Non Payment Insurance Desk - Director

Excited to grow your career?

BBVA is a global company with more than 160 years of history that operates in more than 25 countries where we serve more than 80 million customers. We are more than 121,000 professionals working in multidisciplinary teams with profiles as diverse as financiers, legal experts, data scientists, developers, engineers and designers.

To provide senior non-payment and credit insurance structuring and execution capability within BBVA’s newly centralised CIB Insurance Desk, established to coordinate the use of credit insurance across Corporate & Investment Banking. The position forms part of the build-out of the new team, supporting the placement of credit risk originated across CIB.

The role will work with origination and distribution teams across CIB to structure and execute Non-Payment Insurance (NPI), Trade Credit Insurance (TCI) and other insurance solutions as tools for credit risk distribution, capital optimisation and balance sheet management. A key element of the role will be ensuring transactions are appropriately structured for the insurance market and that insurance protection is aligned with the underlying transaction and BBVA’s legal, regulatory and risk requirements.

The individual will also support the continued development of BBVA’s insurer and broker relationships, junior talent and the expansion of insurance solutions across CIB.

About the job:

• Origination and structuring – work with CIB origination and distribution teams to identify and structure transactions suitable for insurance, advising on insurer appetite, marketability, economics, pricing and execution strategy.
• Insurance placement and execution – lead NPI and TCI placements from initial market approach through insurer selection, negotiation, documentation and closing.
• Market negotiation – negotiate pricing, capacity, tenor, coverage and policy terms with insurers and brokers to achieve competitive execution, while taking account of BBVA’s broader insurer relationships.
• Policy and transaction documentation – review and negotiate insurance policies and related documentation, ensuring that the insurance appropriately reflects the underlying finance documents and commercial transaction. Coordinate with Legal where required, including where transactions deviate from established wording or structures.
• Risk and capital optimisation – work with the relevant business, Risk, Methodology, Finance and Tax teams to support the effective use of insurance for credit risk mitigation, RWA/capital optimisation, limit management and transaction economics.
• Insurer and broker relationships – develop and maintain relationships across the credit insurance market, maintaining a strong understanding of insurer appetite, capacity, pricing and market developments.
• Transaction lifecycle management – support insured transactions throughout their lifecycle, including amendments, waivers, restructurings and claims, ensuring appropriate engagement with insurers and brokers.
• Governance and operating model – contribute to the development and implementation of the CIB NPI operating model, including relevant Risk, onboarding and execution processes.
• Business development and education – build relationships across CIB, educate internal stakeholders on the capabilities and appropriate use of insurance, and identify opportunities to expand its use across relevant products and asset classes.
• Market development and innovation – identify new sources of insurance capacity and emerging applications of insurance, including portfolio, programmatic and forward-flow solutions, and support the development of new insurance structures where relevant.
• Team development – support and develop junior members of the Insurance Desk through coaching, knowledge sharing and transaction experience and contribute to the development of effective processes, tools, reporting and knowledge across the team.

Experience:

• Significant hands-on experience in the placement and execution of non-payment / credit insurance transactions, gained within a bank insurance/risk distribution desk or specialist credit & political risk insurance broker.
• Demonstrable experience managing transactions through the insurance placement lifecycle, including market approach, insurer selection, capacity and pricing negotiation, policy wording/documentation and execution.
• Experience working with corporate lending, project finance, leveraged finance, trade finance, export finance, receivables/Trade Credit Insurance, derivatives, repo transactions, SRTs or other institutional credit/risk-transfer products.
• Experience working directly with insurers and a strong understanding of the international credit insurance market.

Knowledge, Skills and Abilities:

• Strong technical knowledge of Non-Payment Insurance and Trade Credit Insurance and their use as credit risk mitigation, capital management and distribution tools.
• Strong understanding of insurance policy wording and the interaction between the policy and underlying finance documentation.
• Understanding of credit risk, banking products and the commercial considerations relevant to insurance placement.
• Knowledge of CRR eligibility, unfunded credit protection and regulatory capital treatment would be advantageous.
• Strong commercial judgement and negotiation skills.
• Ability to independently manage complex transactions and multiple internal/external stakeholders.
• Strong written and verbal communication skills.
• Ability to build effective relationships with senior stakeholders across Front Office, Risk, Legal, Finance, insurers and brokers.
• Existing relationships across the credit insurance market would be advantageous.
• Spanish language skills would be advantageous.

Skills: