Chief Risk Officer

About Us

At Selective, we don't just insure uniquely, we employ uniqueness.

Selective is a midsized U.S. domestic property and casualty insurance company with a history of strong, consistent financial performance for nearly 100 years. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in Forbes Best Midsize Employers in 2024 and certification as a Great Place to Work in 2024 for the fifth consecutive year.

Employees are empowered and encouraged to Be Uniquely You by being their true, unique selves and contributing their diverse talents, experiences, and perspectives to our shared success. Together, we are a high-performing team working to serve our customers responsibly by helping to mitigate loss, keep them safe, and restore their lives and businesses after an insured loss occurs.

Overview

The Chief Risk Officer will provide leadership, vision, and effective oversight of the Company's enterprise risk management (ERM) efforts. They will be responsible for updating and maintaining the Company's ERM framework to identify, measure, report, and monitor our major risks and develop appropriate responses to support the successful execution of our business strategies. They will seek ways to optimize risks in the organization as a competitive business advantage. Oversees overall reinsurance strategy and placement execution to provide the organization with access to broad reinsurance capacity, through both traditional and alternative approaches. Oversee evaluation of and reporting on credit risk for current and future reinsurers. All job duties and responsibilities must be carried out in compliance with applicable legal and regulatory requirements.

Responsibilities

• Updates and maintains an integrated risk management framework to identify, assess, monitor, and report on major risks across the organization.
• Lead the Executive Risk Committee (ERC) to oversee enterprise risk management activities. Work closely with the senior management team and the Board to define risk appetites consistent with organization's overall strategy. Promote senior level and Board level discussion of early warning indicators, and appropriate responses. Collaborate closely with the Chair of the Board's Risk Committee to facilitate committee meetings, develop appropriate meeting agendas, and assist the Board Risk Committee in executing its risk management oversight responsibilities.
• Develop, maintain, and advance monitoring and measurement tools for major risks. Implement a set of risk metrics and reports to monitor and report on key risk exposures and risk limits. Work with senior management and business units to develop processes to evaluate business activities based on risk. Provide the ERC and Board regular reporting on risk monitoring via risk scorecards and other means. Oversee the Company's monitoring of catastrophe risk via catastrophe models and other tools and metrics. Serve on the Company's Management Investment Committee and collaborate closely with the Chief Investment Officer to understand, evaluate, and report on the risks and opportunities related to the Company's investment portfolio. Serve on the Company's Large Loss and Underwriting committees to understand, evaluate, and report on risks and opportunities related to the Company's claims and underwriting operations. As a critical stakeholder in the second line of defense, ensure each risk has clear ownership and drive accountability of risk management to the appropriate risk owner.
• Chair the company's Emerging Risk Committee and lead the company's emerging risk efforts including the identification, prioritization, reporting on emerging risks as well as coordinating the Company's response to those emerging risks as needed.
• Oversee the Company's internal evaluation of capital adequacy via an economic capital model as well by understanding, evaluating, and reporting on the Company's capital adequacy relative to rating agency and regulatory capital models. Oversee the maintenance of and enhancements to the Company's internal economic capital model.
• Effectively communicate organization's risk profile, appetite, and changes to such, both internally and externally. Manage the accumulation and assimilation of risk information for external constituents (auditors, regulators, rating agencies). Oversee the Company's annual Own Risk Solvency Assessment (ORSA) filing with state regulators.
• Oversee the Company's reinsurance strategy and execution. Design and maintain a reinsurance purchase strategy that aligns with the organization's risk profile, risk appetite, and strategic goals. Negotiate reinsurance pricing and terms that most efficiently support organization's goals. Oversee the execution and wording of the Company's reinsurance contracts. Oversee the Company's marketing and placement of alternative reinsurance including the placement of catastrophe bonds.
• Develop and maintain effective professional relationships within reinsurance community, including brokers and reinsurers that provide organization with access to reinsurance capacity and broad range of products. Regularly evaluate the effectiveness of those relationships to ensure that the Company is receiving the highest quality reinsurance protection, reinsurance advice, and overall value from its reinsurance transactions and relationships.
• Oversee the Company's evaluation of credit risk including developing and pursuing strategies to mitigate aggregation and individual reinsurer credit risk exposure. Chair the Company's Market Security Committee. Manage reinsurance collateral, including negotiation of terms and collaboration with Corporate Controller's Office. Work closely with the Corporate Controllers Office, Legal, the Claims organization, Brokers and Reinsurers to ensure the prompt, transparent, and accurate billing and collection of reinsurance ceded claims.
• Oversee the Company's placement of its corporate insurance policies including its Directors and Officers policy and Cyber Insurance policy.

Qualifications

Knowledge and Requirements

Education and Experience

Total Rewards

Selective Insurance offers a total rewards package that includes a competitive base salary, incentive plan eligibility at all levels, and a wide array of benefits designed to help you and your family stay healthy, achieve your financial goals, and balance the demands of your work and personal life. These benefits include comprehensive health care plans, retirement savings plan with company match, discounted Employee Stock Purchase Program, tuition assistance and reimbursement programs, and paid time off plans. Additional details about our total rewards package will be provided during the recruiting process.

The actual base salary is based on geographic location, and the range is representative of salaries for this role throughout Selective's footprint. Additional considerations include relevant education, qualifications, experience, skills, performance, and business needs.

Pay Range

USD $303,000.00 - USD $417,000.00 / Yr.

Additional Information

Selective is an Equal Employment Opportunity employer. That means we respect and value every individual's unique opinions, beliefs, abilities, and perspectives. We are committed to promoting a welcoming culture that celebrates diverse talent, individual identity, different points of view and experiences - and empowers employees to contribute new ideas that support our continued and growing success. Building a highly engaged team is one of our core strategic imperatives, which we believe is enhanced by diversity, equity, and inclusion. We expect and encourage all employees and all of our business partners to embrace, practice, and monitor the attitudes, values, and goals of acceptance; address biases; and foster diversity of viewpoints and opinions.

Salary : $303,000 - $417,000