Management Insurance

ARNOLD R. SPIER

( **-** Terhune Place Fair Lawn, NJ 07410 201-***-**** (

******@*******.***

Additional information: http://www.linkedin.com/in/arnoldspier

PROFILE

An accomplished "hands-on" Senior Financial Executive with a well earned

reputation for integrity and carefully monitoring top line revenue growth

and bottom line profitability for world-class companies. Executive value

includes strategic and financial expertise, plus a proven record of

successful decision making, combined with solid qualifications in business

development, GAAP, statutory, regulatory and financial reporting, P&L

management, internal audit/internal controls, and state examinations.

Skills include:

( Business Planning, Forecasting and ( Banking Relations

Budgeting

( Financial Modeling and Risk Management ( Divestitures and Asset Liquidation

( Expense Control ( Relationship Building

( Revenue and Profit Optimization ( Team Building & Mentoring

( Statutory and GAAP Reporting ( Investor, Stakeholder and Vendor

Relations

( Extensive Knowledge of Insurance ( Compliance, Audit, Internal

Business Operations Controls

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EDUCATION

M.B.A., FINANCE Fairleigh Dickinson University 1981

B.S., ACCOUNTING CUNY- Lehman College 1976

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PROFESSIONAL EXPERIENCE

International Fidelity Insurance Company, Newark, NJ

2008 - 2009

Senior Vice President and Chief Financial Officer

Directed all aspects of financial and accounting operations for privately

owned surety insurance company with twenty US regional offices, assuring

timely and accurate filing of all statutory, tax and licensing submissions.

As a member of the senior management team, developed and implemented the

corporate strategy, oversaw investment managers, and restructured

investments during the current recession to minimize risk and maximize

returns. Also managed and controlled relations with external auditors,

regulatory authorities and rating agencies.

. Appointed Co-Chief Compliance Officer and a member of the Board of

Director's Audit and Investments Committees.

. Purchased and implemented 3rd party paperless expense account

processing system that added internal controls, management reporting

and time savings nationwide.

. Controlled all insurance coverage, including health where the lifetime

cap per employee was increased by $4m with no increase in cost.

. Negotiated and implemented new corporate credit cards, allowing more

efficient and meaningful management and benefits accruing to both the

company and employees.

. Improved receivable and cash collection processes and controls that

maximized cash flow while strengthening internal controls.

. Implemented paperless paystub process saving several work hours per

week.

. Discovered and corrected prior period errors in 401K matching and

reporting that brought the company in compliance with federal

regulations and reporting.

. Recognized by CEO and shareholders as a catalyst who can implement

transition, generate revenue and income growth, and develop strong

financial teams while driving strategic and cultural change.

Zurich Financial Services, New York, NY 2006 - 2008

International Controller - Centrally Managed Businesses

Led the financial operations of the global run-off group for this multi-

national insurance company with its home office in Zurich, Switzerland. The

group was charged with decision making responsibility to sell or re-

structure permitting a return to ongoing operations, or run-off operations

with the goal of maximizing income or minimizing losses.

. Managed ten controllers globally; assured accountability and proper

controls that contributed in excess of $300m of pre-tax annual profit.

. Installed financial discipline and responsibility to the division's

worldwide financial process.

. Implemented reporting process and consolidation of results allowing for

meaningful reporting to senior home office management on a monthly,

quarterly and annual basis, by establishing reporting requirements and

semimonthly meetings with each profit center.

. Member of Financial Accounting Reporting Council that assisted the

Zurich Group Controller.

. Named one of Zurich's Top 100 Worldwide Financial Executives.

AIG - American International Group, New York, NY 1979 - 2006

Meritoriously promoted to several executive positions at the world's

largest insurance company, including subsidiary Controller, Director of

Corporate Receivables and Director of Financial Planning & Analysis.

AIG Director Financial Planning & Analysis (1992 - 2006)

. Developed strong working relationships with CFO's and Controllers

worldwide to fully comprehend operations and metrics, which resulted in

meaningful reporting to Senior Management on various quarterly reports

including Comptroller's, Return on Equity, Collections and Variance

Analysis.

. Placed several large reinsurance agreements ($300m to $500m annual

premiums) including Aggregate Excess, Quota Share, Facultative

Obligatory and Catastrophe.

. Performed surveillance of assumed reinsurance agreements and

participated in dispute resolution, through negotiations and

litigations with brokers and reinsureds on various AIG Reinsurance

Advisors accounts.

. As part of the Sarbanes-Oxley (SOX) project, coordinated the

remediation of AIG's material weakness in reconciliations worldwide,

other than for the Domestic Brokerage Group.

. Managed several special projects, including analyses of: AIG's

reinsurance processing, AIG's $1.5 billion Loss Adjustment Expense and

departmental loss payment cash flow, sale of receivables and sale and

leaseback of real estate.

. Represented AIG on two creditor's committees of bankrupt foreign

reinsurance companies.

. Served as de-facto CFO of a partially owned reinsurance broker.

Participated in Board meetings, managed the accounting department,

responsible for financial statement preparation and cash flow.

Supervised a special project team of 25 professionals that organized

and reconciled the accounting records. Team member in the negotiation

and implementation of the sale of the company.

. Reviewed potential acquisitions, including a public transportation

security system and a managing general agency with recommendations on

how to proceed.

AIG Director Corporate Receivables (1987 - 1992)

. Worked closely with senior management to collect over $300 million of

difficult reinsurance balances through collection efforts,

commutations, litigations and liquidation filings. These balances were

previously considered uncollectible by the responsible entities; their

collection resulted in both positive cash flow and a positive P&L

impact.

. Chaired task force meetings that developed and implemented a

consolidated approach toward dealing with specific reinsurance

collection issues.

AVP & Comptroller - North American Managers (Pool) (1982 - 1987)

AIG Internal Audit - Supervisor (1979-1982)

New York State Insurance Department 1976 -

1979

Senior Examiner

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