VP Investments and Credit Underwriting Risk Oversight

RenaissanceRe is a leading writer of Property & Casualty Reinsurance. For over 25 years, we have helped customers and communities recover and build resilience through our industry-leading ability to understand risk, source efficient capital and rapidly pay claims.Our global team shares a passion for solving our customers’ biggest problems through a collaborative and entrepreneurial culture that empowers employees and rewards creative thinking.

About RenaissanceRe

For over three decades, RenaissanceRe has helped its clients manage the risks of operating in a volatile and uncertain world. We’re experts in Property, Casualty, Specialty, and Credit reinsurance, consistently recognized for the innovative way we combine data, experience and technology to understand and manage large and complex risks across the world. We are also a business with a real social purpose - we help protect communities around the globe and enable prosperity for all. Our purpose drives us forward every day as we seek solutions to some of the world's most complicated challenges. To learn more, please visit us at Careers - RenaissanceRe (renre.com).

About Investments and Credit Underwriting

Our investment team manages RenaissanceRe’s ~$30 billion investment portfolio, allocating our assets, either directly or through investment managers, to deliver alpha against our strategic benchmark. We invest in a diverse range of assets from treasuries and corporate bonds to equities and private credit to provide capital and liquidity for underwriting risk and paying claims. Our investment portfolio is one of RenaissanceRe’s “Three Drivers of Profit”, along with underwriting income and fees, providing $1.2 billion in net investment income in 2023 to benefit our shareholders and joint venture partners.  RenaissanceRe has grown significantly over the past few years, both organically and through strategic acquisitions. 

Our industry-leading global credit portfolio is a core part of RenaissanceRe’s business, representing ~10% of gross written premium.  It consists of three pillars of business: Credit, Bond, and Political Risk (CBPR), Mortgage Credit, and Structured Credit.  Our team includes actuaries, attorneys, cash investors, chartered financial analysts, investment bankers, software developers, and (re)insurance and claims experts.  Our diversity of experience and collaborative culture enable us to create innovative, market-leading solutions tailored to our clients’ needs.

About the Risk team

The Risk team supports the evaluation of all types of risk across the organization including Assumed, Business Environment and Operational risks. We support and enhance RenaissanceRe’s superior risk culture underlying our operating model the Integrated System. Our Risk and Underwriting / Investment teams work collaboratively through the Integrated System to identify, assess, measure, mitigate and report on enterprise-wide risks. It is this integrated approach that makes RenaissanceRe so different, and which enables our development and implementation of robust risk management strategies protect our company, our employees, and our stakeholders.

Risk management oversight of Investments and Credit Underwriting is part of the second line of defence, responsible for providing oversight of processes, systems and tools, as well as support to the first line in identifying, managing, and monitoring risks.  The Risk team are a key partner and trusted advisor to our business stakeholders, enabling growth through appropriately managed risk. 

About the Position

This new role will be responsible for supporting the Chief Risk Officer- Europe (who reports directly to the Group Chief Risk Officer) in providing independent risk oversight of our Investments and Credit Underwriting activities. The ideal candidate will have a collaborative approach that balances differing views of stakeholders within a challenging and diverse business environment. You will also act as a trusted advisor providing support to the leadership and management teams on all matters relating to investment and credit underwriting risk management with a view to ensuring that business decisions and actions are consistent with our strategic benchmark, risk guidelines and limits.

The role suits either an investments portfolio manager wishing to pivot to second line risk management or a financial risk management professional with extensive experience at a banking institution, investment management firm or asset-intensive (re)insurer.

The successful candidate will work closely with the Investments, Credit Underwriting, Risk and Portfolio teams to facilitate robust and accurate risk oversight over investment risks which includes liquidity, market, counterparty, valuation, concentration, thematic and macro risks. Additionally, they will have accountability for reviewing and implementing models and frameworks which include sensitivities, stress testing, VaR and attribution. Additionally, the successful candidate is expected to understand the commercial and financial rationale of a transaction, its structure and decisions.

The VP role is based either in the midtown New York office and will be expected to travel primarily to Bermuda and Dublin, with select travel to other RenaissanceRe offices with a credit footprint (Dublin, London, and Zurich).

