Insurance Manager - Velto Renewables
14 days ago
Vigo
Insurance Manager Velto Renewables (Velto), a subsidiary of La Caisse (Caisse de Dépôt et Placement de Québec), is looking for an Insurance Manager to join its team in Madrid, Spain, and work closely with the Head of Asset Management. Velto Renewables is a renewable energy independent power producer with a long-term asset ownership strategy. Established in 2020 and backed by the global investment group La Caisse, Velto is committed to contributing to the decarbonization of the global economy and the European energy transition by investing in and developing an international and multi-technology portfolio of renewable energy projects. Velto owns and operates more than 130 solar photovoltaic projects in Spain and France, with a total installed capacity exceeding 607 MW. These assets generate over 936 GWh of clean energy annually, enough to power more than 266,000 homes, while avoiding over 77,000 tons of CO₂ emissions each year. Additionally, Velto provides asset management services for La Caisse’s 25% investment in the London Array, one of the world’s largest offshore wind farms. Located 20 km off the coast of Kent, this 630 MW project produces over 2,300 GWh annually, preventing 287,500 tons of CO₂ emissions each year. The Insurance Manager is a specialist responsible for leading the company's global insurance program across all its assets, subsidiaries, and corporate activities. He/she will manage the end-to-end insurance lifecycle, including policy origination and renewal, risk transfer, claims management, bonding, and M&A-related insurance (W&I, etc.). He/she will work closely with Asset Management, Development, Legal, Finance, and M&A teams to ensure that Velto's operating assets, projects under construction, corporate liabilities, and transaction risks are adequately insured. He/she will also serve as the key liaison with insurance brokers, underwriters, loss adjusters, and legal counsel across multiple jurisdictions (Spain, France, UK), helping Velto optimize coverage, control costs, and maximize recovery. Responsibilities • Global Insurance Program Management: Lead the design, placement, and ongoing management of Velto's global insurance portfolio, including property, casualty, third party liability, D&O (Directors & Officers), cyber, marine, construction (CAR/EAR), business interruption, machinery breakdown, theft, and umbrella/excess liability policies., • Insurance Bonds & Guarantees: Manage the issuance and renewal of insurance bonds (e.g., bid bonds, performance bonds, advance payment bonds, warranty bonds) required for project development, construction contracts, and O&M agreements., • M&A Insurance (W&I): In coordination with the Legal and M&A teams, structure and manage Warranty & Indemnity (W&I) insurance for acquisitions and divestitures, including due diligence support, negotiation of 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 of losses 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 of policies, endorsements, claims, bonds, and correspondence for audits and annual 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, and potentially others)., • Reporting & KPIs: Provide regular reports to senior management on:, • Claims status, recovery amounts, and outstanding reserves, • Insurance costs vs. budget and premium evolution by asset, • Risk exposure metrics (e.g., Total Cost of Exposure – TCOE), • Bond issuance and outstanding guarantees, • Renewal forecasts and market intelligence, • Recommendations for continuous improvement Competencies • Deep and broad knowledge of property, casualty (including third party liability), financial lines (D&O, W&I, crime), cyber, marine, construction (CAR/EAR), and business interruption insurance products, particularly those relevant to 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 how to structure coverage in transactions, support due diligence, and manage 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 in the context of 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 (e.g., 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 the ability to work cross-functionally with technical, legal, financial, and M&A teams 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 towards 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 (e.g., equipment failure, theft, weather events, grid interruptions, supply chain delays).
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