Vice President, Surety - Product Counsel

Are you looking for your next opportunity?

Sompo has a unique opportunity for a Vice President, Surety - Product Counsel role in our Legal business unit with a close collaboration and partnership with the Surety Leadership team.  This position will be responsible for providing the Sompo Surety business unit with counsel in all facets of suretyship ranging from indemnity matters to complex deal structuring.

Location:  This position can be based out of any of our Sompo Offices as detailed below.  We strive for collaboration, which is why we offer a work environment where our employees thrive and develop long-lasting careers.  

• New Jersey:  Morristown
• New York:  Garden City, New York City, Purchase
• North Carolina:  Charlotte
• Tennessee:  Mount Juliet

Our business, your impact, our opportunity:

What you’ll be doing: 

• Indemnity Agreement Reviews
  • Proposals to GIAs for live deals
  • Modifications to existing agreements
  • Adding/Releasing Indemnitors
  • Periodic full form review & creation (protection adequacy and competitive market position)
    • short form
    • demand language
• Capital retention agreements
• Claims sharing agreements
• Bonded job contract reviews
• Bond form manuscription, modifications & change reviews
• Bond risk legal guidance (Appleton reviews, renewables industry related bond risks etc.)
• Surety operational contract reviews (e.g., collateral facility)
• Complex Deal Structure Guidance (legacy book deal workouts, new deal formations-SPEs. JV, Private Equity Involvement etc.)
• Collateral Demands
• Claims waterfall advice (bankruptcy background)
• Audit process involvement (provide practical surety specific legal experience given the product’s niche nature)

What you’ll bring: 

• At least 10-12 years’ current Surety Legal Counsel and or Surety Claims experience in the insurance industry
• Juris Doctor degree
• Strong experience attending mediations, negotiating settlements, and mitigating risk
• Ability to establish close working relationships with Underwriting, Legal and Claims

• Excellent presentation, verbal, and written communication skills
  • Candidates may be asked to provide writing samples
• Analytical decision making and resource management skills with attention to detail
• Strong commitment to providing superior client service

• Strong negotiating, analytical, written, and organizational skills
• Strong technical skills to include various in-house claims systems (Guidewire, Genius, ImageRight)

• Ability to travel approximate 10%- 20% of the time

Salary Range: $200,000 – $260,000 Actual compensation for this role will depend on several factors including the cost of living associated with your work location, your qualifications, skills, competencies, and relevant experience.

At Sompo, we recognize that the talent, skills, and commitment of our employees drive our success. This is why we offer competitive, high-quality compensation and benefit programs to eligible employees.

Our compensation program is built on a foundation that promotes a pay-for-performance culture, resulting in higher incentive awards, on average, when the Company does well and lower incentive awards when the Company underperforms. The total compensation opportunity for all regular, full-time employees is a combination of base salary and incentives that gets adjusted upfront based on overall Company performance with final awards based on individual performance.

We continuously evaluate and update our benefit programs to ensure that our plans remain competitive and meet the needs of our employees and their dependents. Below is a summary of our current comprehensive U.S. benefit programs:

• Two medical plans to choose from, including a Traditional PPO & a Consumer Driven Health Plan with a Health Savings account providing a competitive employer contribution
• Pharmacy benefits with mail order options
• Dental benefits including orthodontia benefits for adults and children
• Vision benefits
• Health Care & Dependent Care Flexible Spending Accounts
• Company-paid Life & AD&D benefits, including the option to purchase Supplemental life coverage for employee, spouse & children
• Company-paid Disability benefits with very competitive salary continuation payments
• 401(k) Retirement Savings Plan with competitive employer contributions
• Competitive paid-time-off programs, including company-paid holidays
• Competitive Parental Leave Benefits & Adoption Assistance program
• Employee Assistance Program
• Tax-Free Commuter Benefit
• Tuition Reimbursement & Professional Qualification benefits

In today’s world, what do we stand for?

Ethics and integrity are the foundation of delivering on our commitment to you. We believe that core values drive success, and that when relationships are held in the highest regard, there is nothing that cannot be accomplished. At Sompo, our ring is more than a logo, it is a symbol of our promise. Click here to learn more about life at Sompo.

Sompo is an equal opportunity employer and we intentionally value inclusion and diversity. Above all, we want you to work in an environment that respects everyone’s unique contributions – we are passionately committed to equal opportunities. We do not discriminate based on race, color, religion, sex orientation, national origin, or age.