Director of Credit & Collateral Risk

This is a fully remote position, open to applicants in United States.

📋 Description

• Oversee the Third-Party Credit Risk Policy, which encompasses credit standards, reinsurer credit tiers, concentration limits, and the exception process.

• Conduct independent due diligence and credit approvals for reinsurers, captives, MGAs, TPAs, banks, premium finance companies, and surplus lines brokers.

• Verify letters of credit with issuing banks and trust assets with trustees independently.

• Assess collateral size, compare required and posted collateral on a monthly basis, and issue or escalate top-up demands as needed.

• Track the credit quality of issuing banks for letters of credit and ensure their eligibility.

• Implement concentration limits across reinsurers, collateral providers, banks, and programs.

• Develop and maintain registers and dashboards for counterparty credit risk, collateral, and aggregate credit exposure.

• Monitor rating alerts, independently sourced financial statements, recoverable aging, MGA premium trust accounts, and TPA loss funds.

• Manage the Watch List, including triggers, necessary actions, exit strategies, and notifications to the Board.

• Create and execute credit stress scenarios for ORSA.

• Present counterparty, collateral, and concentration status to committees, and assist Finance with Schedule F, RBC credit risk, and Form F disclosures.

• Review significant contracts with Legal for offset rights, collateral triggers, security interests, and termination for financial reasons.

• Report directly to the Chief Risk Officer and work collaboratively with Finance, Legal, Reinsurance, and program teams.

⛳️ Requirements

• A minimum of 10 years of experience in credit risk, reinsurance security, or counterparty risk within an insurer, reinsurer, rating agency, or financial institution.

• Background in either actuarial science or accounting.

• Practical experience with collateral structures, including letters of credit and reinsurance trust accounts.

• Strong skills in financial statement analysis for both insurers and non-insurance counterparties.

• Familiarity with statutory credit for reinsurance, Schedule F, and RBC credit risk charges.

• Previous involvement with a reinsurance security committee or at a fronting or program carrier is a plus.

• Experience in evaluating captives, ILS vehicles, or other types of collateralized reinsurance capacity is preferred.

• Professional designations such as CFA, FRM, PRM, or CPCU are advantageous.

• Experience in building risk registers, dashboards, or credit monitoring tools is a plus.

• Must possess authorization to work in the United States without current or future employer-sponsored work authorization.

🏝️ Benefits

• Full remote flexibility and an asynchronous work culture.

• Unlimited paid time off (PTO) and fully paid sick leave.

• Comprehensive health benefits, including medical, dental, and vision coverage, as well as HSA and FSA options.

• 401(k) plan.

• Life insurance fully covered by the company.

• Disability coverage included.

• Participation in an equity incentive program.