Chief Underwriting Officer, General Insurance
2d ago

Functional Area : RE - Reinsurance Estimated Travel Percentage (%) : Up to 50% Relocation Provided : Yes Fortitude Group Services, Inc Chief Underwriting Officer, General Insurance (Bermuda-

based position) Your Role Based in Hamilton, Bermuda, Fortitude Re is a reinsurer majority-owned by AIG and active in acquiring both General Insurance and Life insurance portfolios.

Fortitude Re’s Chief Underwriting Officer, General Insurance will develop and drive underwriting strategies in support of the company’s profitability objectives, globally acquiring back books of general insurance liabilities via reinsurance, share purchase, or insurance business transfer.

Reporting to the Head of Property & Casualty Deals, the Chief Underwriting Officer, General Insurance develops, implements, and maintains underwriting standards in accordance with the company’s risk appetite and operational capabilities.

Day-to-day tasks involve screening potential transactions, evaluating and pricing viable opportunities in cooperation with actuarial, investment, and capital modeling teams, and communicating the merits of deals under consideration to senior management.

  • Your Responsibilities To establish and ensure adherence to company’s risk appetite standards and guidelines for maintaining pricing adequacy of portfolio acquisitions, and within those guidelines actively defining underwriting strategies and recommending business plans that will generate continued profitable business growth in current and future markets To convey to company stakeholders a clear understanding of the company’s underwriting methodology and risks it assumes;
  • to impart among company staff a robust knowledge base of relevant underwriting matters affecting them, with a view to the development and maintenance of a comprehensive underwriting manual or guide that presents the company’s underwriting appetite, standards, policies, and requirements Supporting risk and audit functions in developing and maintaining underwriting audit processes and controls to verify compliance with underwriting authorities, established guidelines, standards, and procedures To liaise with Finance, Capital Modeling, Actuarial, Risk, Legal, Claims Administration, and Operations regarding deal development, deal structuring, deal pricing, and operational demands of deal onboarding and portfolio management;
  • to liaise with auditors regarding corporate compliance and underwriting requirements To produce strategic, operational, and budget planning, and to perform periodic written evaluations of direct reports and staff, including development plans, corrective action plans, and disciplinary action when required What We Are Looking For Leadership At least 15 years of insurance leadership experience, including oversight over multiple products and geographies as well as staff management experience with strategic orientation At least 10-

  • 15 years of insurance underwriting or insurance broking experience, with in-depth knowledge of casualty and professional lines United States, United Kingdom, and Continental Europe Proven history of business development;
  • demonstrated ability to develop market relationships leading to business growth History of cultivating strong personal and professional relationships with industry clients and brokers Proven ability to retain high-

  • talent and entrepreneurial-minded staff Ability to develop company talent for succession and contingency planning Ability to become conversant with multiple areas of the company and across multiple geographies;
  • to establish strong relationships with relevant stakeholders and engender shared understanding of the company’s business model in the applicable particularities of its overall parameters and goals Demonstrated ability to work and achieve goals within narrow timeframes and subject to resource constraints Technical Skills & Experience Retroactive reinsurance underwriting background with advanced knowledge of long-

  • tail casualty lines; at least 10 years of experience underwriting business within underwriting authority through that include consideration of loss mitigation through strict adherence to policy forms, active claims handling, and monetization of reinsurance assets Incisive understanding of own and potential cedent’s regulatory environments, especially Solvency II (Europe), Solvency II equivalence (Bermuda), and NAIC Professionalism Fortitude Re’s Deal Team is sparsely staffed;
  • consequently, its members are expected to thrive in working independently, to respond swiftly to impromptu business opportunities, and to meet short-

    term deadlines Excellent verbal and written communication skills, together with the ability to work well in a small team environment, are a necessity for all personnel above the most junior level.

    It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer.

    We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.

    At AIG, 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.

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