Federal Home Loan Bank of Boston Senior or Principal Insurance Credit Analyst in Boston, Massachusetts
Senior or Principal Insurance Credit Analyst
Job Code: 314
# of openings: 1
The incumbent will be the lead financial analyst monitoring the Bank’s insurance portfolio (comprising P&C, life, and health companies).The position requires solid knowledge of credit analysis techniques related to insurance companies, insurance regulations, statutory accounting principles, generally accepted accounting principles, and the ability to independently research, understand, and convey difficult financial issues. The incumbent is responsible for preparing timely and accurately written reports concerning the financial condition, trend, and prospects of these institutions. The preparation of these reports will often require the person to discuss the institution’s financial condition with the member institution’s senior management. These reports will include specific recommendations to the Bank’s Credit Committee regarding the institutions’ credit, collateral, and monitoring status.
The person, along with other members of the team, will also be involved in analyzing the Bank’s depository members and in the efficient maintenance of the department’s financial database and will accurately prepare monthly and quarterly Power BI or Excel-based reports on the Bank’s membership in the prescribed format. The incumbent is also responsible for the daily underwriting of advance requests and other extensions of credit from the Bank.
This role will have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program.
Member Analysis and Report Writing (60% - 75% of the time, depending on title)
Be the lead on insurance member analysis and a resource for other members on the team to help deepen insurance analytical capabilities. The person may also periodically review depository members. Member analysis requires effective use of Credit department and vendor-based databases, regulatory filings and call reports, audited statutory statements, publicly released news articles, and direct contact with senior management of the institutions. The primary focus will be to identify members whose financial condition has deteriorated and hence pose a potential credit risk to the Bank.
Be aware of generally accepted accounting principles and statutory accounting principles changes that impact members. Stay informed of changes implemented by NAIC and state's insurance departments.
Accurately prepare comprehensive and timely written reports in the department's prescribed formats, covering the financial condition and future prospects of members and prospective members.
Operational and Regulatory Reporting Responsibilities (20% - 30% of the time, depending on title)
Conduct performance monitoring of the insurance company credit risk models. Collaborate with colleagues and others in ERM on matters related to model development, refinement, performance monitoring, validation.
Accurately and efficiently assist in the maintenance of the Credit department's financial database. Perform (along with other team members) the timely update of the database to reflect latest quarterly financials, membership changes, change to internal ratings and collateral status.
Prepare quarterly reports (Power BI or Excel-based) that reflect members' indebtedness, capital, asset quality, earnings, liquidity, and growth, etc., and identify members in need of near term or immediate review due to trends identified.
Perform the running of member/industry financial data through the Bank’s credit models and identify members requiring near term or immediate review because of model score changes.
Prepare various monthly and quarterly reports to the Bank’s Credit Committee, Board of Directors, and Federal Housing Finance Agency.
Work on ad-hoc projects as requested.
Underwriting Loan advances (5% - 10% of the time, depending on title)
Once trained and authorized, underwrite advances (loans) to members per Credit department procedures.
Other duties, as assigned.
Bachelor’s degree with a concentration in finance, accounting or economics is our preference, or equivalent work experience. A Master’s Degree would be a plus but is not a requirement.
6 – 8+ plus years of credit/financial analysis experience covering insurance companies is expected for the Senior Analyst title. A minimum of 10 – 15+ plus years of insurance company financial analysis is expected for the Principal Analyst title.
Experience analyzing life insurance companies is highly desired.
Relevant experience analyzing insurance company financials using statutory accounting principles and regulatory filings is required. The candidate must have solid knowledge about SAP and GAAP. A candidate with life insurance analysis experience is highly desired.
Candidate should have strong understanding of the key performance drivers for life and P&C companies.
Analytical mindset – Interest in and ability/aptitude to distill financial and other quantitative and qualitative information and reach conclusions. Ability to weigh the importance of key credit metrics and other relevant financial and qualitative information. Desire to consistently improve one’s analytical capabilities and knowledge base.
Must be able to write concise and informative credit reports that convey the key information supporting conclusions, and as well effectively present conclusions and/or recommendations.
Must have a high level of proficiency in MS Excel. Proficiency with formulas, manipulating data from multiple sources, queries, VLOOKUPs, pivot tables and running macros. S&P Capital IQ experience is considered a plus. Knowledge of working in Microsoft Power BI is also considered a plus.
Attention to Detail - Must have a commitment to accuracy, striving for an error free environment.
Must be able to communicate clearly and effectively with senior management of members institutions and within our Bank, in both oral and written format.
Must have confidence and initiative to complete assignments in a timely manner.
Must be able to work in a team environment.
Must be have high integrity and personal ethics and be willing to perform duties in accordance with company and department policies and procedures
The Federal Home Loan Bank of Boston is committed to building and sustaining a diverse workforce that reflects the communities that we serve. As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.
Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.