Director of Credit & Collateral Risk

Stonehaven - Director of Credit & Collateral Risk

Remote - US | Remote

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 counter party Stonehaven relies on. It works closely with Finance, Legal, the Director of Ceded Reinsurance, and the program teams, and approves counter parties 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 counter party 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 counter party 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 counter party 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 counter party-supplied documents alone.
• Size collateral for each collateralized reinsurer and captive, compare required and posted collateral monthly, and issue and elevate 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 counter party 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 counter party, 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…