Head of Mortgage Investments

CLFIS Limited; London; Hybrid; GBP 80,000 - 120,000; Full time

Job summary

A leading reinsurance firm seeks a Head of Mortgage Investments to manage a significant mortgage portfolio and develop new investment strategies. The role demands extensive expertise in residential mortgages, along with strong quantitative and problem-solving abilities. The ideal candidate will navigate complex investment landscapes and drive substantial asset growth across global markets.

Benefits

Competitive salary

Generous pension scheme

Bonus scheme

Private medical insurance

Life assurance

Qualifications

• Significant experience in mortgage and ABS investing.
• Excellent knowledge of mortgage products and securitisation techniques.
• Strong organizational and problem-solving skills.

Responsibilities

• Oversee mortgage investment portfolio and drive value through securitization.
• Develop origination strategy and manage mortgage assets operationally.
• Support new business pricing for asset intensive transactions.

Skills

Quantitative analysis

Problem Solving

Investment management

Communication

Risk management

Education

CFA qualified

Bachelor’s degree in Finance

Job description

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Canada Life Reinsurance (“CL Re”) is a division of Great-West Lifeco Inc. (“Lifeco”) and a leading provider of client focused reinsurance solutions in the United States, Europe, and the APAC region. CL Re offers a range of innovative risk and capital management solutions covering investment, mortality, longevity, lapse risk and asset intensive reinsurance. The Asset Intensive Reinsurance business is a key priority for growth and has already transacted a number of significant asset intensive transactions in the UK and Japan over the last few years.

The CL Re Investment Office is part of Lifeco Global Investment’s and is responsible for all the investment activities of the reinsurance division with current assets under management of C$15bn. We have ambitious plans to grow assets in the coming years which will require additional investment capabilities and solutions. The role will be a key part of the Asset Intensive Reinsurance business to help implement and manage investment strategies for new asset intensive reinsurance transactions. This may require significant coordination with stakeholders across Finance, Actuarial, Risk, Reinsurance Collateral Operations, as well as internal and external investment managers.

The Role:

With a background in residential mortgages and ABS investment this role will take ownership of all mortgage investing activity. With a current portfolio of circa C$675m in whole loans including Lifetime / Equity Release mortgages the Head of Mortgage Investments will oversee this portfolio and look to drive more value potentially via the use of securitisation and/or structuring to utilise whole loans as collateral in reinsurance transactions.

The Head of Mortgage Investments will look to add new origination partners for residential mortgage investment globally. This will include due diligence, operational management, oversight of valuations, and implementing new origination agreements with residential mortgage originators (including lifetime) on a global basis to facilitate whole Loan investment.

CL Re operates under the Canadian LICAT capital regime and the Head of Mortgage Investments will become the team expert on residential mortgages, ABS and securitisation strategy under LICAT and develop how we should build out this key asset class to drive competitive pricing in asset intensive reinsurance transactions.

As part of Lifeco Global Investments there will be an opportunity to leverage existing mortgage expertise and coordinate investment across the Canadian, US, European and UK balance sheets.

As part of a tight knit team the role holder will have the opportunity to gain exposure to a broad range of investments across the Reinsurance balance sheets and will also be involved in other aspects of the team’s activities including risk management, performance analysis, reporting, and the continuous build-out of the investment operating infrastructure. The environment is fast paced, flexible, and will allow the individual to gain exposure to all aspects of the investment process.

The role can be hybrid working although the ideal candidate is likely to be London based.

What you'll do:

• Support new business pricing with input on mortgage and ABS related pricing assumptions for Asset Intensive transactions.
• Work closely with originators and investment partners to source new residential mortgage opportunities. #
• Design and structure an origination strategy that is capital efficient under LICAT and can enable pledging of loans as reinsurance collateral.
• Help negotiate investment guidelines and treaty terms with clients to deliver the flexibility necessary to manage mortgage assets in asset intensive reinsurance transactions.
• Be responsible for transaction implementation and portfolio monitoring including all operational aspects of managing mortgage assets.
• Develop reporting frameworks, performance monitoring, and processes for all mortgage related investments.
• Be the first-line risk manager for all CL Re mortgage related investments.
• Support the Asset Intensive team to deliver significant asset growth in the global annuity and life reinsurance markets in the next 3 to 5 years.

What you'll bring to the role:

• Significant experience gained within a life reinsurer, PRT insurer, investment manager or investment bank ideally focused on mortgage and ABS investing for (re)insurance balance sheets.
• Experience of collateralised reinsurance, working with different investment solutions and investment managers strongly desired.
• Excellent knowledge of mortgage products, risks, bridging loans, origination agreements, loan servicers, and securitisation techniques.
• Knowledge of the US mortgage market is beneficial.
• Knowledge of the UK Equity Release Mortgage market also desired.
• Quantitative approach to investment analysis and happy to help support development of our ALM and hedging strategy.
• Highly numerate with strong organisational and problem-solving skills
• CFA qualified and/or bachelor’s degree in Finance or a relevant Quantitative field with significant relevant work experience.
• Communication and Influencing
• Problem Solving and Decision Making
• Planning and Organising
• Team Working and Cross Functional Collaboration
• Operational Excellence & Process Improvement

Benefits of working at Canada Life

We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.

How we work at Canada Life

Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.

We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That’s why we offer a range of training, flexible working and opportunities to grow and develop.

Diversity and inclusion

Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we’re making in DEI, and we continue for it to be a significant focus.

“At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.” Nick Harding, Chief People Officer, Canada Life UK

We appreciate that everyone has different work and life responsibilities. We’re happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.