Director, Corporate Insurance

Overview

Founded in 1898 and headquartered in Chicago, IL, GATX Corporation (NYSE: GATX) is an industry leader with 125+ years of success—success that is powered by our people. We are proud of our high-performance culture, hard-working and enthusiastic management team, and beautiful office space in the Willis Tower.

At GATX, we hire the best and offer our employees a dynamic, energetic, collaborative environment to enable them to make an impact from day one. Enjoy the perks and benefits of a global company with the close-knit culture and community of a much smaller one. In the same way we strive to empower our customers to propel the world forward, we are dedicated to providing our people with the tools and resources they need to advance in their careers.

The Director, Corporate Insurance will work closely with the VP, Global Insurance in the development, management and administration of the GATX domestic and international insurance programs. The Director interacts with all levels of management within GATX and serves as GATX’s representative and intermediary to the risk management and insurance industry (e.g. brokers, insurers, etc.).

Responsibilities

• Manage the acquisition, renewal and administration of GATX’s insurance programs. Consult with various individuals within and outside GATX in order to be kept apprised of any changes in exposures, operations or the insurance market to ensure that GATX is adequately protected. Periodically, market various insurance programs to confirm the competitiveness of insurance premiums and coverage terms. Participate in the management of insurance broker and underwriter relationships.
• Together with VP, Global Insurance manage and direct department personnel to accomplish the above activities as well as
• Develop and optimize the performance of department service providers such as brokers, third party claims administrators for GATX workers comp and auto liability claims, and risk management information systems. Make appropriate service provider change recommendations when warranted.
• Ensure claims are reported to brokers and insurers on a timely basis. Work to obtain favorable claim resolutions.
• Issue insurance certificates and auto id cards on a timely basis and track and collect insurance certificates from certain lessees and vendors.
• Obtain surety bonds and letters of credit as needed.
• In collaboration with the VP, Global Insurance, acts as a subject matter expert for external and internal customers, including rail and aviation operations and commercial personnel, legal and international subsidiary personnel to:
• Provide advice, guidance, and recommendations regarding insurance coverage, contracts, certificates of insurance and any additional insurance related issues as needed.
• Develop, evaluate, recommend and negotiate insurance provisions in various leases and contracts, including but not limited to rail equipment leases, aircraft engine leases, and construction contracts. Review documentation for accuracy.
• Provide evaluation and analysis of certain risks to the ERM Committee.
• Assist in the management of GATX’s ownership responsibilities in a dormant captive insurance company.
• Evaluate GATX’s risk exposure in investment opportunities. Develop potential solutions to minimize the identified risks and prepare analysis and recommendations for the Investment Committee.  
• Develop and monitor annual insurance and department SG&A budgets. Provide forecast updates as insurance market changes and/or GATX operations change. Efficiently manage $16M+ insurance budget.

Qualifications

• Bachelor’s Degree required long with 8 - 10 years of progressively responsible experience in a corporate risk management department or with an insurance broker or insurance company.
• MBA in Business, Finance or Insurance preferred.
• Risk Management and Insurance designations are highly desirable (e.g. CPCU, ARM, CRM).
• Knowledge of leasing transactions and previous experience working as a member of a transaction team is desirable.
• Captive insurance company experience a plus.
• RMIS system experience preferred, experience with Origami a plus.
• Must think strategically and be able to "think outside the box".
• Strong analytical, negotiation and communication skills.

Other:

Less than 10% travel.

This is a hybrid position that will require the employee to work in the office at least 3 days a week throughout the year.

Posting Duration

This posting will remain open until the role is filled.

As of the post date, the salary range for this position is:

Min

USD $134,800.00/Yr.

Max

USD $180,000.00/Yr.

This role may be eligible to participate in the Company’s short-term incentive plan, the details of which will be provided to the applicant upon hire.

This range is a reasonable estimate and takes into account several factors that are considered in making compensation decisions, including, but not limited to, geographic location, skill set, experience, education, training, internal equity, and other business needs.