Head of Reinsurance Risk
The Investment Portfolio
The Wells Fargo Investment Portfolio (IP) was created in 2016 to bring all of the firm’s investment activities under one investment officer, the Head of IP. The combined portfolio holds approximately $400BN in investments primarily in MBS, Corporate Bonds, Municipal and Government Securities, Structured Products, Renewable Energy equity investments. The Head of IP also manages Wells Fargo’s reinsurance business. The IP is based in San Francisco, with additional offices in Charlotte and Las Vegas.
WF Re’s primarily business activities include:
- Surplus Relief reinsurance for pools of term and universal life insurance policies
- Guaranteed Lifetime Withdrawal Benefit (GLWB) rider reinsurance for pools of Variable and Fixed Index Annuities
WF Re is based in Charlotte, North Carolina.
The IP Risk Group provides first-line-of-defense oversight for all aspects of IP risk management including Credit, Market, Liquidity, Ops, Regulatory Compliance, and Reinsurance risk. The IP Risk team is subdivided into five units:
- Credit Risk
- Market Risk
- Reinsurance Risk
- Operational Risk
- Compliance Risk
IP Reinsurance Risk
The Reinsurance Risk team is comprised of 4 members, the Head of Reinsurance Risk, and junior three members with actuarial and quantitative expertise.
The team’s responsibilities include:
- Identify, measure and monitor all risk associated with WF Re activities including insurance risks (mortality, longevity, policy holder behavior) as well as market, counterparty, model, operational, compliance, legal entity liquidity/capital, and accounting risk
- Work with the business to design risk metrics including targeted stress tests, tail risk estimates and counterparty risk exposures
- Establish and enforce risk appetite and management limits through collaboration with the designated risk governance bodies, the line of business, Enterprise Risk, and Corporate Market Risk
- Perform due diligence on new reinsurance transactions, restructured transactions and new products
- Stay abreast of developments in the insurance industry including regulatory and accounting changes
- Interface with internal stakeholders including the Line of Business, Market Risk, Enterprise Risk, Corp Credit, Audit, Compliance, Op Risk, Corporate Model Risk, Finance, and Accounting Policy
- Interface with external stakeholders including insurance and banking regulators and auditors
Team members support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.
- 8+ years of capital markets and securities experience
- 3+ years of leadership experience
Other Desired Qualifications
- Five years of experience in the insurance or reinsurance industry
- A highly quantitative background with a sophisticated knowledge of financial engineering and risk modeling
- A solid understanding of insurance products, accounting, regulation and industry trends
- Experienced in market risk, stress testing, counterparty risk and model risk
- Excellent written and spoken communication skills
- Experience with the control infrastructure and governance framework at a major financial institution
- The disposition to work collaboratively as a member of the Investment Portfolio team and more broadly as a member of Wells Fargo’s risk community
All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.
Relevant military experience is considered for veterans and transitioning service men and women.
Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.
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