Management Insurance

Richard R. Racofsky

** ******** ****** ******, *** Jersey 07760 732-***-**** cell 732-***-**** home

*********@*****.*** Linkedin.com/RichardRacofsky

Summary

A highly accomplished and detail-oriented finance executive with proven expertise in investment analytics and accounting, treasury and capital management, financial planning and analysis, risk management, and strategic finance transformation. Possesses a strong analytical skill set and deep understanding of the financial service industry and products. Leverages broad financial background, industry experience, and management skills to drive profit and growth. A strategic and results-oriented leader with an ability to motivate others and lead an organization to achieve goals and objectives.

Experience

AMERICAN INTERNATIONAL GROUP (AIG) New York, New York

Vice President, Investment Analytics/Investment Accounting, 2014-2016

Supported development and execution of a centralized investment reporting and forecasting platform for company’s $350 billion global investment portfolio of bonds, equities, mortgage loans, real estate, alternatives and derivatives.

Served as liaison to consumer and commercial business units and established service-level agreements for investment forecast delivery method, timeline, process, data specifications format, and granularity.

Collaborated with O&S, strategic finance, FP&A, treasury, and investment management teams to develop and implement highly detailed reinvestment projection methodology and process.

Built team of business unit forecast controllers and analysts to support client needs related to technology integration and to provide evaluation, analysis, and reporting of investment projection results for budget, quarterly re-projections, stress testing, and other ad hoc forecasting requirements.

Drove process improvements associated with the Federal Reserve’s Comprehensive Capital Analysis and Review (CCAR) and generated other efficiency gains across multiple business units.

Eliminated several hundred end-user tools (EUTs) as result of replacing legacy systems and processes.

Worked with corporate finance, O&S, and business lines to improve data integrity and reconciliation processes.

Developed documentation and controls for various aspects of investment forecasting project, including coordination with risk management and model validation teams on reinvestment and other key components.

AIG LIFE AND RETIREMENT DIVISION, Los Angeles, California

Vice President, Corporate Finance and Business Planning, 2011-2014

Oversaw business planning process and creation of financial projections for all life and retirement units.

Developed business plan presentations and analytics for company’s corporate and executive teams.

Worked closely with business unit CEOs/CFOs in developing and evaluating key metrics/business drivers.

Prepared investment income and asset forecasts and reviewed with CIO and investment committee.

Created weekly earnings estimates and updates of key performance indicators.

Provided status reports and assisted in establishment of incentive metrics for executive compensation plans.

Generated cash flow projections for liquidity management and reporting to Federal Reserve Bank.

Served as participant and voting member of life and retirement capital management committee.

Managed the Federal Reserve’s Comprehensive Capital Analysis and Review (CCAR) forecasting process.

Determined GAAP and statutory earnings and capital impacts for Fed, company, and recovery plan scenarios.

Led remediation and process improvement efforts, including modeling, audit, and reporting enhancements.

Created and reviewed model inventory to support SOX and model validation requirements.

Supported internal audit, ERM, and other reviews of stress-testing process and results.

Expanded FP&A staff to accommodate increased workload and built governance structure into process.

Facilitated integration of model and operational risks.

Vice President, Treasury and Business Planning/FP&A, 2004-2010

[Direct report to Life and Retirement Division CEO 2007-2010]

Treasury and Capital Management

Developed capital adequacy and liquidity forecasts and took actions to achieve targeted levels of RBC. Facilitated intercompany loans, dividend payments, and capital contributions. Administered legacy GIC business, including litigation issues and negotiating workouts. Managed GIC interest rate and currency swaps, principal, interest, and collateral payments/receipts. Monitored and managed liquidity levels and cash movements through multiple non-regulated entities. Responded to financial data requests and created presentations for rating agencies, Federal Reserve Bank, and various state departments of insurance. Ensured capital and liquidity needs for SunAmerica Affordable Housing business. Administered ACH and wire transfers for cash management operations.

Investments & Divestitures

Served on investment committee and contributed to investment strategy for $180 billion portfolio. Worked with CIO and company investments team on issues related to liquidity, ALM, and yield improvement. Evaluated commercial mortgage deals for appropriateness in relation to insurance company liabilities. Worked extensively with investment banks and key stakeholders on divestiture plan and related financial projections for possible sale and/or IPO of life and retirement businesses during 2008 financial crisis.

Risk Management

Orchestrated the development of an initial company-wide operational risk management (ORM) self-assessment. Served on complex structured financial transaction committee to review and approve transactions. Worked with enterprise risk management on initial versions of capital and liquidity stress scenario modeling. Coordinated GIC and treasury risk management activities with SOX, compliance, and internal audit teams.

Financial Planning and Analysis

Developed complex financial models and forecasts for annual business plan and executive decision-making. Integrated FP&A teams from previously separate retirement services and life insurance divisions, improving consistency of projection assumptions, models, and reports. Supervised reporting associated with various initiatives, including cross-selling and bancassurance.

Additional Experience

AIG - Director, Financial Planning and Analysis, 2000-2004.

AIG - Manager, Financial Planning and Analysis, 1999-2000.

AEGON/TRANSAMERICA INSURANCE AND INVESTMENT GROUP, Los Angeles, California

Senior Analyst, New Business Development, 1998-1999

Integrated insurance and investment marketing strategies with corporate growth and profit objectives. Drove analysis and modeling activities to support initiatives for distribution channel utilization, customer relationship management, and product development. Evaluated financial and operational aspects of key strategic alliances and supported development of long-term corporate strategies, including assessment of M&A opportunities.

METROPOLITAN LIFE INSURANCE COMPANY, Morristown, New Jersey

Investment Analyst, Portfolio Management, 1996-1998

Developed investment strategies and managed risk for $9 billion of fixed-income portfolios. Evaluated interest rate, structure, and credit risk across sectors. Determined asset allocation within asset/liability management framework. Restructured and rebalanced portfolios to increase total return. Reviewed and incorporated research into active trading strategies, including relative value trades. Prepared quantitative analyses for senior management concerning portfolio strategies, tactical actions, and specific programs, including use of derivatives.

Senior Analyst, Investment Strategies, New York, New York, 1994-1995

Supported development of corporate-wide investment strategies. Focused on improving asset/liability management, reducing excess liquidity, expanding use of non-conventional asset management techniques, and increasing development and use of realistic macro models for major investment decision-making.

Senior Analyst, Corporate Strategic Planning, MetLife Auto and Home, Warwick, Rhode Island, 1992-1994. Designed and implemented strategies to enhance return of $2 billion investment portfolio. Added $10 million in incremental annual income, with new targets for equity holdings, asset duration, and liquidity levels. Consulted for senior management on special projects, including participation in broad-based reengineering effort. Developed methodology, models, and analyses in areas of sales revenue, investment income, expense management, return on equity, and cash flow to produce long-term financial forecasts.

Education

COLUMBIA BUSINESS SCHOOL, New York, New York

M.B.A., Finance, 1996

UNIVERSITY OF HARTFORD, West Hartford, Connecticut

B.S./B.A., Finance and Insurance, 1992

Minor in Mathematics

Computer Skills

Microsoft Office Suite, Bloomberg

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