Managing Director Insurance & Risk Management

AEP Service Corporation; United States; On-site; USD 189,000 - 245,000; Full time

Benefits offered by this job

Annual bonus

Long-term incentive

401K match

AEP Pension

Comprehensive benefits

Job summary

AEP Service Corporation is seeking a senior leader to direct the Risk and Insurance Management Department. You will oversee insurance procurement, risk financing, claims management, and subrogation, while guiding policy development and vendor relationships at a company-wide level.

The role requires 10+ years in finance or corporate risk management with supervisory experience, preferably with energy/utility exposure. MBA or JD is a plus, and captive insurance experience is highly desirable.

Qualifications

• Bachelor's degree required preferably in Insurance and Risk Management, Business, Finance, Engineering or related.
• 10+ years with experience in finance, corporate risk management or insurance, including six years supervisory responsibility.
• MBA or JD desirable.
• Experience in the energy or utility industry highly desirable.
• Experience with captive insurance companies preferred.

Responsibilities

• Provide leadership to the Risk and Insurance management department including activities of analysts and liability claim adjusters.
• Oversee insurance procurement and risk financing including management of a $100 million budget.
• Lead marketing of insurance programs including underwriting submissions and updates to senior management.
• Oversee management of recovery, property damage and public liability claims.
• Collaborate with legal to strategize disposition of significant liability claims.
• Direct vendor relationships with insurance companies, brokers, and risk consultants.
• Review and create risk management policies and procedures as needed.
• Review and negotiate insurance terms across contracts with vendors and EPCs.
• Lead insurance due diligence for mergers, acquisitions and divestitures.

Skills

Leadership

Insurance procurement

Risk financing

Claims management

Subrogation

Vendor management

Budget management

Policy development

Education

Bachelor's degree in Insurance and Risk Management, Business, Finance, Engineering or related

Job description

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.

What We’re Looking For

• 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.
• Other Must Haves: Experience in the energy or utility industry is highly desirable.
• Other Must Haves: Experience with captive insurance companies is highly desirable.
• Licenses/Certifications: Certification in either Chartered Property and Casualty Underwriter (CPCU), or Associate in Risk Management (ARM) is preferred.

Where You’ll Work

On‑Site in the AEP Headquarters in Columbus, OH

What You’ll Get

• Base salary
• Annual bonus
• Long‑term incentive
• 401K match
• AEP Pension
• Comprehensive benefits package that aims to support and enhance the overall well‑being of our employees.

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.

Compensation Data

Compensation Grade: SP20-012 Compensation Range: $188,524.00 - $245,080.00

Company Culture

Where Putting the Customer First Powers Everything We Do! At AEP, we’re more than just an energy company — we’re a team of dedicated professionals committed to delivering safe, reliable, and innovative energy solutions. Guided by our mission to put the customer first, we strive to exceed expectations by listening, responding, and continuously improving the way we serve our communities. If you're passionate about making a meaningful impact and being part of a forward-thinking organization, this is the company for you!

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. At American Electric Power, we provide more than electricity to our millions of customers - we energize possibilities. We're redefining the future of energy by reducing our carbon footprint, empowering the communities we serve and building an engaged, talented workforce. All while delivering the reliable service our customers expect. It’s an exciting time in the energy industry. Are you ready to be part of it? We’re looking for team members to help create the grid of the future. Learn more about our commitment to creating a supportive, inclusive work culture that values different experiences.