Managing Director, Derivatives & Hedging

National Life Group; New York (NY); On-site; USD 243,750 - 357,500; Full time

Job summary

National Life Group in New York, NY, seeks a seasoned Managing Director, Derivatives & Hedging to lead the enterprise hedging program across asset classes and product types. You will architect a scalable platform, oversee risk, and collaborate with actuarial, product development, finance, and treasury teams.

The role demands deep derivatives expertise, executive leadership, and the ability to clearly communicate strategies to CIOs, boards, regulators, and rating agencies.

Qualifications

• Master’s degree in quantitative or mathematical finance, statistics, economics, computer science, engineering, or a related field.
• Minimum of fifteen (15) years of progressively senior experience in derivatives and hedging, including significant time at the executive leadership level.
• At least five (5) years of experience developing and executing derivative strategies for insurance assets and liabilities.
• Proven track record of designing, implementing, and scaling enterprise hedging programs in insurance, reinsurance, or asset management.
• Broad understanding of life and annuity products, including IUL, FIA, MYGA, and RILA, and embedded market risks.
• Demonstrated experience building and leading hedging teams across trading, analytics, systems, and portfolio management.
• Proven ability to communicate complex hedging strategies to senior executives, boards, regulators, and rating agencies.
• Track record balancing risk management with capital and collateral efficiency objectives.

Responsibilities

• Set enterprise vision and strategy for derivatives and hedging across asset classes and product types.
• Develop and refine a scalable hedging framework and oversee execution, governance, and controls.
• Lead and mentor trading, analytics, systems, and portfolio management teams.
• Communicate hedging strategy, results, and risk profile to CIO, leadership, boards, and regulators.
• Collaborate with actuarial, product development, distribution, and treasury on new products and M&A hedging needs.
• Optimize collateral posting, counterparty exposure, and capital efficiency.

Skills

Executive leadership

Derivatives & hedging

Strategic planning

Team leadership

Stakeholder communication

Education

Master’s degree in quantitative or mathematical finance

Job description

Come join one of America’s fastest-growing insurance companies. Since 1848, National Life Group has aimed to keep our promises, providing families with stability in good times and in bad. Throughout that history, we have provided peace of mind to those families as they plan their futures.

Our mission extends beyond the insurance and annuities policies that we offer. We strive to make the world a better place through our grants from our charitable foundation, paid volunteer time for our employees, environmentally sustainable and healthy workplaces, and events that promote the work of nonprofits in our own backyard.

We foster a collaborative environment with opportunities for growth and encourage our associates to live our values: Do good. Be good. Make good.

About Us

NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this is with an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process and hold ourselves to the highest of standards, both as investors and teammates. Our culture is based on guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles govern the way we conduct ourselves, interact with teammates, and approach every investment decision. We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders. Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.

We do not offer visa sponsorship for this position.

Role Summary

Reporting directly to the Chief Investment Officer, the Managing Director, Derivatives & Hedging is a senior executive leader responsible for the strategy, design, execution, and oversight of NLG’s enterprise-wide derivatives and hedging program across all asset classes and product types. This role sits at the intersection of investments, risk management, actuarial strategy, and product development, and serves as a key voice within the senior investment leadership team. The Managing Director will architect and lead a scalable hedging platform that protects and enhances NLG’s financial performance, supports new product innovation, and optimizes capital and collateral efficiency. The role requires deep technical expertise in derivatives and hedging, proven executive leadership, and the ability to communicate complex strategies clearly to the CIO, executive leadership, risk committees, regulators, and rating agencies.

Key Responsibilities

Strategy & Program Leadership

• Set the enterprise vision and strategic direction for NLG’s derivatives and hedging program across all asset classes, insurance products, and reinsurance arrangements.
• Develop, implement, and continuously refine a scalable hedging framework – evolving from static hedging programs toward dynamic overlays as business and asset volumes increase.
• Proactively recommend and execute derivative strategies that enhance NLG’s financial performance and advance the firm’s broader investment and risk objectives.
• Serve as a member of the senior investment leadership team, contributing to portfolio strategy, capital allocation, and enterprise risk discussions led by the CIO.

