Description
At Ledgebrook , we’re building a next-generation insurance infrastructure — fast, smart, and scalable — and are looking for a Chief Risk Officer to lead risk, actuarial, and reinsurance strategy for Stonehaven Specialty Insurance Company, Ledgebrook ’s new third-party hybrid fronting carrier.
This role reports to the President and serves as one of Stonehaven’s independent control functions, with direct access to the Board of Directors. The Chief Risk Officer leads the enterprise risk, actuarial, reinsurance, and counterparty credit functions, and holds an equal seat with the Chief Program Officer and Chief Operating Officer in deciding which programs Stonehaven supports.
About the Role
Stonehaven is seeking a Chief Risk Officer to price risk, protect the balance sheet, and govern the counterparty credit exposure that comes with ceding the large majority of its premium. The successful candidate will be a seasoned risk executive with deep reinsurance, actuarial, and enterprise risk experience, a proven record of counterparty and collateral oversight, credibility with boards, regulators, and rating agencies, and the judgment to decline a program that does not clear Stonehaven’s appetite.
What You'll Do
- Draft Stonehaven’s risk appetite statement covering program, counterparty, concentration, and retained underwriting risk, including the exception and breach-escalation processes.
- Build and own the enterprise risk management framework and ORSA, applying a three-lines-of-defense model, quarterly risk attestations from senior leaders, and stress testing for counterparty default, collateral failure, rating downgrades, and losses that exceed reinsurance caps.
- Lead the actuarial function: validate third-party bordereaux data, set expected loss ratios and development patterns before each program onboards, monitor actual-versus-expected results quarterly, and reserve gross, ceded, and net, with the net reserved independently.
- Ensure the retained share and any tail re-assumed above treaty caps are reserved and capitalized to full-carrier standards.
- Set reinsurance strategy, including preferred treaty wording on security, downgrade, offset, insolvency, and dispute resolution; risk-transfer testing to preserve statutory credit; and placements that keep net retention within appetite.
- Independently approve every reinsurer and collateral provider, including capacity that arrives attached to a program.
- Own the Third-Party Credit Risk Policy across reinsurers, MGAs, TPAs, captives, banks, and intermediaries, including credit standards, hard concentration limits, the counterparty risk register, and the Watch List.
- Require independent verification of all collateral, confirming letters of credit with issuing banks and trust assets with trustees, and maintaining collateral sufficiency with defined top-up triggers.
- Assess every proposed program for actuarial soundness, risk-appetite fit, and secured reinsurance capacity before it writes business, as a member of the Program Underwriting Committee.
- Lead the Risk & Capital and Reinsurance Security Committees, report risk, counterparty, and collateral status to the Board, and support the Reserve Committee and the independent actuary’s annual statement of opinion.
- Partner with Finance on the Schedule F, RBC, and AM Best BCAR impact of reinsurance and collateral decisions, and with Technology on the contract management system, collateral register, and concentration monitoring.
- Build and lead the risk organization, including actuarial, reinsurance and counterparty risk, portfolio and catastrophe risk, and risk data and reporting.
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