Chief Financial Officer

Chief Financial Officer

Cities & Villages Mutual Insurance Company

Wauwatosa, WI

The Chief Financial Officer (CFO) is a strategic financial leader and a key member of CVMIC's leadership team, expected to actively contribute to shaping the organization's strategy. The position is responsible for the overall financial management and integrity of CVMIC's supporting lines of coverage, including workers' compensation, auto physical damage, and general liability. This role ensures accurate financial reporting, strategic budgeting and long‑range forecasting, regulatory compliance, effective investment management, and strategic financial planning to support CVMIC's mission of serving its public entity members.

• Outstanding benefits that include:
  Company-paid retirement contribution into a SEP Plan (12.1% of salary), Company-paid health insurance monthly premiums, and tuition reimbursement for continuing education.
• The ability to make a difference to local communities and their employees!
• Great variety in what you do each day.
• Flexibility with your schedule.
• A supportive and collaborative team environment.

1. Financial Oversight and Reporting

• Oversees all financial operations, including budgeting, forecasting, and preparation of financial statements, incorporating each line of coverage.
• Ensures timely and accurate reporting to the Board of Directors, Finance Committee, Office of the Commissioner of Insurance, National Association of Insurance Commissioners (NAIC), Association of Government Risk Pools (AGRiP), and others as required.
• Coordinates and reviews work with external auditors and actuaries.
• Serves as the strategic lead person to advise the CEO in planning, developing, and executing both short and long‑term financial strategies for the company.
• Assists in investigating, producing, and providing analytical research and data on CVMIC insurance marketplace competitors.
• Oversees CVMIC's accounting, budgeting, accounts receivable, and accounts payable functions.
• Leads the regular actuarial review process and assesses the company's financial position, including trends in net income, surplus levels, and key financial ratios relative to industry benchmarks.
• Analyzes trends in financial position and operating ratios and provides recommendations to the Finance Committee and Board regarding targeted surplus level, operating ratios, and financial strategies.
• Coordinates the preparation and documentation of dividend or premium reduction declarations, including the calculation of amounts, timing, and allocation methods in accordance with Board decisions.
• Ensures timely and transparent communication of Board decisions to all members, and maintains accurate records of all dividend‑related actions in compliance with policy requirements.

2. Investment and Asset Management

• Oversees the performance of CVMIC's investment advisors as well as participating in the strategic investment approach within the parameters of CVMIC's investment policy.
• Along with CVMIC's investment advisor, ensures that asset management balances capital preservation with growth, and ensures liquidity meets claims obligations.
• Monitors market conditions and adjusts investment strategies within the parameters of CVMIC's investment policy in coordination with investment advisors as needed, particularly in response to premium cycles and claims volatility.

3. Regulatory Compliance

• Ensures compliance with all relevant state and federal regulations governing insurance pools.
• Oversees regulatory filings and coordinates with auditors, consultants, actuaries, and rating agencies.

4. Claims and Premium Cycle Support

• Collaborates with underwriting to evaluate the financial implications of underwriting decisions, ensuring alignment with CVMIC's risk appetite and financial objectives.
• Meets regularly with underwriting to review and analyze risk exposures, premium adequacy, and loss trends, providing financial expertise that supports underwriting practices.
• Works closely with Member Services and underwriting to develop, review, and assist with implementing insurance products or coverage programs to best ensure financial…