What are the responsibilities and job description for the Underwriting Counsel position at Bishop Street Underwriters LLC?
This is an opportunity to join Ethos Specialty, a Bishop Street Underwriters Company
Ethos Specialty Insurance Services, a Bishop Street Underwriters Company, is a specialty Managing General Underwriter (MGU) that partners with carriers to underwrite tailored insurance programs across North America. Ethos benefits from deep capabilities and underwriting expertise and is able to match risk to multiple sources of capital as well as providing the highest quality, independent underwriting service to its industry partners and capital providers. Ethos currently has three programs under the M&A insurance space.
POSITION SUMMARY:
The Underwriting Counsel position is an attorney role that works closely with the senior underwriting team members to draft policy wording and related documents for Transactional Liability insurance products underwritten by Ethos, including Representations and Warranties, Tax Liability and other bespoke products. Underwriting Counsel serves as the legal subject matter expert for Ethos insurance products through a combination of transactional, compliance, and regulatory/legal expertise and will be responsive for developing policy wording, monitoring evolving insurance coverage caselaw, and advising the Ethos team on underwriting, coverage, and compliance matters. This is an exciting opportunity to join an entrepreneurial minded business in a fast-paced environment while being exposed to all aspects of commercial specialty insurance.
Among other things, the candidate will be responsible for:
- Drafting and negotiating policy language for primary and excess buyer and seller-side Representation and Warranties Insurance policies and Tax Liability Insurance policies;
- Advising Ethos underwriters regarding policy terms and coverage issues and providing related legal analysis, including analysing and interpreting applicable federal and state/provincial laws, regulations, legislative developments, case decisions, and claims verdicts;
- Maintaining coverage forms, endorsements, quote and binder templates for transactional liability insurance products;
- Ensuring compliance with contractual and regulatory/legal requirements, from development of internal guidance and implementation of operational processes and oversight of the policy issuance process;
- Drafting and negotiating non-disclosure agreements, engagement letters, and other various contracts in support of underwriting team;
- Participating in internal and external audits in tandem with underwriting team and provide regulatory/compliance feedback as needed;
- Performing recurring and annual filing and reporting obligations to regulators, backing carriers and other insurance partners.
SKILLS REQUIRED:
- Strong written skills and attention to detail; extremely proficient in drafting of legal and commercial documents;
- Strong familiarity with complex corporate structuring, financing arrangements, and tax issues;
- Ability to negotiate with commercially and legally sophisticated advisors and clients;
- Highly focused, enthusiastic and creative thinker and self-starter;
- Strong interpersonal skills and ability to collaboratively work as part of a growing, cross-functional team;
- Ability to work in a fast paced/time pressurized environment, with strong time management and organizational skills;
- Analytical mindset with an ability to synthesize complex information and present clear, actionable recommendations.
TECHNICAL SKILLS & KNOWLEDGE
- High competency in understanding complex corporate M&A transactions and drafting transaction documents (familiarity with R&W insurance policies is a plus);
- Strong negotiating skills;
- Specific knowledge of transactional legal exposures (warranty breaches, tax structuring issues, litigation and computation and measure of damages); and
- Knowledge of regulatory and legal landscape applicable to insurance products in the United States and Canada.
EXPERIENCE/EDUCATIONAL REQUIREMENTS:
- J.D. from an ABA accredited law school required or equivalent degree;
- Minimum of 2-5 years of experience in insurance law, corporate finance or other relevant M&A deal experience, and
- Specific experience with insurance sector or other financial institutions a strong plus.
- Location near our New York or Toronto office locations preferred for hybrid working model.