AVP, Claims Counsel, Financial Institutions

Sompo International; Morristown (NJ); On-site; USD 135,000 - 195,000; Full time

Job summary

An established industry player is seeking an AVP Counsel for their Financial Institutions Claims team. This pivotal role involves managing high exposure claims, providing legal insights, and supporting underwriting with policy drafting. The ideal candidate will have extensive experience in D&O and E&O claims handling, coupled with a law degree and a passion for legal analysis. Join a collaborative environment that values diversity and offers competitive compensation, where you can thrive and make a significant impact in the insurance sector.

Benefits

Flexible working provisions

Family friendly policies

Competitive compensation

Career development opportunities

Qualifications

• 10+ years of experience in D&O claims handling or related litigation.
• Strong preference for candidates pursuing insurance-related designations.

Responsibilities

• Manage high exposure claims and provide legal review and policy drafting support.
• Evaluate exposures and make claim decisions for US FI claims.

Skills

D&O claims handling

E&O claims handling

Legal analysis

Negotiation skills

Communication skills

Education

Law degree

Tools

MS Word

Excel

Outlook

Guidewire

Genius

ImageRight

Job description

As a leading provider of insurance and reinsurance with worldwide operations and employees in Bermuda, U.S., U.K., Continental Europe and Asia, we recognize that our success is derived directly from those who matter the most: our people. At Sompo International, our values of integrity, collaboration, agility, execution and excellence underpin our culture and our commitment to providing an employee experience that attracts and engages the best talent in the industry. As we continue to grow, we strive to find diverse, innovative and driven professionals to join our teams and offer a broad range of career and development opportunities at all levels, in multiple business areas, in each of our locations throughout the world. Our compensation and benefits programs are market driven and competitive, with excellent family friendly policies and flexible working provisions.

Job Description

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.

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 D&O and E&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 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.

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.