Captive Risk Manager

About The Company

Built on a foundation of integrity, respect, and commitment, JPI stands out as one of the most active real estate developers and builders in the nation.  For more than 35 years, JPI has designed and developed communities with best-in-class homes and amenities. JPI is committed to data-driven management and continuous improvement. Its team of experts utilizes data – including unparalleled market research, proven business processes, and proprietary models – to ensure that every decision is strategic, focused, and produces exceptional multifamily communities with the best risk-adjusted returns. More than just great communities, JPI is focused on leaving a lasting impact on the communities where we build and is continually committed to “Building What Matters.”  JPI operates as a subsidiary of Sumitomo Forestry, which is recognized as one of the largest home builders in the United States.

About the Job

Reporting to the General Counsel, the Captive Risk Manager will oversee, manage, and plan all captive insurance-related activities for JPI, with a focus on the management of the captive insurance entity and ensuring proper P&L, regulatory, and compliance oversight for insurance lines, as well as help direct the policies of the JPI Risk department across the company.

Essential Functions & Responsibilities

JPI Captive Insurance Program Management and Oversight

• Maintain and manage the recently established JPI captive insurance program.

• Work with external consultants, legal teams, and regulatory authorities to ensure the growth, scalability and compliance of the JPI captive insurance program.

• Develop and execute a business plan for the JPI captive insurance program, including financial goals, underwriting standards, and risk management policies.

• Maintain compliance with local, domiciled, and international regulatory requirements.

• Monitor the JPI captive insurance program P&L, ensuring the balance between risk transfer and financial performance is achieved.

• Coordinate with CFO/General Counsel on risk management and financial objectives to optimize premium savings and captive performance.

• Develop premium payment process and claims management system for JPI captive insurance program.

• Perform quarterly audits related to capitalization, collection, and claims for projected beneficial economic outcomes.

• Analysis and reporting on loss ratios, claims reserves, and performance indicators to senior leadership.

• Drive the strategic planning of JPI captive insurance program to align with JPI’s broader business goals.

• Provide input on JPI’s risk tolerance and how it affects insurance decision-making.

• Explore opportunities for expanding the captive’s coverage or services to further support JPI’s operations and reduce external insurance costs.

Coverage Management and Risk Assessment

• Assess and manage the following lines for additional JPI captive insurance program growth: Corporate and Project GL; Property and Builder’s Risk; Worker’s Comp; Professional (E/O and D/O); Cyber; Auto; Umbrellas; Environmental/Pollution.

General Risk Department Operations

• Establish and enforce internal insurance-related policies and procedures, particularly related to JPI captive insurance program.

• Manage third-party actuarial services for setting premium rates and reserves for the JPI captive insurance program, including analysis of reinsurance markets.

• Market research for premium benchmarking and policy renewals.

• Manage vendor and partnerships with third-party brokers, underwriters, service providers, and adjusters.

• Aid in the negotiation of terms with reinsurers and brokers to secure cost-effective reinsurance programs.

• Review and evaluate proposals from outside vendors, ensuring they align with the strategic goals of the JPI captive insurance program and JPI Risk Department.

P&L and Financial Management

• Oversee P&L for the JPI captive insurance program:

• Monitor premium income, expenses, loss reserves, and reinsurance costs.

• Conduct regular financial reviews to ensure the JPI captive insurance program remains profitable and achieves its financial goals.