Director, Insurance Credit Risk

At the Federal Home Loan Bank of San Francisco, sound credit decisions support our ability to provide reliable liquidity to member financial institutions and help meet the affordable housing and economic development needs of our communities.

We’re seeking an experienced insurance credit professional who brings independent judgment, deep analytical expertise, and the ability to turn complex financial information into clear recommendations. As Director, Insurance Credit Risk, you’ll underwrite, assign internal credit ratings to, and monitor an assigned portfolio of life, health, and property and casualty insurance company members.

This is a senior individual contributor position with no people-management responsibilities. You’ll serve as a subject matter expert, advise internal partners, and present recommendations to senior leaders and credit approval committees.

What you’ll do

• Evaluate insurance company creditworthiness. Analyze statutory and U.S. GAAP financial statements, regulatory filings, capital adequacy, reserves, liquidity, reinsurance arrangements, and business performance.
• Assess investment portfolio risk. Evaluate asset quality, composition, concentrations, duration, liquidity, and exposure to changing market conditions.
• Develop clear credit recommendations. Prepare credit memoranda that explain financial condition, key risks, mitigating factors, internal rating rationale, and recommended credit structure.
• Monitor your assigned portfolio. Identify material changes in financial condition, regulatory status, market exposure, collateral risk, borrowing capacity, and overall credit quality.
• Translate industry developments into risk insights. Track insurance regulation, accounting standards, interest rates, asset valuations, credit spreads, and reinsurance markets. Produce sector reviews and exposure analyses to inform portfolio surveillance and risk appetite discussions.
• Support credit governance. Present conclusions to senior management and approval committees, maintain complete analytical documentation, and elevate material deterioration, covenant concerns, policy exceptions, and matters beyond delegated authority.
• Serve as a trusted technical resource. Advise internal partners on insurance credit risk, underwriting methodologies, statutory accounting, reinsurance, and capital adequacy. Share expertise and provide technical guidance or analytical review when requested.

What you’ll bring

• A bachelor’s degree in finance, accounting, economics, business administration, or a related field, or equivalent relevant experience.
• At least 10 years of progressively responsible experience in credit analysis, underwriting, financial analysis, insurance company analysis, financial institution risk management, regulation, or credit ratings.
• Substantial direct experience assessing insurance company creditworthiness , including statutory and GAAP financial statements, regulatory filings, capital measures, investment portfolios, reserves, liquidity, and reinsurance.
• Strong knowledge of insurance regulation, statutory accounting, GAAP reporting, and credit rating methodologies.
• Experience preparing and presenting complex credit recommendations to senior approval authorities, governance committees, or equivalent decision-makers.
• Strong analytical and financial writing skills, with the ability to translate complex information into clear credit conclusions and actionable recommendations. Sound independent judgement and the ability to critically evaluate assumptions and evidence.
• Proficiency with market data, credit risk platforms, and advanced Excel, along with the ability to manage multiple complex reviews independently.

Why
The Federal Home Loan Bank of San Francisco

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