At a Glance
- Tasks: Lead mortgage investment strategies and manage a C$675m portfolio.
- Company: Join Canada Life Reinsurance, a top provider of innovative reinsurance solutions globally.
- Benefits: Enjoy a competitive salary, flexible working, and comprehensive benefits including private medical insurance.
- Why this job: Be part of a dynamic team driving significant asset growth in a fast-paced environment.
- Qualifications: Experience in mortgage investing and a relevant degree or CFA qualification required.
- Other info: Hybrid working available; ideal for London-based candidates.
The predicted salary is between 72000 - 108000 ÂŁ per year.
Canada Life Reinsurance (“CL Re”) is a division of Great-West Lifeco Inc. (“Lifeco”) and a leading provider of client focused reinsurance solutions in the United States, Europe, and the APAC region. CL Re offers a range of innovative risk and capital management solutions covering investment, mortality, longevity, lapse risk and asset intensive reinsurance. The Asset Intensive Reinsurance business is a key priority for growth and has already transacted a number of significant asset intensive transactions in the UK and Japan over the last few years.
The CL Re Investment Office is part of Lifeco Global Investment’s and is responsible for all the investment activities of the reinsurance division with current assets under management of C$15bn. We have ambitious plans to grow assets in the coming years which will require additional investment capabilities and solutions. The role will be a key part of the Asset Intensive Reinsurance business to help implement and manage investment strategies for new asset intensive reinsurance transactions. This may require significant coordination with stakeholders across Finance, Actuarial, Risk, Reinsurance Collateral Operations, as well as internal and external investment managers.
With a background in residential mortgages and ABS investment this role will take ownership of all mortgage investing activity. With a current portfolio of circa C$675m in whole loans including Lifetime / Equity Release mortgages the Head of Mortgage Investments will oversee this portfolio and look to drive more value potentially via the use of securitisation and/or structuring to utilise whole loans as collateral in reinsurance transactions. The Head of Mortgage Investments will look to add new origination partners for residential mortgage investment globally. This will include due diligence, operational management, oversight of valuations, and implementing new origination agreements with residential mortgage originators (including lifetime) on a global basis to facilitate whole Loan investment.
CL Re operates under the Canadian LICAT capital regime and the Head of Mortgage Investments will become the team expert on residential mortgages, ABS and securitisation strategy under LICAT and develop how we should build out this key asset class to drive competitive pricing in asset intensive reinsurance transactions. As part of Lifeco Global Investments there will be an opportunity to leverage existing mortgage expertise and coordinate investment across the Canadian, US, European and UK balance sheets. As part of a tight knit team the role holder will have the opportunity to gain exposure to a broad range of investments across the Reinsurance balance sheets and will also be involved in other aspects of the team’s activities including risk management, performance analysis, reporting, and the continuous build-out of the investment operating infrastructure. The environment is fast paced, flexible, and will allow the individual to gain exposure to all aspects of the investment process. The role can be hybrid working although the ideal candidate is likely to be London based.
What you'll do:
- Support new business pricing with input on mortgage and ABS related pricing assumptions for Asset Intensive transactions.
- Work closely with originators and investment partners to source new residential mortgage opportunities.
- Design and structure an origination strategy that is capital efficient under LICAT and can enable pledging of loans as reinsurance collateral.
- Help negotiate investment guidelines and treaty terms with clients to deliver the flexibility necessary to manage mortgage assets in asset intensive reinsurance transactions.
- Be responsible for transaction implementation and portfolio monitoring including all operational aspects of managing mortgage assets.
- Develop reporting frameworks, performance monitoring, and processes for all mortgage related investments.
- Be the first-line risk manager for all CL Re mortgage related investments.
- Support the Asset Intensive team to deliver significant asset growth in the global annuity and life reinsurance markets in the next 3 to 5 years.
What you'll bring to the role:
- Significant experience gained within a life reinsurer, PRT insurer, investment manager or investment bank ideally focused on mortgage and ABS investing for (re)insurance balance sheets.
- Experience of collateralised reinsurance, working with different investment solutions and investment managers strongly desired.
- Excellent knowledge of mortgage products, risks, bridging loans, origination agreements, loan servicers, and securitisation techniques.
- Knowledge of the US mortgage market is beneficial.
- Knowledge of the UK Equity Release Mortgage market also desired.
- Quantitative approach to investment analysis and happy to help support development of our ALM and hedging strategy.
- Highly numerate with strong organisational and problem-solving skills.
- CFA qualified and/or bachelor’s degree in Finance or a relevant Quantitative field with significant relevant work experience.
- Communication and Influencing.
- Problem Solving and Decision Making.
- Planning and Organising.
- Team Working and Cross Functional Collaboration.
- Operational Excellence & Process Improvement.
Benefits of working at Canada Life:
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How we work at Canada Life:
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward. We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That’s why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion:
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we’re making in DEI, and we continue for it to be a significant focus.
“At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.” Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We’re happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.
Head of Mortgage Investments employer: Canada Life Assurance Europe plc
Contact Detail:
Canada Life Assurance Europe plc Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Head of Mortgage Investments
✨Tip Number 1
Familiarise yourself with the latest trends in mortgage investments and asset-backed securities (ABS). Understanding the current market dynamics will not only help you in interviews but also demonstrate your proactive approach to the role.
✨Tip Number 2
Network with professionals in the reinsurance and investment sectors. Attend industry events or webinars where you can connect with potential colleagues or mentors who can provide insights into the company culture and expectations for the Head of Mortgage Investments role.
✨Tip Number 3
Prepare to discuss specific strategies for managing mortgage portfolios and how you would approach the implementation of new origination agreements. Having a clear plan will show your readiness to take on the responsibilities outlined in the job description.
✨Tip Number 4
Research Canada Life's recent activities and achievements in the mortgage investment space. Being knowledgeable about their projects and goals will allow you to tailor your discussions and demonstrate your genuine interest in contributing to their success.
We think you need these skills to ace Head of Mortgage Investments
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in mortgage investments, ABS, and reinsurance. Use specific examples that demonstrate your expertise in these areas, particularly any roles where you've managed portfolios or developed investment strategies.
Craft a Compelling Cover Letter: In your cover letter, express your passion for the role and the company. Discuss how your background aligns with the responsibilities outlined in the job description, especially your experience with residential mortgages and securitisation strategies.
Highlight Quantitative Skills: Given the quantitative nature of the role, emphasise your analytical skills and any relevant qualifications, such as CFA or degrees in finance. Provide examples of how you've applied these skills in previous positions to drive investment decisions.
Showcase Team Collaboration: The role requires significant coordination with various stakeholders. Include examples in your application that demonstrate your ability to work collaboratively across teams, particularly in fast-paced environments, to achieve common goals.
How to prepare for a job interview at Canada Life Assurance Europe plc
✨Showcase Your Expertise in Mortgage Investments
Make sure to highlight your significant experience in mortgage and ABS investing. Be prepared to discuss specific projects or transactions you've worked on, especially those related to collateralised reinsurance and investment management.
✨Demonstrate Your Quantitative Skills
Since the role requires a quantitative approach to investment analysis, be ready to discuss your analytical skills and any relevant tools or methodologies you use. Bring examples of how you've applied these skills in previous roles.
✨Understand the Regulatory Environment
Familiarise yourself with the Canadian LICAT capital regime and how it impacts mortgage investments. Being able to discuss this knowledge during the interview will show that you're prepared for the challenges of the role.
✨Prepare for Stakeholder Coordination Questions
Given the need for coordination with various stakeholders, think of examples where you've successfully collaborated across teams. Be ready to explain how you manage relationships and ensure effective communication in complex projects.