company-paid retirement contribution into a SEP Plan (12.1% of salary), Company-paid health insurance monthly premiums, and tuition reimbursement for continuing education.
- The ability to make a difference to local communities and their employees!
- Great variety in what you do each day.
- Flexibility with your schedule.
- A supportive and collaborative team environment.
Essential Duties & Responsibilities 1. Financial Oversight and Reporting - Oversees all financial operations, including budgeting, forecasting, and preparation of financial statements, incorporating each line of coverage.
- Ensures timely and accurate reporting to the Board of Directors, Finance Committee, Office of the Commissioner of Insurance, National Association of Insurance Commissioners (NAIC), Association of Government Risk Pools (AGRiP), and others as required.
- Coordinates and reviews work with external auditors and actuaries.
- Serves as the strategic lead person to advise the CEO in planning, developing, and executing both short and long-term financial strategies for the company.
- Assists in investigating, producing, and providing analytical research and data on CVMIC insurance marketplace competitors.
- Oversees CVMIC’s accounting, budgeting, accounts receivable, and accounts payable functions.
- Leads the regular actuarial review process and assesses the company’s financial position, including trends in net income, surplus levels, and key financial ratios relative to industry benchmarks.
- Analyzes trends in financial position and operating ratios and provides recommendations to the Finance Committee and Board regarding targeted surplus level, operating ratios, and financial strategies.
- Coordinates the preparation and documentation of dividend or premium reduction declarations, including the calculation of amounts, timing, and allocation methods in accordance with Board decisions.
- Ensures timely and transparent communication of Board decisions to all members, and maintains accurate records of all dividend-related actions in compliance with policy requirements.
2. Investment and Asset Management - Oversees the performance of CVMIC’s investment advisors as well as participating in the strategic investment approach within the parameters of CVMIC's investment policy.
- Along with CVMIC’s investment advisor, ensures that asset management balances capital preservation with growth, and ensures liquidity meets claims obligations.
- Monitors market conditions and adjusts investment strategies within the parameters of CVMIC’s investment policy in coordination with investment advisors as needed, particularly in response to premium cycles and claims volatility.
3. Regulatory Compliance - Ensures compliance with all relevant state and federal regulations governing insurance pools.
- Oversees regulatory filings and coordinates with auditors, consultants, actuaries, and rating agencies.
4. Claims and Premium Cycle Support - Collaborates with underwriting to evaluate the financial implications of underwriting decisions, ensuring alignment with CVMIC’s risk appetite and financial objectives.
- Meets regularly with underwriting to review and analyze risk exposures, premium adequacy, and loss trends, providing financial expertise that supports underwriting practices.
- Works closely with Member Services and underwriting to develop, review, and assist with implementing insurance products or coverage programs to best ensure financial sustainability and regulatory compliance.
- Provides financial analysis and projections to support underwriting recommendations.
- Coordinates with claims teams to monitor claims trends and support accurate reserving.
- Coordinates with underwriting to incorporate claims, premium revenues, and loss reserves into CVMIC’s budgeting and forecasting processes.
- Manages cash flow to ensure timely payment of claims, especially for workers’ compensation, auto physical damage, and general liability.
5. Reinsurance and Risk Management - Analyzes the financial impact of reinsurance costs and coverage changes.
6. Board and Member Relations - Presents financial results and strategic recommendations to the board, finance committee, and pool members.
- Prepares materials for board meetings and supports member communications regarding financial matters.
7. Team Leadership and Collaboration - Supervises applicable finance staff and fosters collaboration with CVMIC operational divisions of Member Services (and underwriting), Loss Control, Claims, and IT.
- Promotes a culture of transparency, accountability, and continuous improvement.
Qualifications - Bachelor’s degree in Accounting, Finance, Business Administration, or related field. A master’s degree is preferred.
- Certified Public Accountant (CPA) license is preferred.
- Ten years of progressively responsible experience in accounting, exposure to insurance or governmental accounting (preferred), budgeting, and investments, with at least 5 years in a managerial role.
- Experience in insurance, self-insurance, or public-entity pooling, ideally with exposure to workers’ compensation, auto physical damage, and general liability.
- Demonstrated expertise in financial reporting, investment management, and regulatory compliance.
- Demonstrated success in developing strategies to address structural financial matters.
- Strong analytical, communication, and leadership skills.
Knowledge, Skills & Abilities To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Knowledge of: - Thorough knowledge of financial (Statutory) accounting practices and procedures.
- Insurance regulations and reporting requirements.
- Audit functions and requirements.
- Underwriting and lines of coverage policies.
- Working knowledge of financial and technology systems is essential.
- Familiarity with fund accounting is preferred.
Ability to: - Handle matters of a sensitive nature in a confidential and professional manner.
- Communicate professionally, timely, and effectively, both verbally and in writing.
- Provide excellent customer service and timely responses to all requests.
- Work effectively as part of a management team.
- Effectively interact with others both within and outside the organization.
- Effectively present financial information in both written and verbal formats.
- Effectively present information and respond to questions from groups of employees, supervisors, managers, or elected officials.
- Perform tasks and interact with others in a consistent, controlled manner that conveys organizational values and professional ethics.
- Organize, coordinate, and direct projects and meet work objectives.
- Operate a computer and use various business, finance, and accounting software programs.
- Assume a leadership role and effectively direct team members and processes with or without formal authority.
- Use generative AI for drafting board materials, member communications, and financial narratives while maintaining accuracy and compliance;
- Leverage AI tools (LLM's, predictive analytics, automation) to enhance financial analysis, budgeting, and predictive financial planning.
- Critically evaluate AI-generated financial outputs, identifying errors, biases, or hallucinations before decision-making.
- Apply AI-assisted data extraction and analysis from contracts, financial documents, and other data sources.
- Balance AI automation with traditional financial controls and human expertise.
Skill in: - The technical and analytical application of financial statutory insurance accounting practices.
- Preparing clear, concise, and informative financial documents and reports for diverse audiences.
- Proficient skill in utilizing PowerPoint and comparable presentation software to communicate complex financial data and analysis in an accessible manner.
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Job Tags
Full time, Temporary work, Work at office, Local area