Director, Program Underwriting - Spinnaker

Hippo Insurance

Hippo Insurance

Dallas, TX, USA · Austin, TX, USA · Bedminster Township, NJ, USA
Posted on Thursday, January 12, 2023

Title: Director, Program Underwriting - Spinnaker

Location: Dallas, TX / Austin, TX / Bedminster, NJ

Reports To: CEO - Spinnaker

About Spinnaker:

Spinnaker is a national property and casualty insurance company rated A- VIII by A.M., that is a wholly owned and independently operated subsidiary of Hippo Insurance. With the capability to offer admitted and surplus lines insurance products in 51 states and jurisdictions, Spinnaker partners with program administrators and managing general agents to offer strategic insurance solutions. We target innovative product market leaders across both personal and commercial lines, specialty lines, and traditional and non-standard fronting opportunities.

About You:

The Director, Program Underwriting, reports directly to the Spinnaker CEO and is a member of the Spinnaker senior leadership team. In this role, you will be responsible for leading a book of insurance programs and you will act as Spinnaker’s primary interface and partner to the program/MGA, Claims TPA, reinsurers and brokers. This role will have responsibility for setting annual program goals including strategies and tactics for profit, growth, expense management, and allocation of catastrophe capacity with overall responsibility for the financial performance of each program.

What You’ll Do:

  • Set and manage renewal strategy across a portfolio of programs
  • Lead placement of adequate reinsurance in alignment with Spinnaker’s strategy and tail exposure requirements. Partner with Hippo Reinsurance team to ensure specific reinsurance placements are done correctly and timely
  • Ensure programs compliant with contractual terms and follow all regulatory compliance requirements
    • Manage completion of all required State filings
    • Set Accountable for the quality and accuracy of the deal-specific business terms
    • Ensure monthly reinsurer reporting are done correctly
    • Oversee accuracy of account reconciliation, including review and approval of account balances due to MGAs/reinsurers
    • Ensure claims and treaty reporting, including review and approval of program-specific claims and IBNR are done correctly
  • Maintain and grow industry knowledge and expertise including participation in industry conferences/events; marketing and reinsurer visits as needed

Program Manager Specific Responsibilities

  • Develop an annual calendar for all interactions with the MGA/Claims TPA/Reinsurers and Brokers including in-person visits, program audits, renewal dates, broker meetings etc.
  • Set annual growth and profit plans for the program
  • Develop and/or amend underwriting guidelines specific to each program
  • Plan, manage, and evaluate the work of program administrators
  • Develop and manage CAT management objectives including PML management, in conjunction with Hippo risk management department
  • Manage allocation of limit accumulations, remediation or culling of unprofitable business, and oversight of remediation of MGAs with unsatisfactory audit results
  • Work with program brokers and MGAs to place reinsurance specific to the program and coordinate with Hippo risk management department. Responsible for ensuring signed reinsurance agreements are loaded to contract database (Lexion)
  • Monitor loss development and claims activity

Program Audit Responsibilities

  • Ensure each program meets its audit plan and that all findings are remediated in a timely fashion
  • Conduct underwriting audits and quality reviews to validate compliance with all underwriting guidelines and quality standards are met
  • Conduct termination and run-off processes for discontinued programs

Must Haves:

  • A minimum of 10 years of Property and Casualty Insurance experience in an underwriting and/or product role
  • Bachelor’s Degree required; Applied Math, Economics, Finance, Risk Management
  • Ability to develop analytical/dynamic underwriting models. Be able to efficiently identify the tools required for the task at hand and develop a product solution
  • Experience providing leadership to others that drives process improvement whether through technology, outsourcing or internal innovations

Nice to Haves:

  • MBA in Finance, Economics, or Risk Management preferred.
  • Auto (commercial and personal lines) experience
  • Catastrophe modeling analytics experience. You will not be required to run the models, but a strong understanding of the output and implications will be valuable.
  • Strong intellectual curiosity and a desire to help others solve problems.
  • Confidence in your skillset, desire to learn more and ability to make an impact.
  • Work on the creation of new and emerging products for rapid entry into new markets. A natural inclination to work within a culture that is fast-paced and dynamic.
  • Experience in managing compliance function for programs, including rates, form and filings management

Benefits and Perks:

Hippo treats its team members with the same level of dedication and care as we do our customers, which is why we’re fortunate to provide all of our Hippos with:

  • Healthy Hippos Benefits - 100% Employer paid medical, dental & vision plan options for our team members AND their families (yes, you read that correctly). As well as 401(k), long & short-term disability, employer-paid life insurance, flexible spending accounts
    for health and dependent care, and an Employee Assistance Program (EAP)
  • Training and Career Growth - Paid training opportunities and countless internal career growth opportunities
  • Award-Winning Culture - Recognized by BuiltIn and Inc. Magazine as a top place to work - we value integrity, inclusiveness, empathy, and being proactive and dedicated
  • Flexible Time Off - You know when and how you should recharge
  • Little Hippos Program - We offer 12 weeks of parental leave for primary and secondary caregivers

Hippo is an equal opportunity employer, and we are committed to building a team culture that celebrates diversity and inclusion.

Hippo’s applicants are considered solely based on their qualifications, without regard to an applicant’s disability or need for accommodation. Any Hippo applicant who requires reasonable accommodations during the application process should contact the Hippo’s People Team to make the need for an accommodation known.