Life Insurance Executive
Resume:
STEVEN W. TURNER
Valencia, CA 91381
Residence: 661-***-****
Cell: 310-***-****
E-mail: ************@*****.***
****-**** *** *********** *******,Inc, St.Louis,Missouri
Finance Director
2012 - 2015 SWISSRE LIFE and HEALTH AMERICA Inc. Armonk, New York
Head of Finance of USA Adminre Division
A $10 billion division that purchases and manages run off blocks of insurance business
1993 – 2012 AURORA NATIONAL LIFE ASSURANCE COMPANY, Valencia, California
A $3 billion asset privately held insurance company.
2001 President & Chief Executive Officer
Managed the regulatory, operational, and financial affairs of the Company which included supervision of its third party administrator.
Obtained approval from the California Insurance Department for a 95% Mod-co Reinsurance Agreement with Swiss Re.
Selected vendor, negotiated the contract, and coordinated the outsourcing of all major operating areas of the Company and subsequent downsizing of local personnel.
Negotiated sale of Company to Swiss Re Life and Health America along with amendments to resolve disputes. Designed purchase price mechanism. Prepared closing documents for stock sale.
Frequent interaction with California Insurance Department and National Organization of Life & Health Guaranty Association.
1995 – 2001 Senior Vice President, Chief Financial Officer and Treasurer
Responsible for establishing policy and managing all financial activities including treasury and investment accounting, financial controls and reporting, budgeting, insurance department and rating agency relationships, actuarial valuation, reinsurance relationships and administration, general accounting including payroll, commissions, payables and internal audit. Directly managed a staff of 55 in Corporate Finance Division.
Significant Accomplishments
Established opening balance sheet after assumption of Executive Life Insurance Company policies.
Key contact person in obtaining initial ratings from Duff & Phelps and Moody's rating agencies and subsequent upgrades.
Established security lending program.
Implemented target driven general expense budgeting program.
Purchased and install CAMRA investment accounting system.
Negotiated and drafted new business reinsurance treaty.
Designed and priced annuity exchange program.
Proposed new strategic initiative that was accepted and funded by Owners.
1993 - 1994 Vice President, Controller and Treasurer
1991 - 1993 EXECUTIVE LIFE INSURANCE COMPANY - In Conservation, Los Angeles, CA
Vice President and Controller
Effective April 11, 1991 reappointed to this position by the California Insurance Department upon seizure and conservation of Executive Life Insurance Company.
Assisted in preparation, analysis and structure of sale of Executive Life Insurance Company by the State of California to private investors including profit projections, capital and surplus requirements and policy liquidity values. Establishment of new accounting and reporting system for 50 State Guaranty Associations reporting requirements and 400,000 restructured policies.
Steven W. Turner Resume, continued
1987 - 1991 FIRST EXECUTIVE CORPORATION, Los Angeles, California
A $16 billion asset publicly held insurance holding company.
Vice President and Controller
Directed and managed the full scope of the organization's financial and operating practices including GAAP, SEC and statutory reporting, general accounting, budgets and forecasts, financial systems, reinsurance planning, and correspondence with external agencies and examiners. Supervised 45 employees.
Significant Accomplishments
Directed and implemented all phases of FAS 97 restatement from DPAC assumptions, system modifications to public reporting and presentations. This project resulted in a $220 million charge to equity.
Drafted subsidiary sales memorandum and coordinated buyer's due diligence. Sales price was $500 million.
Prepared all financial sections of a $35 million equity capital placement for NEWCO Life including negotiations for shell company purchase.
Participated in the Company's business plan prepared for the California Insurance Department and coordinated the Company's "White Knight" proposal to the California Insurance Department.
Established retained asset program as payment method for death claims.
1986 - 1987 Assistant Controller
1985 - 1986 HMO RHODE ISLAND, Providence, Rhode Island
A health maintenance subsidiary of Blue Cross and Blue Shield of Rhode Island.
Finance Director for start-up HMO.
Responsibilities included initial licensing application, rate filing and federal qualification reporting. Performed all contractor negotiations and compensation arrangements. Implemented day-to-day procedures.
1980 - 1985 PURITAN INSURANCE GROUP, Providence, Rhode Island
A $1 billion life and casualty insurance holding group of General Electric Credit Corporation (GECC).
1979 - 1980 NN PROVIDENCE LIFE COMPANY, Johnston, Rhode Island
1974 - 1979 PEAT, MARWICK, MITCHELL & COMPANY, Albany, New York
EDUCATION STATE UNIVERSITY OF NEW YORK AT ALBANY
1974 Bachelor of Arts in Accounting
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