Managing Director, Assumed Reinsurance
The opportunity is to join a collaborative team whose focus is on the art of profitable reinsurance underwriting within an organization that is poised for success. Reporting to Donna McDermott, Head of Assumed Reinsurance, the Managing Director will be responsible for the development, consensus execution, and management of complex treaty reinsurance transactions in support of the business strategy from an IAT Office location (preferred). For the right candidate, working remote is a possibility.
As a large portion of the business is multi-line quota share, this executive must be diverse in their background and experience. Communication skills are critical in the sharing of this value proposition with reinsurance brokers and trading partners. This role is expected to help further define how IAT Re can build upon its value proposition and is an ideal entry point for a leader who is interested in building a long and rewarding career with the IAT organization.
- Lead and own the underwriting and account management process for all produced accounts, working closely with all applicable disciplines (actuarial, claims, accounting, legal)
- Perform ongoing account management functions, including monitoring of performance relative to expectations, conduct audits, review special acceptances
- Present (and defend) deals in roundtable discussions with all disciplines. Actively participate and constructively challenge the presentation of other deals in roundtable discussions.
- Provide input to ongoing development and refinement of metrics utilized to evaluate and measure the deployment of capital to deals and portfolio.
Marketing and Relationship
- Pro-actively manage reinsurance broker and (potential) trading partner relationships to solicit/develop assumed treaty opportunities
- Continually evaluate and execute the value proposition
- Demonstrate an attitude of innovation and opportunism, always looking for the “loose brick in the wall”
- Seek opportunities to cross-sell and promote other IAT products and distribution
- Report on results of own portfolio on expected versus actual basis, monthly.
- Participate in frequent Executive level communications meetings
- Provide support for and assist in the development of other staff, including training and technical support.
The candidate will have a minimum of fifteen years of multi-line commercial reinsurance underwriting experience. US market experience is required and international reinsurance experience is considered an added advantage but not required. Experience in other industry roles including primary insurance underwriting and insurance/reinsurance broking will also be advantageous. This candidate must have reinsurance underwriting experience concentrated in liability lines and property lines experience will be considered a plus. An undergraduate degree is required and any professional certifications or graduate degrees/studies will also be considered.
The ideal candidate will embrace the challenge of developing, building, and sharing in the underwriting results of a book of business with a “clean sheet” perspective. This is the mindset of the underwriters each and every day. Technical Acumen: The Managing Director will be part of a team of highly specialized treaty underwriters. First and foremost, he/she will be an underwriter at their core. A sharp, rigorous thinker who creates a logical connection for others between execution realities and strategy. However, strong technical capabilities cannot be blinded by the ability to adapt to new technologies and market conditions. Accordingly, the Managing Director needs to be facile with all aspects of treaty underwriting: treaty structures, contractual wording, loss selection methodologies, natural catastrophe modeling, ceding entity financial analysis, lead and document all aspects of the due diligence process, ongoing account oversight, and management, underwriting audits. Having the ability to balance the technical with the strategy is critical to assess how best to position IAT Re for the future. He/she must be a student of reinsurance in understanding how to effectively and efficiently handle all levels of the reinsurance transaction from origination through run-off. Managerial Leadership: Managing Director must be a highly collaborative team player within a small, non-hierarchical and entrepreneurial team. He/she must be a “roll-up your sleeves” non-political player who by virtue of their background and experiences provides immediate credibility within the reinsurance group and external constituents. He/She will be naturally collaborative and whose words, tone and actions will set the bar for others to follow. This individual will have a reputation for engaging through listening and be a superb negotiator. Finally, the Managing Director's leadership skills will be defined by their passion for “art of the deal” as both competitive advantages for IAT Re and as a function that is a key contributor to the success and profitability of the group. Balanced Business Building: The Managing Director will look at the function of reinsurance as if managing a business. This will require being highly attentive to all operational and financial details of the transactions being managed. He/She must have a deep understanding of all aspects of reinsurance and an entrepreneurial mindset with the ability to reinsure appropriate risks at the right price. Equally important will be the ability to walk away. He/She will understand the importance of a strong value proposition when engaging with brokers and trading partners and will utilize their strong relationships and reputation to attract new brokers, trading partners, and talent to IAT.
We are proud to be an EEO/AA employer M/F/D/V. We maintain a drug-free workplace and participate in E-Verify.
To be formally considered one must apply online through the IAT Career Site.
Applicants should monitor their email for status updates and or requests.
Steve Morley | Senior Recruiter
Connect | www.linkedin.com/in/stevemorley916
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