Director of Ceded Reinsurance

Summary

Join Openly, a rapidly growing insurance company, as the Director of Ceded Reinsurance. You will lead day-to-day ceded reinsurance operations, develop improved buying strategies, and contribute to enhanced spend efficiency and risk capital protection. This role involves collaborating with internal and external stakeholders, understanding Openly's unique approach to product, risk, and capital management, and reporting to the Head of Reinsurance & Capital Management. You will own the reinsurance placement process, develop and execute strategies to enhance buying, maintain and evolve capacity development strategies, and manage relationships with carriers and co-broking teams. The position requires strong analytical skills, proven leadership experience, and a deep understanding of reinsurance principles. Openly offers a competitive salary and benefits package, including a remote-first culture and various perks.

Requirements

• Candidates are required to be analytical, highly effective communicators, and display thoughtful business judgement
• The candidate will also have a proven track record of employing analysis to influence senior-level decision-making
• The candidate should be a self-starter with a strong work ethic who is highly results-oriented, inquisitive, and enjoys problem solving with minimal structure
• 12+ years of relevant work experience is required
• Relevant work experience includes, but is not limited to reinsurance underwriting, reinsurance broking, Cat modeling, ceded reinsurance operations, captive management, program management, capital management, etc
• Proven leadership skills (including direct management of a team) and the ability and willingness to coach, develop, and mentor others is required
• Bachelor's degree in finance, economics, and/or math are highly preferred, or other degree with relevant work experience is required
• Frequent travel (US domestic travel & International travel to London, Bermuda, Cayman, Germany, etc.) is required
• Strong grasp of statistical analysis is required
• Familiarity with Cat modeling outputs (Verisk Touchstone & RMS RiskLink) and vendor model parameter risk is required
• Advanced Microsoft Excel skills are essential, with prior programming experience a plus (R, Python, etc.)
• Excels in a fast-paced, demanding environment; able to manage multiple tasks and juggle several time-sensitive demands, while adapting to changing priorities
• Able to create and deliver effective presentations to executive leadership with wide-ranging backgrounds

Responsibilities

• Ownership of the reinsurance placement process from submission generation to proposal of signed lines
• Develop and execute opportunities to enhance current and future state buying strategies
• Maintain and evolve reinsurance capacity development strategies
• Maintain and build upon our traditional reinsurance and ILS capacity provider relationships
• Monitor an evolving rating agency and regulatory environment for any potential revisions needed to reinsurance and capital protection strategies
• Ensure we are accurately forecasting and managing to an efficient reinsurance budget
• Become a key relationship lead between Openly and our carrier partners
• Manage day-to-day relationships with our co-broking teams
• Build and leverage strong relationships with internal stakeholders (Openly business unit leaders) to accurately represent these teams to external stakeholders (reinsurers, ILS asset allocators, etc.)
• Support the work of various departments such as Insurance Product Product Management, Insurance Product Research, Financial Planning & Analysis, Accounting & Reporting, and others
• Drive as-needed financial modeling, providing clear financial insights that help management gauge trade-offs and implications of different strategic reinsurance alternatives
• Be a thought leader and partner to the CFO and Head of Reinsurance & Capital Management as the organization expands, spearheading projects as they arise

Preferred Qualifications

• Experience with unauthorized and/or unrated reinsurance requirements is highly desirable
• Experience at or related to fronting carriers is highly desirable
• Experience with AM Best & Risk Based Capital requirements highly desirable

Benefits

• Remote-First Culture - We supported #remotelife long before it was a given. We'll keep promoting it
• Competitive Salary & Equity
• Comprehensive Medical, Dental, and Vision Plan Offerings
• Life and disability coverage including voluntary options
• Competitive PTO - 20 days and 11 paid holidays (including floating holidays) per year under the Company’s vacation and holiday policies
• Parental Leave - up to 8 weeks (320 hours) of paid parental leave based on meeting eligibility requirements
• (Birthing parents may be eligible for additional leave through STD)
• 401K Company Contribution - Openly contributes 3% of the employee's gross income, even if the employee does not contribute
• Work-from-home stipend - We provide a $1,500 allowance to spend on setting up your home workplace
• Annual Professional Development Fund: Each employee has $2,000 in professional development (PD) funds to spend on activities or resources annually
• Be Well Program - Employees receive $50 per month to use towards your overall well-being
• Paid Volunteer Service Hours
• Referral Program and Reward
• Depending on position, Employees generally are eligible for cash incentive compensation, including commissions for sales eligible roles