Senior Associate II, Investments

Enstar Group•New York, NY

3d•$152,000 - $180,000•Remote

About The Position

Investments Senior Associate will support and work together with regional CIO, Investments and the Investments team to: 1) Monitor the existing investment portfolios to ensure that portfolio allocation is in line with strategic and tactical allocation preferences while operating within the constraints of a regulated insurance company, 2) Construct optimal investment portfolios and return streams as an input to the M&A pricing process, 3) Generate new strategic and tactical ideas for implementation in the portfolio, 4) Diligence new asset managers and monitor existing asset managers, 5) Provide reporting for local and group Board of Directors, investment committees, rating agencies and regulators.

Requirements

5-10 years of experience in insurance company asset management.
Thorough understanding of investment management, strategic asset allocation, tactical asset allocation and capital markets, preferably within the context of insurance asset management.
Good understanding of the portfolio construction process required in order to make asset allocation decisions.
Extensive experience working with external asset managers (or internal portfolio managers) in development of benchmarks, asset allocation, and efficient frontiers.
Bachelor’s degree required
Applicable experience and understanding of core fixed income asset classes as well as non-core asset classes, including public equity, private equity, real estate, hedge funds, infrastructure, CLO equity, high yield, bank loans, emerging market debt, and other investments.
Understanding of capital markets and insurance company portfolio management.
Excellent quantitative skills required for the portfolio construction and risk measurement processes.
Strong verbal and written communication skills are required for presentations to senior management and external stakeholders.
Ability to prioritize commitments and time management is a significant requirement, given the nature of our operations.
Ability to use Excel and PowerPoint is critical, given the requirement to develop investment analytics and proposals.
Strong collaborator with other functional areas and executive management to ensure consistency and efficiency of approach.

Nice To Haves

Master’s degree preferred.
Chartered Financial Analyst (CFA) qualification is preferred
Knowledge of Bermuda BSCR capital regime is preferred.
Knowledge of Python, PowerBI, SQL, and/or other programming languages is preferred.

Responsibilities

Partner with regional CIO and the Investments team regarding Portfolio Construction for M&A Targets – The M&A team will provide the regional teams with a liability cash flow stream and set of regulatory and cedant-imposed constraints. Utilize the information to partner to provide the M&A team with analysis for internal deal from review of the existing target acquisition portfolio, suggested portfolio repositioning, and portfolio yields. Senior Associates are expected to have the ability to review and challenge M&A portfolio construction with insightful inputs.
Develop and maintain strategic asset allocation for existing portfolios by evaluating various inputs including existing holdings, relative value between asset classes, cash flow forecast from Treasury, dividend forecast from Capital Planning, liability profile from Actuarial, and capital market inputs.
Partner with regional CIO monitoring actuals vs. budget throughout the year and providing attribution by asset class. Work with FP&A to develop projections using existing holdings, maturities, projected purchases, and sales, budgeted dividends, claim payments, and commutations.
Actively evaluate current market conditions and develop investment recommendations. Develop proposal with inputs from members of the Bermuda region portfolio management team. Collaborate with Tax, Accounting, Legal, Actuarial, Capital Management, Treasury, and other groups on new investment strategies. Consider portfolio overlay strategies that complement the existing investment strategies in place. Recommend new ideas that will increase returns and / or reduce volatility.
Play a key part in managing initial and ongoing relationships with core fixed income and specialty asset external managers, including public equity, private equity, real estate, bank loans, high yield, and other asset classes. Participate in performing diligence on new managers being considered.
Help establish benchmarks and review manager performance vs. benchmarks, providing attribution. Provide ongoing quantitative and qualitative assessment of managers.
Prepare quarterly investment performance presentations for Regional Investment Committee and/or Board of Directors. On a tri-quarterly basis, provide monthly investment performance updates. This includes providing market commentary and portfolio attribution.
Monitor compliance with internal and external portfolio constraints.
Work with regional portfolio management team to ensure excess investable cash balance is minimized. Ensure that quarterly dividends are funded through interest income and liquidation of assets. Communicate with Treasury and help to fund any cash needs by corresponding with asset managers. Maintain log of call capital calls and distributions for the region, as well as asset sales made for Treasury / Enterprise needs.
Provide regular written updates on interest rate, credit, and equity markets and macroeconomic news. Ascertain how these updates will affect the portfolios.
Responsible for drafts of monthly portfolio performance estimate, quarterly investment update presentations, monthly liquidity reporting, and underlying research / due diligence for investment memos.
Possess specialized depth and/or breadth of expertise in a particular Investment field, such as fixed income, asset manager evaluation, portfolio optimization, use of derivatives, or another area of focus. Expert in data manipulation and aggregation via monitoring of relevant investment analytics.
Project management responsibilities on several projects. May present sections of investment updates to subsidiary boards and local investment committees.
Present research at senior investment morning calls. Work in close co-ordination with regional portfolio management team to provide analytical and quantitative solutions.

Benefits

Medical, Dental, and Vision healthcare for single and family coverage.
Board-certified doctors and pediatricians are available virtually 24/7 for urgent care.
Access to Health Savings Account (HSA) or Flexible Spending Account (FSA).
Access to Dependent Care FSA to cover daycare expenses.
Access to Employee Assistance Programs (EAP) for health and well-being.
Optional Pet & Home/Auto Insurance.
Wellness Reimbursement program (up to $600 annual reimbursement for wellness-related expenses, i.e., gym memberships, massage, etc.).
401K retirement plan (company matches up to 6% of employee contribution).
One paid annual volunteer day.
Learning and development initiatives and resources.
Professional Qualifications and Study Support.
Training, Conferences & Seminars.
Digital Learning Hub (LinkedIn Learning).