Managing Director and Counsel, Bond & Specialty Insurance

Claim, LegalCompensation Overview

The annual base salary range provided for this position is a nationwide market range and represents a broad range of salaries for this role across the country. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment. As part of our comprehensive compensation and benefits program, employees are also eligible for performance-based cash incentive awards.

Salary Range$157,000.00 - $259,200.001Bond & Specialty Insurance (BSI) provides management and professional liability, cyber, crime insurance, and surety bonds to or on behalf of businesses of all sizes. The BSI Claim Counsel team conducts thorough investigation, analysis, evaluation, and disposition of claims and claim litigation to achieve superior customer service and to optimize claim results. As a valued member of our team, in addition to claim, you also will provide legal advice to our underwriting colleagues and non-attorney claim colleagues, and participate in BSI claim strategic initiatives. Commercial Surety: Travelers' Commercial Surety Team handles claims on non-construction surety bonds; mitigates exposures on commercial surety accounts; and provides a wide range of business support and legal services to advance our mission to serve as trusted advisors to our underwriting partners.What Will You Do?

• Manage a team of claim professionals and counsel.
• Analyze, investigate, and resolve BSI claims of high levels of severity with oversight from claims management.
• Prepare and present reports for management that accurately reflect loss development, potential/actual financial exposure, reserve adjustments, coverage issues, and claim and recovery strategies.
• Retain, monitor, and manage outside counsel actively utilizing litigation management plans and budgets.
• Communicate with underwriting on significant claim exposures.
• Identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit and Claim management.
• Travel to and attend mediations, settlement conferences, claim conferences, field office visits, trials and depositions.
• Provide legal review and advice to underwriters on bond obligations and project contract documents. Review, draft and/or modify bond forms, contract documents and other agreements including, indemnity, takeover, completion, subcontractor ratification, financing and collateral.
• Engage in account workout risk mitigation analysis, advise on mitigation strategies, and assist in execution of such strategies.
• Monitor account bankruptcy proceedings and document post-bankruptcy indemnity. Draft and file proofs of claim and advise as to potential recovery. Retain outside counsel where appropriate to protect or enforce surety rights.
• Negotiate the resolution of bonded obligations on defaulted contracts, and terms of agreements including indemnity agreements, letters of credit, set aside letters from lenders, intercreditor agreements and subordination agreements.
• Determine whether bond exposure has expired, including for the purpose of releasing collateral, by reviewing bond terms, applicable law, and court dockets (when applicable).
• Monitor marketplace conditions, conduct research, and draft reference materials to inform claim and underwriting colleagues on law impacting Travelers’ underwriting and claim decisions.
• Review documents pertaining to mergers, equity sales and asset sales to determine the legal status and ownership of indemnitors undergoing a change of control. Draft and negotiate appropriate agreements to document indemnity changes related to such transactions.
• Support underwriting marketing efforts, including participation in broker and account visits and risk mitigation seminars and authoring customer-focused white papers and articles.
• Obtain and maintain required adjusters’ licenses.
• Perform other duties as assigned.

What Will Our Ideal Candidate Have?

• Eight or more years of relevant legal or claim handling work experience.
• Demonstrated ability to effectively work through conflict and resolve issues with a professional demeanor.
• Ability to make sound decisions and negotiate terms and conditions within designated authority limit.
• Excellent verbal and written communication skills with the ability to clearly articulate coverage determinations.
• Time management skills with the ability to manage multiple priorities with an attention to detail, data and analytics.
• Ability to build, foster, and maintain effective and collaborative relationships with colleagues, customers, and business partners.

What is a Must Have?

• Bachelor’s Degree.
• Juris Doctorate Degree.
• Properly licensed, registered or authorized, and in good standing, to practice law in the jurisdiction in which you will be working.
• Five years of relevant legal experience.