Fully utilize my experience as a risk management executive with a history of increasing responsibility in risk management, insurance and related functions to the benefit of my employer. Significant experience with alternative risk financing vehicles including captive insurance companies and large deductible casualty programs.
FREDERICK D. DRISCOLL
Risk management executive with extensive experience of increasing responsibility in risk management, insurance and related functions. Significant experience with alternative risk financing vehicles including captive insurance companies and large deductible casualty programs. Captive experience includes a Bermuda based group captive providing professional lines coverage to member banks, serving on the executive committee for five years and as chairman for one year, and a single parent captive that consistently produces over $10M in annual net income for its parent while reducing the cost of risk previously paid to third party insurers.
PROFESSIONAL WORK EXPERIENCE
THE HARTFORD FINANCIAL SERVICES GROUP, INC. (HFSG), Hartford CT 2005 - 2009
Assistant Vice President and Senior Risk Manager
Responsible for managing the placement of all 35 corporate P&C programs with approximately 150 policies/carrier participations, over $2B in total limits and over $20M in annual premium, not including self insured losses.
• Achieved particular success from strategic utilization of insurance market to ensure appropriate and adequate level of professional liability limits were in place for April 2009 renewal after company’s underperformance financially
• During 2009 property renewal, limits were increased by 25% and premiums reduced by 10% after negotiating with independent direct carrier
• Developed process and repository to track individual and group insurance company aggregations to ensure spread of risk among acceptable carriers
• Created and managed process to ensure underwriting and claims data that is to be shared with various writing companies (insurers) is protected by a non-disclosure agreement
• Developed a renewal “milestone report†that establishes a timeline for various key achievements for each program renewal and integrated the report into Microsoft Outlook calendar for automated prompts
• Advised and prepared members of senior management who will be presenting to underwriters during program renewal meetings/discussions, particularly the April 2009 professional lines renewal
• Created and maintained annual insurance premium budget and provided analysis of performance to budget
• Routinely advised HFSG’s procurement department regarding vendor insurance requirements, provide insurance and risk technical support to HFSG’s sales personnel on business proposals and RFP’s
• Liaison with professional associations (ICRMG, RIMS, e.g.)
• Made annual presentation on “Risk Management at The Hartford†to “Underwriting Immersion Groupâ€
THE SCHUMACHER GROUP, INC. (TSG), Lafayette, LA 2002 - 2005
The nation’s fastest growing and third largest emergency medicine physician staffing company.
Vice President, Corporate Risk Manager
Primarily responsible for the management of the company’s malpractice program, ensuring protection for over 1,000 emergency department physicians and in excess of 1.5 million patients seen annually
• Coordinated the continued internal development of RMIS for malpractice risks
• Developed and implemented “risk rating†of potential hospital venues to modify (debit or credit) standard malpractice rates to ensure anticipated risk element is included in facility financial proforma evaluations
• Settled lawsuits and potential malpractice claims up to $50,000, sought senior management approval for cases in excess of $50,0000; managed relationship with malpractice counsel to ensure all cases were progressing to resolution
FREDERICK D. DRISCOLL Page Two
THE AUTO CLUB GROUP (AAA Michigan), Dearborn, MI 1995 - 2002
An over $1B (surplus) “A†rated personal lines reciprocal insurance exchange and motor club.
Director, Corporate Risk
Responsible for management of the insurance, reinsurance and business continuity planning (BCP) activities.
• Analyzed, recommended and implemented a single parent captive insurance company that grew from $1.5M in after tax net income to over $10M annually
• Developed a property CAT reinsurance program that blends traditional reinsurance purchases with finite and other risk transfer methods to more efficiently protect assets/surplus
• Created and implemented a comprehensive BCP including the staffing of an emergency operations center and over forty (40) individual business unit plans that coordinate with the data center disaster recovery plan ensuring the highest level of service to club members
MICHIGAN NATIONAL CORPORATION, Farmington Hills, MI 1990 to 1995
A $10B bank holding company
Vice President, Director of Risk Management and Insurance Marketing
Responsible for the risk management, insurance marketing and environmental liability areas of the corporation.
• Reduced overall insurance expenses by 60% over a five (5) year period
• Represented the corporation by appointment to the board of directors and served on the executive committee of Bankers Insurance Company, Ltd. (BICL), a Bermuda based group captive insurance company providing professional liability coverage to member banks
• Created and implemented an “Insurance Manual†used by the business units that provided details on exposure and claim reporting requirements for various insurance programs
• Served as president of the credit life reinsurance subsidiary and managed the income producing insurance activities for the bank increasing revenues by 25% annually
• Developed and staffed an “Environment Specialist†position to mitigate the corporation’s exposure to environmental losses by training loan and trust officers
SECURITY BANCORP, INC., Southgate, MI 1987 to 1990
A $2.7B bank holding company
Risk Management Officer
MICHIGAN NATIONAL CORPORATION, Farmington Hills, MI 1983 to 1987
Assistant Vice President, Risk Management Specialist, Casualty Insurance Programs
EDUCATION
Ferris State College, Big Rapids, MI, Bachelor of Science, Insurance
PERSONAL ACHIEVEMENTS
Risk and Insurance Management Society, Detroit Chapter president ('92-'93) board member ('87-'93)
Building Owners and Managers (BOMA) - 10-week course in preparation for exam (part 4)
Junior Achievement Volunteer - Project Business instructor for St. Jude School
Member, Board of Directors, Grosse Pointe Partners, Habitat for Humanity
Annual presentation to the senior class of risk management majors at the University of Louisiana Lafayette.
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