AVP, Reinsurance - Indemnity

If you’re passionate about helping people protect what matters most to them, as well as innovating and simplifying processes and operations to provide the best customer value, then Nationwide’s Property and Casualty team could be the place for you! At Nationwide®, “on your side” goes beyond just words. Our customers are at the center of everything we do and we’re looking for associates who are passionate about delivering extraordinary care.

Please Note: This role is open to working remotely in the United States.

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Job Description Summary

Do you have expert knowledge in reinsurance? Are you an experienced Claims executive? Do you thrive in an environment where you collaborate with leaders across business lines? If so, we want to hear from you!

We are seeking a highly experienced and strategic executive to lead our reinsurance run-off strategy. The ideal candidate will have a deep understanding of reinsurance operations, experience setting claims standards and procedures, reserving, as well as premium and retrocede reinsurance. This leader should have a proven track record in managing run-off portfolios while ensuring regulatory compliance. The role requires a visionary leader who can execute claims functions for domestic and foreign claims functions, multiple lines of business (Property, Casualty, Workers Comp, etc.) and as well as type of business (treaty or facultative) & claims specialty (asbestos, toxic tort, pollution, E&O and D&O, etc.) to ensure favorable settlements on pending reinsurance claims.

Job Description

Key Responsibilities:   

• Responsible for the overall direction of various foreign and domestic reinsurance operations to include: strategic planning, performance objectives, staff management /administration, annual budget development /monitoring, IT requirements, projecting human resource and customer needs.

• Responsible for contact with external customers that involves maintaining, developing and influencing relationships with major ceding companies, reinsurance brokers or key individuals. Insures effective claims, collections, commutation and dispute resolution activities.

• Responsible for the establishment and maintenance of standards, procedures and "Best Practices" for reinsurance claims, collections and commutation strategies.

• Assures that all assumed reinsurance claims are properly processed and reserved on a case basis. Works with corporate and consultant actuaries to assure proper reserve studies supporting "Incurred But Not Reported" (IBNR) estimates.

• Approves disposition of claims in excess of authority granted to staff.

• Provides analysis of major losses, trends, problems, legal/regulatory issues involving reinsurance operations to Corporate Actuaries and leadership. Member of the Enterprise Loss Reserve Working Group in support of "Management Best Estimate" of total Asbestos and Environmental direct and reinsurance reserves.

• Coordinates with Corporate Finance and Risk Management and Reinsurance on Indemnity activities in various state insurance department proceedings involving ceding companies and reinsurers under orders of conservatorship and liquidation. Ensures maximum preservation of Nationwide Group company assets involved.

• Provides counsel to Claims, Finance, Risk Management and eldership on significant reinsurance collection regulatory compliance and claims issues affecting Nationwide.

• Responsible for enterprise-wide center for run-off reinsurance operations. The financials all reside within Indemnity.  

May perform other responsibilities as assigned.   

Reporting Relationships: Reports to VP, NWI Operations. Manages a team of four direct reports in bands E – H and approximately 20 indirect reports. Responsible for the supervision of the operations of a London, United Kingdom based reinsurance third-party administrator, Hampden. Hampden administers four insurance & reinsurance pools on behalf of three Nationwide Group companies handling Casualty claims and reinsurance recoveries on our behalf in the London insurance market. Work involves a dedicated team of 5 FTE's. Hampden TPA services are managed by a team made up of Operations, Finance, and Governance leads from both N