VP, Head of Ceded Reinsurance

Job Description:

Providing for loved ones, planning rewarding retirements, saving enough for whatever lies ahead – our policyholders count on us to be there when it matters most. It’s a big ask, but it’s one that we have the power to deliver when we work together. We collaborate and innovate – pushing one another to transform not just Pacific Life, but the entire industry for the better. Why? Because it’s the right thing to do. Pacific Life is more than a job, it’s a career with purpose. It’s a career where you have the support, balance, and resources to make a positive impact on the future – including your own.

We’re actively seeking a talented VP Ceded Reinsurance to join our team in Newport Beach, CA or Omaha NE. This role is on-site.

Responsible for leading enterprise ceded reinsurance function.  The Enterprise Ceded Reinsurance Program consists of 300B+ of Ceded NAR and annual premiums of $1B. This area owns the execution, implementation, and management of reinsurance transactions including negotiations on price and treaty provisions to support PL’s risk appetite limits and support business strategy, administration, reinsurance systems and financial reporting.  This position reports directly to the Enterprise Chief Actuary.

How you’ll help move us forward:

• Ownership of Reinsurance strategy and governance, and accountability of the ceded risk appetite for both the inforce blocks and new business, including build out of capabilities using new data analytics to support the strategy and risk limits;
• Responsible for owning and developing key strategic relationships with reinsurer company and brokers.  This includes coordinating PL’s representation at reinsurer industry events
• Own new business YRT reinsurance pool process which includes coordinating bidding, treaty negotiation and executing phases.
• Monitor and coordinate reinsurance activity with product management, underwriting, claims management, capital management, valuation and legal teams.
• Provide operational support for implementing new ceded reinsurance treaties and management of in-force treaties for our Traditional Life and Annuity markets, Workforce Benefits, as well as our capital management team’s in-force reinsurance and settlements related to our Captive programs, Modco and Financial Reinsurance arrangements
• Responsible for managing reinsurance risk that includes reinsurance counterparty credit risk and retention risk
• Responsible for implementation and maintenance of reinsurance programs in administrative, pricing, and underwriting systems. This includes the development of forward-looking key performance indicators and ensuring compliance with inforce treaty terms
• Oversight of the reinsurance quarter end close process;
• Oversight of reinsurance treaties and contracts. This includes oversight of drafting of the treaties and terms, with legal as a secondary reviewer and contributor.  Serve as the officer signature for the Reinsurance team.
• Responsible for staying abreast and communication to senior leadership on emerging regulatory risks that may impact the Enterprise Ceded Reinsurance Program
• Maintain in-depth knowledge of the reinsurance marketplace, including capabilities offered by various reinsurers and how different reinsurance solutions can be used to mitigate risk and otherwise support company objectives and goals
• Lead the strategy for the negotiation of terms with reinsurers that are actuarial or financial in nature, key business terms and collaboration with Legal, Product, Underwriting and Compliance
• Managing the support of the Underwriting process liaison roles, including large case support, Mutli-life program including concentration of risk, capacity and governance of the reinsurance support of the Underwriting process
• Directly lead and provide strategic direction to a team of 10-15 Actuarial, Accounting and Operations professionals managing the insurance risk program. Oversee strong culture of development, empowerment and transparency focusing on removing key person dependencies in highly specialized positions
• Serve as a member of the Enterprise Actuarial senior leadership team
• Coordinate transformation. Role responsible for ensuring value-based decision making in prioritizing transformational work, building business cases to support spend that aligns with transformation strategy and goal
• Develop, prepare and present regular divisional and Enterprise Risk Committee reinsurance and insurance risk update reports, assist with rating agency and audit requests and all other special projects assigned
• Serve as member of Insurance Risk Committee

The experience you will bring:

• Advanced finance or actuarial designation (Fellow of the Society of Actuaries, CPA, CFA, or MBA)
• 10-15 years of responsible finance o