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Aon · 8 hours ago

Head of Market Security and Analysis

Chicago, IL

Full-time

Hybrid

Director/Executive

$200K/yr - $250K/yr

10+ years exp

Aon is a global professional services firm that helps clients make better decisions to protect and enrich lives. The Head of Market Security and Analysis will lead a team focused on assessing and monitoring insurance and reinsurance carriers, mitigating credit risk, and assisting clients with informed decision-making regarding their counterparties.

ConsultingProfessional ServicesRisk Management

Responsibilities

Assess and monitor insurance and reinsurance carriers (or “markets”) with a goal of identifying those markets that appear to be “well-managed” and “financially sound

Mitigate Aon client credit risk through the use of Market Security Briefs and market restrictions

Assist Aon business units in their control and use of markets, helping to ensure that Aon colleagues are consistently proposing only “viable” markets to clients

Help Aon clients make more informed decisions about their counterparties through Fact Sheets, Profile reports, News and other services

Help ensure that intermediaries (Agencies, MGUs, Wholesalers) have the authority to write business on behalf of designated carriers and have provided the vital documentation according to business unit and Market Security requirements

Assist Aon business units in their compliance with legal / regulatory requirements with respect to counterparties, including the management and control of Terms of Business Agreements (TOBAs) for the UK and Belgium as well as conducting OFAC screening (for sanctions) of (affiliate) NFP and all Aon approved markets

Perform additional in-depth analysis of counterparties as requested by clients

Take a lead role in analyzing the most sophisticated insurance and reinsurance groups and recommending treatments that prevent or minimize risk to Aon and Aon clients, while balancing Aon business needs

Lead the Market Security and Analysis (MS&A) team in delivering “Best in Class” services with respect to information needs on their insurance and reinsurance counterparties

Build and maintain relationships with key reinsurance partners globally

Identify and monitor trends of the industry and / or market segments

Engage with numerous Reinsurance and some Commercial Risk clients in their due diligence of counterparties

Provide updates to client senior management teams on developments in the insurance and reinsurance markets

Maintain key services for Aon reinsurance clients (including Market and Group Profiles, MarketReView, MarketPreView, Automated Ratings Notification Service, Market News)

Assist Aon Reinsurance clients with their Market Security practices

Assessment of counterparties (assist clients in their due diligence of counterparties)

Collateralized reinsurers and the associated key risks

U.S. collateral requirements and its impact on reinsurance reporting

Manage Market Security budget

Continue to review and prioritize team responsibilities and see opportunities for efficiency

Develop and enhance consistent approaches to analyzing insurance and reinsurance companies

Take the lead in resolving how AI capabilities (such as Aon Chat GBT) can be used to make the team more effective and efficient

Continue to develop MARS system and related practices to more efficiently complete team objectives

Continue to modernize and update the tools and methods to analyze insurers and reinsurers worldwide

Assume a central role in managing sensitive security issues with key reinsurance partners that are also clients

Perform “Senior Manager” responsibilities in accordance with UK regulations and guidelines

Qualification

Insurance analysisReinsurance expertiseFinancial analysisLeadership skillsU.S. Statutory accountingGAAPIFRS accountingMarket Security practicesCapital markets expertiseAnalytical thinkingTeaching complex conceptsEfficiency improvementPresentation skillsRelationship buildingTeam management

Required

Proven experience in the insurance industry analyzing property and casualty (and /or Life and Health companies) insurance and reinsurance companies

Ability to independently analyze sophisticated insurer and reinsurer groups, identify key vulnerabilities and summarize the analysis for senior management and / or Market Security committees

Ability to teach complex financial concepts to Market Security staff and other collaborators

Solid understanding of U.S. Statutory accounting, U.S. and international GAAP accounting and IFRS accounting (including IFRS 17)

At least 10-years experience with reinsurance

Proven ability to understand the impact of reinsurance on balance sheets and income statements for all types of reinsurance transactions including: Loss Portfolio Transfers (LPTs), Adverse Development Covers (ADCs), Intercompany Pooling, Quota Share (QS), Structured QS, Funds Transferred and Funds Held QS

Knowledge of financial instruments used in the capital structure of insurers and reinsurers globally; including debt, equity, surplus notes, trust preferred securities and other hybrid debt / equity instruments

Complete understanding of the AM Best and S&P rating process for property and casualty insurers and reinsurers

A strong pattern of leadership and the ability to proactively and successfully interact with various partners, both within and outside of the organization

Excellent presentation skills (including experience making presentations to senior leadership and clients) with ability to synthesize content from multiple sources

Ability to identify, implement and guide efficiencies to existing systems, practices and controls

Bachelor of Science Degree in Risk Management, Finance, Accounting, Mathematics or equivalent

Some travel will be required

Preferred

Previous experience analyzing insurance and reinsurance companies at a rating agency including AM Best, S&P, Fitch, and / or Moody's or an equity analyst analyzing global insurance and reinsurance companies

Excellent modeling skills and thorough familiarity with spreadsheet-based financial models

Prior experience with rating agency and regulatory capital models and economic capital models

Knowledge of insurance regulation in leading insurer and reinsurer domiciles (including the U.S. UK. EU, Switzerland, Bermuda, Canada, Japan or other major markets)

Capital markets expertise, e.g. assisting insurers and reinsurer in raising capital or debt

Master's degree in finance and / or CFA, CPA and/or related industry designations such as CPCU, ARe are a plus