Insurance Manager – Velto Renewables
Madrid, Spain. Join Velto Renewables, a renewable energy independent power producer with global renewable projects.
Responsibilities
* Global Insurance Program Management: Lead design, placement, and ongoing management of Velto’s global insurance portfolio, covering property, casualty, third-party liability, D&O, cyber, marine, construction (CAR/EAR), business interruption, machinery breakdown, theft, and umbrella/excess liability policies.
* Insurance Bonds & Guarantees: Manage issuance and renewal of insurance bonds (bid, performance, advance payment, warranty) required for project development, construction contracts, and O&M agreements.
* M&A Insurance (W&I): In coordination with Legal and M&A teams, structure and manage Warranty & Indemnity (W&I) insurance for acquisitions and divestitures, supporting due diligence, negotiating policy terms, and claims management.
* Policy Management & Optimization: Review, negotiate, and manage all insurance policies to ensure adequate coverage for aging assets, theft-prone sites, operational disruptions, and emerging risks (e.g., cyber, climate-related perils), while proactively controlling premium increases.
* Claims Handling & Recovery: Lead the end-to-end process for all insurance claims, including damage assessment, documentation, submission, follow-up, and dispute resolution with loss adjusters and underwriters to maximize recovery and minimize financial impact.
* Risk Assessment & Mitigation: Collaborate with Asset Management, Operations, and HSE teams to identify vulnerabilities (e.g., theft-prone locations, aging components, weather-related exposures, cyber threats) and recommend preventive measures and CAPEX initiatives that can help reduce insurance costs over time.
* Premium Analysis & Cost Control: Monitor premium trends across Velto’s portfolio, analyze cost drivers (loss ratios, claims history, risk profile, market conditions), and propose strategies to minimize increases through improved risk profiles, loss prevention programs, and competitive tendering of insurers.
* Compliance & Documentation: Ensure all insurance-related activities comply with regulatory requirements (including English law where applicable), lender requirements (project finance covenants), and internal policies; maintain accurate records for audits and renewals.
* Stakeholder Coordination: Act as the central point of contact and liaison between Velto, insurance brokers, underwriters, loss adjusters, legal counsel, and external risk consultants across multiple markets (Spain, France, UK).
* Reporting & KPIs: Provide regular reports to senior management on: claims status, recovery amounts, outstanding reserves; insurance costs vs. budget and premium evolution; risk exposure metrics (e.g., Total Cost of Exposure – TCOE); bond issuance and outstanding guarantees; renewal forecasts and market intelligence; and recommendations for continuous improvement.
Competencies
* Deep and broad knowledge of property, casualty, financial lines (D&O, W&I, crime), cyber, marine, construction (CAR/EAR), and business interruption insurance products for renewable energy assets (solar PV, wind, BESS).
* Experience with insurance bonds and guarantees (bid, performance, advance payment, warranty) in the context of renewable energy project development and construction.
* Understanding of M&A insurance (W&I), including structuring coverage in transactions, supporting due diligence, and managing policy negotiations.
* Demonstrated ability to negotiate policy terms, conditions, and premiums with brokers and underwriters to achieve optimal coverage at competitive costs.
* Strong claims management experience, including the ability to lead complex, high-value claims from notification through to final settlement and recovery.
* Good understanding of risk assessment methodologies and loss prevention measures for operating renewable energy plants.
* Financial acumen with experience in budgeting for insurance costs, analyzing loss ratios, calculating the financial impact of deductibles, limits, and retentions, and managing total cost of risk (TCOR).
* Experience operating across multiple insurance markets (Spain, France, London Market) and familiarity with English law and London Market practices (e.g., Lloyd’s, company market).
* Strong communication and collaboration skills with cross-functional teams (technical, legal, financial, M&A) to align on risk priorities.
* Analytical and problem‑solving abilities, capable of identifying trends and proposing practical solutions to reduce total cost of risk.
* Proficiency in English and Spanish (written and spoken); French is a plus.
Education and Experience
* Bachelor’s degree in engineering, Business Administration, Economics, Finance, Law, or a related field.
* Professional insurance certification (e.g., CII – Certificate in Insurance, ARM – associate in risk management, or local equivalent) is highly desirable; ACII or progress toward it is a plus.
* 3+ years of progressive experience in insurance management, risk management, or claims handling, preferably within the renewable energy, power generation, or industrial sectors, and with exposure to multiple jurisdictions (at least Spain and an English-law market such as UK).
* Proven track record in managing comprehensive insurance programs for a portfolio of operating assets, including policy negotiation, claims recovery, bond management, and broker relationship management.
* Direct experience with renewable energy technologies (solar PV and wind) and an understanding of the project lifecycle (development, construction, operation) and associated risks (equipment failure, theft, weather events, grid interruptions, supply chain delays).
Equal Opportunity Employer
Velto Renewables is an equal opportunity employer. We welcome applications from all qualified candidates regardless of race, colour, religion, sex, gender identity, sexual orientation, national origin, disability, or veteran status.
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