Associate, Corporate Development

Jersey City, NJ, USA Req #254
Tuesday, June 14, 2022

Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. In 2016, AIG created a “Legacy” portfolio as a separate non-core segment representing insurance reserves associated with discontinued lines of commercial Property & Casualty and Life & Annuity insurance businesses. The following year, AIG formed a Bermuda-domiciled composite reinsurer, now Fortitude Re, to house the Legacy portfolio in a separate, distinct, well-capitalized balance sheet with a dedicated management team. In 2018, the company entered into a series of L&A and P&C reinsurance transactions with AIG and received an initial capitalization of ~$3 BN. The transactions represented ~$37 BN of reserves supported by ~$40 BN of invested assets. During this time, AIG also entered into a long-term partnership with The Carlyle Group, with Carlyle acquiring 19.9 % ownership. Then in 2019, The Carlyle Group and T&D announced acquisition of majority interest in Fortitude Re from AIG. This allowed for a new long-term shareholder base for the company while maintaining a strong capital position for supporting reinsurance obligations. In September 2021, Fortitude Re entered into a definitive agreement with Prudential to acquire Prudential Annuities Life Assurance Corporation (PALAC) which primarily consists of non-New York traditional variable annuities with living benefits that were issued prior to 2011 with approximately $31BN account value. The PALAC transaction demonstrates Fortitude Re’s expertise in delivering comprehensive and value enhancing solutions for leading insurers that enhance capital efficiency and address strategic priorities. Click here for more information about Fortitude Re.

The Position

 

Location:                                  Jersey City, NJ

Travel:                                      0% to 25%

Experience:                              3+ years of experience in an M&A or strategy role, with a preference (not requirement) for background in life and annuity (re)insurance

 

 

Role and Responsibilities

  • Assist management of the new business deal process by working closely with internal stakeholders and coordinate across functions to ensure process flow: Finance, Tax, Legal, Inforce Management, and Operations.
  • Maintain M&A governance /playbook/deal pipeline appropriate for Fortitude Re
  • Manage day-to-day diligence processes
  • Develop effective presentation materials for communication with our leadership team and investors
  • Maintain transaction pipeline reports for stakeholders
  • Assist in evaluating target companies for financial, operational and strategic fit and the impact of the potential transaction on business strategy.
  • Maintain relationships with bankers, for block auctions, and secondarily to assist in the sourcing of new business opportunities
  • Understand existing portfolios, risks and portfolio gaps, changes in the industry and impact.

 

The Person

 

Candidate Profile

 

The Corporate Development, Associate will actively assist in the management of M&A and reinsurance deal execution across the various channels while collaborating effectively with internal and external stakeholders. An energetic individual who demonstrates intellectual curiosity, a “can-do” attitude, and takes pride in the work product within a fast-paced environment will excel in this role.

 

Education

 

An undergraduate degree in economics, finance, or other quantitative fields

 

Experience

  • 3+ years of experience in an M&A or strategy role, with a preference (not requirement) for background in life/annuity insurance
  • Strong communication and interpersonal skills with the ability to work effectively with various stakeholders, including senior management, internal functional partners, and external advisors
  • A broad background in Business / Finance, and experience in (Re)insurance/ ALM/ Investment and Capital Strategy a plus
  • Experience working with technical subject matter experts (in areas of (Re)insurance Pricing/Finance/ Actuarial/ Investments) and ability to quickly source, understand and synthesize information; knowledge of Life, Annuity products and actuarial modeling platforms a plus
  • Organized, reliable, detail-oriented, and motivated to support teams in delivering timely results and high quality work product
It has been and will continue to be the policy of Fortitude Group Holdings, LLC, its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability, or any other legally protected categories. 
                                                                                                                                                 
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.

Other details

  • Job Family PA - Planning & Acquisitions
  • Job Function Associate/Sr Associate
  • Pay Type Salary
Location on Google Maps
  • Jersey City, NJ, USA