Stonehaven - Director of Credit & Collateral Risk

Description

At Ledgebrook, we’re building a next-generation insurance infrastructure — fast, smart, and scalable — and are looking for a Director of Credit & Collateral Risk to protect the balance sheet of Stonehaven Specialty Insurance Company, Ledgebrook’s new third-party hybrid fronting carrier.

This role reports to the Chief Risk Officer and provides independent credit review of every counterparty Stonehaven relies on. It works closely with Finance, Legal, the Director of Ceded Reinsurance, and the program teams, and approves counterparties independently of the people who negotiate with them.

About the Role

Stonehaven is seeking a Director of Credit & Collateral Risk to independently approve, monitor, and secure every counterparty on its balance sheet, from reinsurers and captives to MGAs, TPAs, and banks. The successful candidate will be a seasoned credit risk professional with hands-on command of letters of credit, reinsurance trusts, and collateral sizing, a track record of enforcing concentration limits and running watch-list governance, and the independence and judgment to decline a counterparty regardless of the program attached to it.

What You'll Do:

• Maintain the Third-Party Credit Risk Policy for the Chief Risk Officer, including credit standards by counterparty type, reinsurer credit tiers, concentration limits, and the exception process.
• Perform independent due diligence and credit approval for reinsurers, captives, MGAs, TPAs, banks, premium finance companies, and surplus lines brokers before Stonehaven engages them, including reinsurers that arrive attached to a program.
• Independently verify all collateral, confirming letters of credit directly with issuing banks and trust assets directly with trustees, never relying on counterparty-supplied documents alone.
• Size collateral for each collateralized reinsurer and captive, compare required and posted collateral monthly, and issue and escalate top-up demands when collateral falls short.
• Monitor the credit quality of letter-of-credit issuing banks and ensure every letter of credit comes from an eligible institution.
• Enforce hard concentration limits per reinsurer, reinsurer group, collateral provider, and bank, and in aggregate across all programs.
• Build and maintain the counterparty credit risk register, the collateral register, and the aggregate credit exposure dashboard with Finance and Technology.
• Run ongoing monitoring of rating alerts, financial statements obtained from independent sources, recoverable aging, MGA premium trust accounts, and TPA loss funds.
• Manage the Watch List, including placement triggers, required actions, exit plans, and Board notification.
• Design and run the credit stress scenarios used in ORSA, including reinsurer default, simultaneous downgrades, letter-of-credit bank failure, and MGA or TPA insolvency.
• Present counterparty, collateral, and concentration status to the Reinsurance Security and Risk & Capital Committees, and support Finance on Schedule F, RBC credit risk, and Form F disclosures.
• Review material contracts with Legal through a credit lens, including offset rights, collateral triggers, security interests, and termination for financial cause.

About you

We love working with people who are eager to learn constantly and genuinely excited about the chaotic, rewarding process of building a company from the ground up.

You’ll be a great fit if you bring:

• A Strong Moral Compass: You believe in doing the right thing, period. We have a strict zero-tolerance policy for toxic behaviors.
• Customer-First Empathy: You are passionate about delivering an exceptional experience to everyone you work with, both inside and outside the company.
• Intellectual Curiosity: You naturally question the status quo and love finding innovative ways to solve problems.
• A Growth Mindset: You possess a hunger for continuous learning and want to constantly expand your skillset.
• Urgency & Prioritization: You can pivot quickly and balance the need to get things right with the speed of getting them done right now.
• A Solution-Oriented Outlook: When things go wrong, you don't look for blame—you immediately focus on how to fix it.
• Transparent Communication: You value honesty, clarity, and open feedback.
• Team-First Energy: You want to win together as a high-performing team and actively build connections across our remote locations.

Requirements

Must Haves:

• 10+ years in credit risk, reinsurance security, or counterparty risk at an insurer, reinsurer, rating agency, or financial institution.
• Either an actuarial or accounting background
• Hands-on experience with collateral structures, including letters of credit and reinsurance trust accounts.
• Strong financial statement analysis across insurers and non-insurance counterparties.
• Working knowledge of statutory credit for reinsurance, Schedule F, and RBC credit risk charges.

Nice to Haves:

• Prior experience on a reinsurance security committee or at a fronting or program carrier.
• Experience evaluating captives, ILS vehicles, or other collateralized reinsurance capacity.
• Professional designation such as CFA, FRM, PRM, or CPCU.
• Experience building risk registers, dashboards, or credit monitoring tools.

Benefits

US Benefits

• Full remote flexibility and asynchronous work culture.
• Unlimited PTO and fully paid sick leave.
• Comprehensive health benefits, including medical, dental, and vision coverage, plus HSA and FSA options.
• Additional financial protection and retirement benefits, including a 401(k), company-paid life insurance, and disability coverage.

Compensation

Compensation:

• The base salary range for this position is $200,000-450,000 This is a good-faith compensation range based on what Ledgebrook reasonably expects to pay for this position at the time of this posting. Actual compensation may vary based on a variety of relevant factors including but not limited to experience, qualifications and geographic location.
• Employees in this position are eligible to participate in Ledgebrook’s equity incentive program.

For Candidates Applying From The U.S.:

Please note: This position is open only to candidates who are authorized to work in the United States without the need for current or future employer-sponsored work authorization. We are unable to offer sponsorship at this time.

Ledgebrook may use Artificial Intelligence (“AI”) as part of the job application process, including to assist us in evaluating your application. AI is used as a support tool, and hiring decisions are made by human recruiters. By submitting your information, you acknowledge that the company may use AI tools as part of our evaluation. If you need a reasonable accommodation or alternative review process because of a disability or other legally protected basis, contact . Requesting an accommodation will not negatively affect your application.

Originally posted on Himalayas