Business Manager - Captive Mgmt - GROWMARK, Inc. - Bloomington, IL

SALARY RANGE: $91,400.00 - $125,675.00

 

GROWMARK is an agricultural cooperative serving almost 400,000 customers across North America, providing agronomy, energy, facility engineering and construction, and logistics products and services, as well as grain marketing and risk management services. Headquartered in Bloomington, Illinois, GROWMARK owns the FS trademark, which is used by its member cooperatives. GROWMARK also owns and operates SEEDWAY, the largest full-line seed company in the United States. More information is available at growmark.com.

 

 

PURPOSE AND SUMMARY STATEMENT

This position is in charge of managing GROWMARK’s two captives – FS Preferred Insurance Company (“FSPIC”) and FS Benefits Insurance Company (“FSBIC”). This position liaises with the captive manager to ensure that financials and audits are prepared timely, creates board reports, oversees claims, and processes and monitors the captives’ cash flows and investments, all while educating the FS System on the value the captives provide and how they are utilized.

 

ESSENTIAL JOB FUNCTIONS

Work with captive manager to prepare and review quarterly financial statements.

Coordinate and monitor annual audits.

Review and monitor the investments portfolio and trust accounts.

Review and monitor the captives’ performance by watching claims activity and calculating loss ratios and solvency ratios and report on these metrics to the captive boards. 

Participate in quarterly healthcare meetings with leadership.

Prepare materials and reports for board meetings. Present to the captive boards of directors twice per year and present a board report twice per year. Coordinate attendance and travel for in-person board meetings.

Evaluate and remit payment for daily, monthly, quarterly, and annual invoices for service providers.

Evaluate cash balances and monitor for large claim payments that may be necessary.

Coordinate actuarial analyses and manage premium models for property/casualty program, including allocations and large deductible billings and medical stop loss insurance.

Prepare large loss claim allocations for Retail and Wholesale Divisions to accommodate the GROWMARK, Inc. large deductibles.

Coordinate with the health insurance actuary to calculate medical stop loss premiums for GROWMARK and member companies, develop premium equivalents and year-end reserve analyses. Obtain MSL deductible options for members and work with Benefits to educate members on their healthcare spend so they can make informed decisions on deductible selection.

Prepare the annual budget for the captives.

Supervises the Agency Management role within FSIA, overseeing agency commission reconciliations, budgets, sundry billings, bank account balances, vendor/claim payments, licensing, and Riskonnect data entry.

 

 

OTHER JOB FUNCTIONS

Develops professional working relationships with regulatory authorities, consultants, customers, and other business areas.

Routinely engages with the Risk Finance & Insurance team to understand how changes to the insurance policies impact the captives. Liaises with the Safety & Environmental Engagement team regarding trends that could be addressed with further training. 

Engages with the Benefits team to optimize the health insurance program. Works with Benefits to educate members on health insurance, medical stop loss, and healthcare spend.

Serves on the MEWA Committee and Healthcare Administrative Committee.

Participates in industry and professional organizations. Maintains knowledge of applicable regulations and standards. 

Follows GROWMARK’s Code of Conduct and Corporate Compliance Program, Environmental Health and Safety, OSHA and DOT policies and procedures, as they apply.

Performs all other duties as assigned.

 

REQUIREMENTS

Normally requires a Bachelor of Science degree in finance, accounting, or the equivalent thereof, and 5 years or more of financial or accounting related work experience. Demonstrates the ability to provide captive management leadership to the GROWMARK System.

May be required to obtain a Life/Health and Property/Casualty insurance license.

Demonstrates essential abilities including business knowledge, collaboration, communication, decision making, crit