Job description
Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders. Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry. Click here for more information about Fortitude Re.
VP, Credit Risk Management, is a key position reporting directly to the SVP, Credit Risk Officer. The VP is responsible for supporting the development and implementation of a comprehensive credit risk management framework and strategy that aligns with the company’s objectives and risk appetite. This includes assisting in the oversight of credit risks associated with investment portfolios and counterparties, development and validation of quantitative risk management methodologies, and playing a crucial role in identifying, assessing, and mitigating the risks involved. The role will involve close cross-functional collaboration with Investments, Treasury, Actuarial/Pricing, and Legal.
What You Will Do:
Strategy and Governance
• Support the strategic direction for the Credit Risk function, aligning risk management strategies with the company’s objectives.
• Assist in developing and implementing an enterprise-wide credit risk management framework, policies, and procedures, in alignment with the company’s overall risk appetite and financial risk framework.
• Prepare regular reports to management and board risk committees on credit exposures, portfolio performance, and emerging risks.
• Stay abreast of industry trends, emerging risks, and innovations in credit risk management.
• Stay informed on evolving regulations and standards that may impact credit risk.
• Identify opportunities to enhance risk management processes and tools.
• Foster a collaborative, inclusive, and innovative team culture focused on achieving organizational goals and continuous learning.
Credit Risk Management and Oversight
• Assist in the identification, assessment, and management of credit risk within the company’s investment portfolios, and with our derivatives, financing, reinsurance, and other counterparties.
• Partner with the Investments team to review new investment products and strategies, new transactions, and new investment mandates and provide risk oversight.
• Partner with the Investments team to develop and enhance methodologies and perform validation of models utilized to quantify credit risk, including but not limited to expected credit losses, stress testing, economic capital, and credit monitoring and early warning systems.
• Develop, enhance, and implement credit risk limit frameworks designed to manage credit concentration risks within the parameters established by the company’s risk appetite framework and required by external stakeholders.
• Partner with the Investments team to perform regular portfolio surveillance and credit review, implement robust risk assessment methodologies to identify potential vulnerabilities, and develop strategies to mitigate risk exposure.
• Provide credit risk input to assist the Investments team for asset allocation, portfolio construction, and relative value analysis.
• Where applicable, work closely with underwriting and actuarial teams to assess the financial strength of reinsurance counterparties.
Risk Reporting
• Support the development and enhancement of risk models to assess credit risk.
• Utilize analytics to provide insights into risk exposures and support decision-making processes.
• Monitor investment limits and review exceptions and remediation plans.
• Prepare regular reports to management and board risk committees on credit risk exposures, trends, portfolio performance, and emerging risks.
• Assist in credit risk-related regulatory reporting and liaise with regulators as required.
What You Will Have:
• Bachelor’s or Graduate degree in Finance, Economics, Risk Management, or a related field.
• Bachelor’s or Graduate degree in mathematics, statistics or related field preferred
• At least 10 years in financial and credit risk management within insurance, reinsurance, banking, or asset management.
• Experience in development and validation of quantitative financial models preferred, including asset valuation modeling related to fixed income products
• Strong understanding of financial markets, investments and credit underwriting, trading activities, and risk modeling techniques.
• In-depth knowledge of regulatory requirements related to investments risk management.
• Excellent analytical and quantitative skills, and in-depth asset class knowledge around structured products and private credit.
• Knowledge of regulatory requirements related to investment and credit risks.
• Strategic thinker with the ability to translate strategy into actionable plans.
• Strong communication and interpersonal skills, with the ability to effectively engage with senior management, board, and external stakeholders.
• Results-oriented and able to drive initiatives to completion.
• Adaptable and able to thrive in a dynamic and fast-paced environment.
#LI-Remote
The base salary range for this role is listed below and will be commensurate with candidate experience. Pay ranges for candidates may differ based on the cost of labor in that location. In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package.
Base Salary Range
$190,000—$240,000 USD
At Fortitude Re, our strength has always come from our people. Our success is deeply rooted in our ability to embrace the unique attributes, perspectives and experiences of every individual within our company. Fostering a culture of inclusion and belonging where everyone—regardless of background, race, religion, sexual orientation or gender identity—feels valued and respected is a foundation of our culture.
We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law.
To all recruitment agencies: Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees. Fortitude Re is not responsible for any fees related to unsolicited resumes.
Check us out on YouTube: About Fortitude Re (youtube.com)
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