Vice President, P&C Assumed Claims and In-Force Management
Fortitude Re is Bermuda’s largest composite legacy reinsurer, with $40B of assets and $35B of liabilities under management by a team of seasoned insurance and reinsurance professionals and owned by a sophisticated, supportive, and long-term growth oriented investor group. We are well-positioned to capitalize on significant opportunities in the North American and other legacy markets and are looking for an enthusiastic and dedicated SVP, Head of Fortitude P&C Solutions to join as a key member of the senior team to support our plans for ambitious growth in the years ahead.
Reporting to the Chief P&C Reinsurance Officer, this experienced leader will be responsible for overseeing the reinsurance loss experience on, and overall performance of, the 15+ loss portfolio transfer reinsurance agreements between Fortitude Re and its ceding companies (total ~$4.5B of net reserves) as well as future P&C reinsurance portfolios that Fortitude Re closes and onboards in the future.
Activities and Responsibilities:
- Tracking, monitoring, and directing reinsurance claims experience on Fortitude Re’s in-force portfolio;
- Establishing a “playbook” and metrics for oversight, including cedant-reinsurer meeting cadence and agendas and presentation and analysis of claims data;
- Assisting with, and validating the claims aspects of, the applicable reinsurance settlement processes;
- Managing the reinsurance audit process;
- Serving as a primary point of contact for claims matters requiring or allowing for Fortitude Re consultation rights;
- Understanding and exploring the extent of potential losses in Fortitude Re’s P&C reinsurance portfolios in situations in which Fortitude’s third-party P&C claims administrator is not directly handling claims;
- Validating inuring reinsurance recoverables to ensure that Fortitude Re is only reinsuring its cedants’ net exposure (where applicable);
- Monitoring erosion of reinsured policy aggregates;
- Identifying, advancing, and resolving contractual and other claims-related disputes between Fortitude Re and its ceding companies;
- Working collaboratively within Fortitude Re and with its deal counterparties to integrate newly-acquired P&C business; and
- Managing E&O and other claims-related reinsurance issues, in concert with legal and other resources.
- 10 or more years of progressive management experience in P&C claims, preferably with experience with ceded or assumed reinsurance
- JD or insurance industry designation (CPCU, ARM) strongly preferred
- Functional knowledge of the P&C legacy market and legacy/run-off transaction types (including loss portfolio transfers, adverse development covers, insurance business transfers, and commutations and novations)
- Proven ability to analyze reinsured claim trends and identify emerging reinsurance claims issues
- Ability to analyze reinsurance contracts and execute on plans to enforce the reinsurer’s rights, duties and obligations and respects reinsured claims and losses
- Ability to balance a customer-centric focus with the willingness to respectfully challenge Fortitude Re’s ceding companies on reinsurance coverage, claim allocation, inuring reinsurance, and other related issues
- General fluency in P&C actuarial and finance principles, including familiarity with rating agency and regulatory capital models
- Ability to effectively synthesize and communicate observations and insights and convert into actionable plans
- Willingness and ability to confidently, comfortably, and effectively communicate with brokers, counterparties, investors and regulators, on occasion and as appropriate
- Readiness to work collaboratively with a small, experienced group of Fortitude Re leaders in a high-performance, goal-oriented environment
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
- Job Family AC - Actuarial
- Job Function VP
- Pay Type Salary
- Jersey City, NJ, USA