Risk Management & Execution

• Oversee day-to-day hedging operations, including trade execution, monitoring, and lifecycle management across market, interest rate, equity, FX, and optionality risks.
• Design and maintain a framework that provides an informed, real-time view on risk exposures, hedge effectiveness, and capital impacts.
• Monitor and report on hedge performance using metrics such as value‑at‑risk, hedge P&L attribution, basis risk, and statutory and GAAP capital impacts.
• Establish and enforce policies, processes, controls, and limits governing all derivatives activity.

Product & Cross-Functional Partnership

• Partner with actuarial, product development, distribution, and banking counterparties on the design and launch of new FIA, RILA, IUL, MYGA, and other indexed‑linked or custom products.
• Collaborate with investment, actuarial, finance, and treasury teams to design and execute hedging for new products, M&A transactions, reinsurance deals, FX exposures, and in-force risk management.
• Work with corporate finance and actuarial valuation teams to support projections, capital planning, stress testing, and ALM analysis.
• Optimize collateral posting, counterparty exposure, and capital efficiency associated with all derivatives activity.

Communication & Stakeholder Engagement

• Communicate hedging strategy, results, and risk profile clearly and accurately to the CIO, executive leadership, the Board, risk committees, regulators, and rating agencies.
• Translate complex quantitative concepts into clear, actionable insights for diverse audiences across the enterprise.
• Represent NLG Capital externally with counterparties, exchanges, and industry forums.

Team Leadership

• Build, lead, and develop a high-performing team spanning trading, analytics, systems, and portfolio management; grow the function as the platform scales.
• Set high standards for execution, intellectual rigor, and collaboration, in keeping with NLG Capital’s guiding principles.
• Mentor and develop talent, creating a pipeline of derivatives and hedging expertise within the firm.

Minimum Qualifications

• Master’s degree (or foreign equivalent) in quantitative or mathematical finance, statistics, economics, computer science, engineering, or a related field.
• Minimum of fifteen (15) years of progressively senior experience in derivatives and hedging, including significant time at the executive leadership level.
• At least five (5) years of experience developing and executing derivative strategies that address the unique nature of insurance company assets and liabilities.
• Proven track record of successfully designing, implementing, and scaling enterprise hedging programs in insurance, reinsurance, or asset management contexts.
• Broad understanding of life and annuity products, including IUL, FIA, MYGA, and RILA, and the embedded market risks within them.
• Demonstrated experience building and leading effective hedging teams spanning trading, analytics, systems, and portfolio management.
• Demonstrated expertise applying derivatives to accomplish both investment and hedging objectives.
• Proven ability to communicate complex hedging strategies simply and effectively to senior executives, boards, regulators, and rating agencies.
• Track record of balancing risk management with capital and collateral efficiency objectives.

Preferred Qualifications

• CFA, FRM, FSA, or equivalent professional designation.
• Working knowledge of U.S. statutory accounting, GAAP, and insurance regulatory and actuarial guidelines.
• Hands‑on experience managing collateral, ISDA/CSA negotiations, and counterparty relationships.
• Prior experience leading derivatives or hedging functions at the executive level within an insurance or asset management organization.
• Experience supporting M&A, reinsurance, and new product launches from a derivatives and hedging perspective.

Benefits

• Your benefits start day one and are flexible and customizable to your and your family’s specific needs. Check out the benefits of a Career at National Life!

Base Pay Range

The base pay range for this position is the range National Life reasonably and in good faith expects to pay for the position taking into account the wide variety of factors, including: prior experience and job-related knowledge; education, training and certificates; current business needs; and market factors. The final salary or hourly wages offered may be outside of this range based on other reasons and individual circumstances.

Additional Compensation and Benefits

The total compensation package for this position may also include a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. The successful candidate may also be eligible to participate in National Life’s discretionary annual incentive programs, subject to the rules governing such programs. If hired, the employee will be in an “at‑will position” and National Life reserves the right to modify base salary (as well as any other discretionary payment or compensation or benefit program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.

Salary Pay Range

$243,750 - $357,500 USD

National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.