We're looking for a skilled Reinsurance Credit Underwriter Director in Bermuda to lead and contribute to the growth of its new credit insurance and reinsurance business. The Credit Underwriter Director will be responsible for the full transaction cycle, including sourcing, analyzing and underwriting submissions, pricing and structuring deals, negotiating optimal terms, and liaising with the operations team to ensure transactions are onboarded, accounted for, and monitored appropriately. Additional responsibilities include portfolio management and surveillance, rating agency and regulatory compliance, and business development. Success in this role requires a combination of strong technical analytical skills, effective communication, negotiation abilities, and a deep understanding of both the credit (re)insurance market and applicable regulatory landscapes.
LOCATION
Bermuda
JOB TYPE
Full-time, Hybrid Schedule
YOUR RESPONSIBILITIES
Underwriting
Conduct due diligence, underwrite, structure and price credit risk (re)insurance transactions.
Negotiate terms and conditions to optimize deal structures and pricing, balancing risk, and return.
Develop business cases and materials to support underwriting decisions and prepare executive level presentations to guide business strategy decisioning and reporting.
Contribute to the development and implementation of underwriting policies and procedures, ensuring alignment with the company’s risk tolerance and compliance with regulatory requirements.
Portfolio Management
Conduct in-depth portfolio analysis to identify trends, assess risk concentrations both within the portfolio and across the company, and monitor portfolio performance.
Develop strategies to optimize portfolio composition and enhance profitability.
Foster effective communication and collaboration across departments to ensure seamless integration of underwriting activities within the broader organizational framework.
Support ERM in developing capital allocation methodologies and conducting stress tests and scenario analysis.
In conjunction with the Operations team, implement effective portfolio monitoring and reporting processes to ensure timely and accurate insights.
Assist in the preparation of comprehensive reports on credit risk exposures and contribute to periodic risk reporting.
Sourcing & Business Development
Identify and evaluate strategic partners; negotiate terms of engagement.
Identify new business opportunities and develop expansion strategies.
Represent the company at industry events and network with potential clients and partners.
Prepare client and internal management presentations as well as general marketing material.
Rating Agency and Regulatory Compliance
Monitor and evaluate market trends and rating agency and regulatory changes, explain any developments to internal and external stakeholders, and adapt underwriting strategies to respond to such changes.
Work with regulators and rating agencies to address any concerns and comply with periodic reporting requirements and information requests.
Continuous Improvement
Assist in the creation and implementation of continuous improvement initiatives, including tools/ methods for ongoing surveillance/ monitoring/ accounting of existing business.
Drive innovation in underwriting practices, leveraging technology and data analytics to improve efficiency and accuracy.
YOUR QUALIFICATIONS
Bachelor’s degree
7+ years of experience in credit risk (re)insurance underwriting, banking, or investments.
In-depth knowledge of credit risk analysis, portfolio management, insurance/ reinsurance/ capital markets, and deal structuring.
Understanding of applicable regulatory frameworks and insurance policy language.
Knowledge of economic and industry trends impacting credit risk (re)insurance.
Experience with risk-based pricing models and capital allocation.
Strong analytical and critical thinking skills, with the ability to assess complex financial structures and identify potential risks.
Excellent communication and interpersonal skills, including the ability to clearly articulate complex concepts to diverse audiences.
PREFERRED QUALIFICATIONS
Advanced business degree or CFA designation.
Established market relationships with credit (re)insurance brokers and banks.
Prior experience at a commercial bank, investment bank, credit fund, or asset manager.
Knowledge of data analysis tools, (e.g., SQL, and statistical software).
Experience working with international clients and cross-border transactions.
COMPANY
Enact Re is a Bermuda licensed Class 3A insurer with over $700 million in assets. Enact Re, rated A- (Excellent) by both AM Best and S&P, is focused on assuming risk in the areas of US and international mortgage credit, housing, and other targeted credit areas.
Enact Re is a subsidiary of Enact (Nasdaq: ACT), which operates principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation, a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Enact is headquartered in Raleigh, North Carolina.
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