New risk management head at Penn State

Pennsylvania State University has appointed William Raab as its new director of risk management and chief risk officer. Raab, an alumnus of the university, replaces Jennifer Santiago, who left in July 2021. Raab started earlier this month, on April 4.

In his role, Raab is responsible for the University’s and Penn State Health’s insurance claims management programs and the institutional Enterprise Risk Management program. He is also president of its captive insurance program, the Nittany Insurance Company and leads the Enterprise Risk Management Council.

He joins from Utica National Insurance Group, where he was assistant vice president and director of risk management. There, he led the effort to implement new risk management software and collaborated with other executives to recommend risk management strategy, planning and technology innovations. He also developed a process to capture risk management data, oversaw corporate compliance for its risk management function, and monitored emerging risks.

He has previously served as director of risk management and insurance at the University of Baltimore; director of client risk solutions at Glatfelter Insurance Group in York; director of risk management services for Berkley Mid-Atlantic Group in Harrisburg; and loss control manager at Merchants Insurance Group in Buffalo, New York.

Sara Thorndike, senior vice president for finance and business and treasurer, welcomed him. “We are gratified to be able to benefit from Bill’s wide range of experience and leadership in the insurance and risk management field, and we look forward to his efforts to advance Penn State’s risk management programs,” she said.

“I am honoured to be Penn State’s chief risk officer, and I am humbled by the opportunity to return to my alma mater and lead the risk management function,” said Raab. “I look forward to serving the Penn State community and working with my colleagues to advance the mission and vision of the University.”