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

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.

See what it's like to work at GROWMARK: https://youtu.be/CSVMnKCySsY

PURPOSE AND SUMMARY STATEMENT

This position is in charge of managing GROWMARK’s two captives – FS Preferred Insurance Company and FS Benefits Insurance Company. 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, 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 investment portfolio.

 

Review and monitor the captives’ performance by watching claims activity and calculating loss ratios and solvency ratios.

 

Maintain the health insurance expense tracker and generate reports. Present to leadership on healthcare performance. Work with Benefits on optimizing health insurance program.

 

Prepare materials and reports for quarterly board meetings. Present to the captive board of directors 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 and make claim payments as needed.

 

Coordinate actuarial analyses and manage premium models for property/casualty and health insurance.

 

Prepare the annual budget for the captives.

 

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.

 

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, critical thinking, attention to detail, and analytical skills.

 

Have proven computer skills including Excel and Tableau. Ability to use web-based software to generate reports.

 

Strong business writing skills and the ability to take complex topics and simplify them so those unfamiliar with captives and insurance can understand.

 

Must have and maintain a valid driver’s license and satisfactory driving record. Must have