AVP, Claims Counsel, FI

Sompo; New York (NY); On-site; USD 135,000 - 195,000; Full time

Job summary

Sompo is seeking an AVP, Claims Counsel for their Financial Institutions Claims team in New York. This senior role involves overseeing complex claims and providing legal insights for high exposure policies. Ideal candidates will possess a law degree with significant experience in E&O and D&O claims handling, and show a strong capability in making critical decisions within the claims environment. The company promotes a collaborative atmosphere and offers competitive compensation along with various employee benefits.

Benefits

Medical and Pharmacy benefits

Dental and Vision benefits

401(k) Retirement Plan

Paid time off programs

Tuition Reimbursement

Qualifications

• Minimum 10 years' experience in FI E&O and D&O claims handling.
• Experience in both law firm and insurance carrier preferred.
• Direct handling of complex management liability claims.

Responsibilities

• Manage and evaluate US FI claims and make substantive decisions.
• Provide legal support for underwriting and claims processing.
• Contribute to the Global Claims Team and attend industry conferences.

Skills

Negotiating

Analytical skills

Written communication

Organizational skills

Marketing skills

Education

Law degree

Tools

MS Word

Excel

Outlook

Guidewire

Genius

ImageRight

Job description

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Are you looking for your next opportunity?

Sompo has a unique opportunity for a

Are you looking for your next opportunity?

Sompo has a unique opportunity for a AVP Counsel, Financial Institutions in our Financial Institutions Claims team.

This role will manage claims arising from or involving policies issued from Sompo’s US Financial Institutions (“FI”) team. This position handles US FI (D&O, E&O and Fiduciary) high exposure claims and provides legal review and policy drafting support to Underwriting. The successful candidate will be able to provide insight and analysis on complex high profile/high exposure US FI claims.

Location: This position will be based out of any of our Sompo offices in the U.S. We strive for collaboration which is why we offer a work environment where our employees thrive and develop long lasting careers.

Our Business, Your Impact, Our Opportunity

What you’ll be doing:

• Handle US FI claims and related systems and processes
• Evaluate exposures and make substantive claim decisions for US FI claims and as needed on other lines of business
• Proven ability to provide coverage, liability, and damages analysis for complex FI E&O and D&O claims, including involving Private Equity, Hedge Funds, Investment Managers, Lending, and other Non-Standard directors and officers and/or professional liability product offerings. Ability to proactively identify trends and exposures that may affect the FI portfolio
• Ability to adeptly comprehend and analyze sophisticated or complex corporate structures inherent to our Insureds
• Support underwriting with legal review and policy drafting
• Ensure timely and accurate reporting of exposure to underwriting and management.
• Ensure appropriate narrative and arithmetic reports are timely prepared and disseminated
• As part of the Global Claims Team you will be expected to contribute to the success of the team by working closely with your colleagues worldwide on various projects as directed by the management and other members of Executive Team. This may include attending various industry conferences, possibly as a speaker/presenter, publishing on current claim trends and issues and assisting other offices on complex claims.
• You will be asked to communicate with and support underwriting and other functional groups within the organization
• Other duties as required by management
• Some travel as required
  
  

What You’ll Bring

• Law degree required
• Minimum of 10 years’ experience required in FI E&O and D&O claims handling or related litigation with a career history of increasing responsibility
• Preference will be given if experience was at both a law firm and with an insurance carrier
• Strong preference for candidate who has pursued or is in the process of pursuing an insurance related designation e.g. RPLU or CPCU
• Direct handling of complex high profile/high exposure management liability and related claims with an emphasis on evaluating, handling, negotiating and settling complex matters with exposures in excess of $10M.
• Meaningful legal review experience and policy drafting experience
• Demonstrated ability to establish close working relationship with other departments including underwriting & actuarial
• Strong negotiating, analytical, written and organizational skills with relevant mediation experience
• Excellent marketing and communication skills
• Strong computer skills (MS Word, Excel, Outlook and various in-house claims systems –Guidewire, Genius, ImageRight is a plus)
  
  

Salary Range: $135,000 – $195,000 Actual compensation for this role will depend on several factors including the cost of living associated with your work location, your qualifications, skills, competencies, and relevant experience.

At Sompo, we recognize that the talent, skills, and commitment of our employees drive our success. This is why we offer competitive, high-quality compensation and benefit programs to eligible employees.

Our compensation program is built on a foundation that promotes a pay-for-performance culture, resulting in higher incentive awards, on average, when the Company does well and lower incentive awards when the Company underperforms. The total compensation opportunity for all regular, full-time employees is a combination of base salary and incentives that gets adjusted upfront based on overall Company performance with final awards based on individual performance.

Summary

We continuously evaluate and update our benefit programs to ensure that our plans remain competitive and meet the needs of our employees and their dependents. Below is a summary of our current comprehensive U.S. benefit programs:

• Two medical plans to choose from, including a Traditional PPO & a Consumer Driven Health Plan with a Health Savings account providing a competitive employer contribution
• Pharmacy benefits with mail order options
• Dental benefits including orthodontia benefits for adults and children
• Vision benefits
• Health Care & Dependent Care Flexible Spending Accounts
• Company-paid Life & AD&D benefits, including the option to purchase Supplemental life coverage for employee, spouse & children
• Company-paid Disability benefits with very competitive salary continuation payments
• 401(k) Retirement Savings Plan with competitive employer contributions
• Competitive paid-time-off programs, including company-paid holidays
• Competitive Parental Leave Benefits & Adoption Assistance program
• Employee Assistance Program
• Tax-Free Commuter Benefit
• Tuition Reimbursement & Professional Qualification benefits
  
  

In today’s world, what do we stand for?

Ethics and integrity are the foundation of delivering on our commitment to you. We believe that core values drive success, and that when relationships are held in the highest regard, there is nothing that cannot be accomplished. At Sompo, our ring is more than a logo, it is a symbol of our promise. Click here to learn more about life at Sompo.

Sompo is an equal opportunity employer and we intentionally value inclusion and diversity. Above all, we want you to work in an environment that respects everyone’s unique contributions – we are passionately committed to equal opportunities. We do not discriminate based on race, color, religion, sex orientation, national origin, or age.

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance and Sales

• Industries

  Insurance

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