What are the responsibilities and job description for the President & Chief Underwriting Officer position at Valid8 Financial, Inc.?
Trusted Resource Underwriters Exchange (“TRUE”) is a reciprocal insurer established initially by American Family in 2020 to serve homeowners in storm-prone regions of Florida and other parts of the country. At the end of 2023, Gallatin Point Capital acquired a majority stake in the attorney-in-fact for TRUE and raised over $1.25 billion of committed capital, enabling TRUE to not only provide more underwriting capacity in Florida, but also allow it to strategically expand its homeowners product offering and footprint nationally. TRUE utilizes a partnership distribution model through new and existing partnerships as it enters a new phase of exciting growth. American Family remains a minority owner in the attorney-in-fact and continues to provide distribution and client services on behalf of TRUE.
Position Overview :
The President & Chief Underwriting Officer (CUO) will be a key executive leader responsible for setting and executing the underwriting, pricing, and reinsurance strategy for TRUE, overseeing the overall risk management processes, and ensuring the profitability and sustainability of the company's portfolio. This individual will work closely with the CEO, other executives, and the board of directors to guide the company’s growth and operational performance, influencing our direction and product offerings as we expand our footprint.
Key Responsibilities :
- Underwriting, Pricing and Profitability Strategy & Execution :
- Lead the development and implementation of the underwriting strategy, ensuring alignment with the company’s mission, vision, and profit & growth objectives.
- Establish processes for assessing and pricing risk in catastrophe-prone areas and diversifying the exposure through expansion.
- Lead and collaborate with actuaries and analysts to utilize the newest technology and predictive analytics for better risk assessment and pricing.
- Set underwriting standards for new product development, ensuring they align with market needs, regulatory requirements, and financial sustainability.
- Monitor the profitability and loss ratios of underwriting portfolios, adjusting strategies as necessary to maintain financial health.
- Ensure proper underwriting controls are in place to minimize adverse selection while enabling the company to remain competitive in the market.
- Oversee the company’s overall risk management framework, including reinsurance strategies, exposure management, and the development of contingency plans for extreme events.
- Lead interactions with the reinsurance and catastrophe bond markets and associated purchases.
- Leadership & Team Development :
- Build and manage high-performing product, pricing, risk, and underwriting teams, fostering a culture of continuous improvement and innovation.
- Mentor and develop underwriting talent, ensuring team members are equipped to evaluate and underwrite risk in dynamic environments.
- Work closely with the cross-functional teams internally and with select partners and vendors to ensure alignment across all business functions.
- Stakeholder Engagement & Business Development :
- Partner with the CEO and executive team to engage with investors, regulators, and other key stakeholders on underwriting strategies and risk management practices.
- Contribute to business development efforts, identifying opportunities for growth, new markets, and strategic partnerships.
- Regulatory Compliance & Governance :
- Ensure the company’s underwriting practices are compliant with local, state, and federal insurance regulations.
- Work with the legal team to ensure adherence to industry standards and regulatory requirements.
- Lead the development of internal policies and procedures to ensure ethical and efficient underwriting practices.
Qualifications & Skills :
J-18808-Ljbffr
