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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: New York City, New York

Salary: $300K - $600K

As a leader in medical professional liability insurance for over 45 years, Coverys combines proven insurance protection with data analytics to develop evidence-based processes and risk mitigation intelligence to help you enhance patient safety and reduce the risk of medical errors and claims.  Coverys also provides innovative insurance products to protect against the downside risks of value-based care programs, including certain programs for accountable care organizations and providers in Medicare and other value-based care programs. Employer stop loss insurance is also available to help reduce risks for healthcare facilities and other employers with self-funded employee benefit plans. Details below.

NYC or Boston or East Lansing, MI, or Omaha

As a member of Coverys’ senior leadership team, the Chief Investment Officer (CIO) oversees the investment of the company’s financial assets and contributes to the realization of the company’s financial objectives. The position is directly responsible for allocating the company’s financial assets across its approved investment strategies and manager panel while complying with its business processes and governance framework. This includes monthly/quarterly/annual reporting to the CFO, CEO and Board of Directors. The CIO is also a key contributor to the strategic planning process, demonstrating the ability to set and achieve goals in support of the underlying insurance business.

Essential Duties & Responsibilities

  • Operate as a strategic business partner to Coverys’ CFO and its leadership team, working alongside them to grow and evolve the business, both organically and inorganically.
  • Contribute as a senior executive to the broader leadership of the business.
  • Manage the investment strategy, standards and processes—including analytical and reporting processes—consistent with the company’s asset allocation objectives and in compliance with all internal and external requirements.
  • Develop an annual investment business plan that supports the company’s strategy in line with its goals, standards and objectives. This includes but is not limited to: (1) analyzing and evaluating the company’s previous investment decisions and recommending improvements/suggestions, (2) evaluating the company’s financial assets and identifying areas of improvement consistent with its risk appetite, (3) providing ongoing investment advice and suggestions to help the company meet its financial objectives.
  • Maintain close supervision of the company’s third-party investment advisor(s) and investment managers.
  • Create (1) an analytical portfolio management solution, (2) the supporting analytical package, and (3) data development for the investment function leveraging the company’s data analytics, financial/actuarial and IT capabilities.
  • Regularly review economic, financial, competitive, and governmental data and information to identify trends. Present actionable recommendations to senior leadership as appropriate.
  • Support and execute on other financially strategic activities that may be required from the CFO/leadership team.
  • Collaborate with multiple teams across the organization including Finance, Actuarial, Risk Management, Underwriting, Business Analytics, etc., in connection with investment issues and financial economic trends, risks, and marketing and business development opportunities.
  • Carry out supervisory responsibilities in accordance with the company’s policies and applicable laws. Responsibilities include interviewing, hiring, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints, and resolving problems.
  • Represent Coverys to industry professionals and interact with various internal and external contacts including customers, third party advisors, external investment managers, and regulatory agencies.
  • Undertake other financially strategic activities that may be required.

Education, Experience, Competencies & Values

  • Bachelor’s degree required; continuing education (e.g., post graduate, MBA, CFA (Chartered Financial Analyst), CAA (Chartered Asset Allocator) or industry certification such as a Series 7 or Series 3) preferred.
  • 15 to 20 years in an insurance strategy or insurance investment leadership role; credit risk expertise is a plus.
  • Diversified insurance investment/strategy background, ideally with experience in longer-tailed property and casualty lines (such as MPL business).
  • Proficient knowledge of insurance asset allocation and related capital management impacts; demonstrated portfolio analysis expertise and success in improving/enhancing portfolio efficiency.
  • Experience designing and implementing process improvements to assure portfolio efficiency while maintaining strong capital market relationships.
  • Strong strategic planning skills, directing multiple units or teams, planning and controlling resources, and developing staff.
  • Superior analytical skills and sound professional judgment; demonstrated ability to think intuitively and critically.
  • Ability to manage change; encourages flexibility and adaptability in an evolving environment; able to work and lead well under pressure/in a fast-paced environment and efficiently juggle numerous concurrent responsibilities.
  • Demonstrates and encourages continuous innovation and the introduction of new ideas and processes.
  • Takes initiative and can work independently across multiple tasks/required activities.
  • Demonstrated leadership and management skills. Ability to continually develop team members, both technically and professionally.
  • Management skills: ability to coach, develop, set expectations, evaluate and hold people accountable for performance. Serve as a role model – setting a high bar for performance, engagement and commitment.
  • Communication skills: excellent verbal and written communication, collaboration, presentation and influencing skills. Able to communicate effectively with internal and external stakeholders at all levels of sophistication.
  • Ethics: has an impeccable reputation for ethics, integrity and the highest standards of professionalism; maintains a high level of confidence with integrity.

Salary range for this role is $300,000 – $600,000. Individual compensation packages are based on a variety of factors that are unique to each candidate including location, skill set, experience, qualifications and education.

If you’re a caring and customer focused individual who enjoys working with passionate team members, Coverys is the right company for you!