Vice President, Corporate Development
Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. 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. here for more information about Fortitude Re.
The Vice President, Corporate Development is a visionary business leader who will manage the new business deal execution across the various channels while collaborating effectively with internal and external stakeholders
- Manage the new business deal process by working closely with internal stakeholders and coordinate to ensure process flow: CFO (Actuarial and Tax), Capital Management, Inforce Management, and Strategy
- Establish and maintain relationships with bankers, for block auctions, and secondarily to assist in the sourcing of new business opportunities
- Evaluate target companies for financial, operational and strategic fit and the impact of the potential transaction on business strategy.
- Understand existing portfolios, risks and portfolio gaps, changes in the industry and impact.
- Maintain M&A governance /playbook/deal pipeline appropriate for Fortitude Re
- 10+ years of experience in the insurance M&A and with demonstrated success in deal sourcing for insurance M&A transactions
- 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, P&C products and actuarial modeling platforms a plus.
- Organized, reliable, detail-oriented, and motivated to support teams in delivering timely results and quality work products.
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.
- Job Function VP
- Pay Type Salary
- Jersey City, NJ, USA