Stonehaven - Director of Credit & Collateral Risk

Ledgebrook

1d • $200,000 - $450,000 • Remote

About The Position

Stonehaven is seeking a Director of Credit & Collateral Risk to independently approve, monitor, and secure every counterparty on its balance sheet, from reinsurers and captives to MGAs, TPAs, and banks. The successful candidate will be a seasoned credit risk professional with hands-on command of letters of credit, reinsurance trusts, and collateral sizing, a track record of enforcing concentration limits and running watch-list governance, and the independence and judgment to decline a counterparty regardless of the program attached to it.

Requirements

• 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.

Responsibilities

• Maintain the Third-Party Credit Risk Policy for the Chief Risk Officer, including credit standards by counterparty type, reinsurer credit tiers, concentration limits, and the exception process.
• Perform independent due diligence and credit approval for reinsurers, captives, MGAs, TPAs, banks, premium finance companies, and surplus lines brokers before Stonehaven engages them, including reinsurers that arrive attached to a program.
• Independently verify all collateral, confirming letters of credit directly with issuing banks and trust assets directly with trustees, never relying on counterparty-supplied documents alone.
• Size collateral for each collateralized reinsurer and captive, compare required and posted collateral monthly, and issue and escalate top-up demands when collateral falls short.
• Monitor the credit quality of letter-of-credit issuing banks and ensure every 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 the counterparty credit risk register, the collateral register, and the aggregate credit exposure dashboard with Finance and Technology.
• Run ongoing monitoring of rating alerts, financial statements obtained from independent sources, recoverable aging, MGA premium trust accounts, and TPA loss funds.
• Manage the Watch List, including placement triggers, required actions, exit plans, and Board notification.
• Design and run the credit stress scenarios used in ORSA, including reinsurer default, simultaneous downgrades, letter-of-credit bank failure, and MGA or TPA insolvency.
• Present counterparty, collateral, and concentration status to the Reinsurance Security and Risk & Capital Committees, and 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.

Benefits

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

What This Job Offers

• Job Type: Full-time
• Career Level: Director
• Education Level: No Education Listed