Stonehaven - Director of Credit & Collateral Risk

Overview

This role is responsible for independent credit review of every counterparty relied on by a third-party hybrid fronting carrier (Stonehaven Specialty Insurance Company). The position reports to the Chief Risk Officer and works closely with Finance, Legal, the Director of Ceded Reinsurance, and program teams. Approval of counterparties is performed independently of the teams that negotiate with them.

Responsibilities

• Maintain the Third-Party Credit Risk Policy for the Chief Risk Officer, including:
  • Credit standards by counterparty type
  • Reinsurer credit tiers
  • Concentration limits
  • Exception process
• Conduct independent due diligence and credit approval for reinsurers, captives, MGAs, TPAs, banks, premium finance companies, and surplus lines brokers before engagement, including reinsurers that arrive attached to a program.
• Independently verify all collateral by confirming letters of credit directly with issuing banks and trust assets directly with trustees, without relying solely on counterparty-supplied documents.
• Size collateral for each collateralized reinsurer and captive; compare required vs. posted collateral monthly; issue and escalate top-up demands when collateral falls short.
• Monitor the credit quality of letter-of-credit issuing banks and ensure each letter of credit comes from an eligible institution.
• Enforce hard concentration limits per reinsurer, reinsurer group, collateral provider, and bank, and in aggregate across all programs.
• Build and maintain:
  • Counterparty credit risk register
  • Collateral register
  • Aggregate credit exposure dashboard (with Finance and Technology)
• Run ongoing monitoring, including:
  • Rating alerts
  • Financial statements obtained from independent sources
  • Recoverable aging
  • MGA premium trust accounts
  • TPA loss funds
• Manage the Watch List, including placement triggers, required actions, exit plans, and Board notification.
• Design and run credit stress scenarios used in ORSA, including:
  • Reinsurer default
  • Simultaneous downgrades
  • Letter-of-credit bank failure
  • MGA or TPA insolvency
• Present counterparty, collateral, and concentration status to the Reinsurance Security and Risk & Capital Committees; support Finance on Schedule F, RBC credit risk, and Form F disclosures.
• Review material contracts with Legal through a credit lens, including offset rights, collateral triggers, security interests, and termination for financial cause.

Requirements

Must Haves

• 10+ years in credit risk, reinsurance security, or counterparty risk at an insurer, reinsurer, rating agency, or financial institution.
• Either an actuarial or accounting background.
• Hands-on experience with collateral structures, including letters of credit and reinsurance trust accounts.
• Strong financial statement analysis across insurers and non-insurance counterparties.
• Working knowledge of statutory credit for reinsurance, Schedule F, and RBC credit risk charges.

Nice to Haves

• Prior experience on a reinsurance security committee or at a fronting or program carrier.
• Experience evaluating captives, ILS vehicles, or other collateralized reinsurance capacity.
• Professional designation such as CFA, FRM, PRM, or CPCU.
• Experience building risk registers, dashboards, or credit monitoring tools.

Compensation & Benefits

• Base salary range: $200,000–450,000.
• Employees in this position are eligible to participate in an equity incentive program.

Benefits (US)

• Full remote flexibility and asynchronous work culture.
• Unlimited PTO and fully paid sick leave.
• Comprehensive health benefits (medical, dental, vision), plus HSA and FSA options.
• Additional financial protection and retirement benefits, including a 401(k), company-paid life insurance, and disability coverage.

Location

• Full remote role.

Work Authorization

For candidates applying from the U.S.: This position is open only to candidates who are authorized to work in the United States without the need for current or future employer-sponsored work authorization. Sponsorship is not available.

Application Notes

• Artificial Intelligence (AI) may be used as part of the job application process to assist in evaluating applications; hiring decisions are made by human recruiters.
• If you need a reasonable accommodation or alternative review process because of a disability or other legally protected basis, request an accommodation through the hiring process. Requesting an accommodation will not negatively affect your application.