Key Relationships

• Reports to: SVP, Chief Risk Officer – Europe      

• Key Stakeholders & Partners:  Group Chief Risk Officer and functional teams, especially Chief Investments Officer, Chief Underwriting Officer- Casualty & Specialty; in addition to the wider Risk teams

Key Responsibilities

Lead and/or engage with risk management, key stakeholders and other leaders within the organization to execute on the following key responsibilities:

• Provide independent risk oversight for investments and credit underwriting activities,

• Identify and synthesize trends in global financial markets, regulatory & rating agency changes and their impacts on our investment portfolio and lead their implementation.

• Guide the implementation of risk measurement methodologies.

• Develop group-level reports and presentations in relation to financial risk exposures to provide impactful insights and recommendations to aid management decision-making.

• Identify exposures and proactively work across the relevant business units and the organization to structure and present value-add solutions for the organization.

• Communicate RenaissanceRe’s investment risk and credit underwriting risk approach effectively to both management and the board.

• Promote and strengthen the risk management culture through active use, development, and continuous improvement of proprietary and other risk modelling, data analysis, and reporting tools

• Mentor, train, and develop junior talent

Candidate Qualifications:

• At least 7+ years of relevant experience in investment management, credit markets, credit insurance or structured credit; experience with a life (re)insurer, banking institution, or investment fund preferred.

• Broad knowledge of credit underwriting processes, including an understanding of client/intermediary relationships is helpful.

• Strong quantitative capability, understanding risk measures and monitoring approaches.

• In-depth understanding of the financial markets, structured products, regulatory and rating agency requirements, and the impact on the business.

• Technical acumen to navigate complex risk systems to support investments and portfolio management functions; modelling and programming (e.g. SQL, Python, Power BI) - helpful but not required

• Intellectual curiosity, love for data, and drive for continuous development

• Excellent interpersonal, presentation, written, and verbal communications skills with ability to communicate professionally at all levels of the organization

• Undergraduate degree or equivalent expected; Actuarial qualification, MBA, CFA, or similar post-graduate qualification preferred.

Leadership Competencies & Values:

• Impact: Sets objectives, delivers results, and implements policies/operational targets with direct impact on the department or individual work outcomes

• Execution: Proactively identifies resources, actions and timelines needed to achieve objectives, effectively balancing tactical pressures with broader implications and downstream impact

• Communication: Shares relevant information in a timely manner with stakeholders and conveys points of view in a way that influences opinions and demonstrates flexibility

• Client and solutions focus:  Identifies process and service opportunities that enhance the external and internal client experience and outcomes

• Innovation: Stretches self and others to think differently and innovatively, drawing upon multiple sources for ideas and inspiration

• Learning mindset:  Seeks out and explores new assignments, exposure, or challenges in order to enhance technical skills

• Values: Exemplifies and champions RenaissanceRe’s core values of Focus, Respect, Integrity, Precision, Passion

We believe that meeting these requirements will position you for success in the role. However, if you fulfil most – but not all – of the expectations, we still encourage you to apply, as we are eager to explore your potential and believe in the ability to grow and learn.

At RenaissanceRe, we believe in creating a workplace culture that fosters diversity, equity, and inclusion throughout our business. We have a zero-tolerance policy for harassment and discrimination and take proactive steps to make employees feel valued and empowered to contribute to our collective success.

It is RenaissanceRe’s policy to ensure equal employment opportunity without discrimination or harassment based on race, color, religion, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity or expression, age, disability, national origin, marital or domestic/ civil partnership status, genetic information, citizenship status, uniformed service member or veteran status, or any other characteristic protected by law.

The full-time base salary range for this position is $210,000 - $240,000 per year; base salary offered may vary based on job-related knowledge, skills, and experience. The position is eligible for bonus and a comprehensive benefits package.  This information is provided per the New York City Human Rights Law and applies only to positions in New York City.

Our people are our most valuable resource and core to our success. This is a fast-paced business environment, demanding a strong work ethic and a results-oriented approach. We offer competitive compensation and benefits, a comprehensive talent development program, and a reward system in which employees share in the success of the company. We are an engaged member of the communities in which we live and work and have a locally-led giving philosophy with generous employee matching program, global and local community grants and employee volunteerism.We seek diversity, create equity, and practice inclusion. Our people are at the heart of everything we do. We are an equal opportunity employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, national origin, sex, sexual orientation, gender identity, marital status, pregnancy, disability, military status or other legally protected categories.