AVP, Head of Investment Surveillance

Summary

The AVP, Head of Investment Surveillance, will build and lead AXI's post-investment monitoring function across the general account and related portfolios. This role is responsible for identifying emerging credit deterioration, investment limit or allocation drift, valuation concerns, and external manager underperformance. The position will establish a consistent, risk-based surveillance framework across public and private fixed income, securitized products, mortgage loans, private credit, fund finance, and alternative investments, while supporting regulatory, rating agency, audit, and reinsurance reporting requirements.

Key Responsibilities

Surveillance Framework & Credit Monitoring

• Build and maintain a comprehensive investment surveillance framework across the general account and related portfolios, including monitoring metrics, review cadence, early-warning indicators, escalation thresholds, and supporting documentation by asset class.

• Conduct asset-level and portfolio-level monitoring across public and private investment grade corporates, municipals, securitized products, residential and commercial mortgage loans, private credit, direct lending, fund finance, asset-based lending, rated feeder structures, infrastructure, and alternative investments.

• Evaluate issuer and borrower fundamentals, spread and rating migration, collateral and loan performance, covenant and trigger compliance, leverage, borrowing-base adequacy, refinancing risk, and other asset-specific indicators. Perform deeper reviews of positions showing signs of deterioration.

Investment Limits & Portfolio Positioning

• Monitor compliance with regulatory, contractual, and internal investment limits, including NAIC designation-based limits, single-name and concentration limits, investment policy and investment management agreement requirements, and reinsurance treaty guidelines. Maintain an auditable inventory of applicable limits and manage exception, cure, waiver, and remediation processes.

• Track portfolio positioning against strategic asset allocation parameters, including weighted-average yield targets, RBC constraints, duration ranges, spread over crediting rates, allocation targets, and fee limitations. Identify breaches or emerging drift and recommend appropriate remediation.

Manager Oversight, Watchlist & Valuation

• Oversee surveillance of subadvisors and external managers, including guideline compliance, style drift, performance relative to mandate, allocation against strategic targets, reporting quality, and fee monitoring. Establish and maintain consistent reporting and manager-review templates across the platform.

• Own the investment watchlist and impairment-candidate processes, chair recurring surveillance reviews, and deliver concise, decision-ready analysis to the Investment team, Investment Committee, and Board as appropriate.

• Coordinate valuation reviews for hard-to-value and less-liquid assets, including private placements, mortgage loans, fund interests, feeder notes, and alternatives. Challenge manager or pricing-vendor marks when warranted and document the basis for conclusions.

Reporting, Data & Technology

• Support regulatory, rating agency, auditor, and reinsurance counterparty requests by providing accurate, defensible asset-level surveillance data and analysis, including information used in RBC, BCAR, statutory reporting, and capital adequacy workstreams.

• Develop and maintain the surveillance data and technology infrastructure, including Bloomberg, Intex or comparable cash-flow tools, trustee and loan-level data, manager data feeds, dashboards, and automated recurring reporting.

Governance & Communication

• Establish and maintain written surveillance policies, procedures, methodologies, and governance standards. Document material methodology changes, conduct regular reviews, and keep the function audit-ready.

• Communicate emerging concerns promptly and clearly, distinguish verified facts from judgment or inference, and explicitly identify unresolved data gaps or limitations in reporting.

Qualifications

• 10+ years of experience in fixed income, credit research, investing, portfolio monitoring, or investment surveillance, including at least 5 years of directly relevant surveillance, credit, or asset management oversight experience.

• Insurance general account experience strongly preferred, including familiarity with the investment and reporting considerations of life or annuity portfolios.

• Demonstrated experience evaluating risk across diversified public and private markets, with depth in multiple asset classes and the ability to develop credible oversight across the broader portfolio.

• Working knowledge of insurance regulatory and rating agency frameworks, including NAIC designations and RBC, commercial mortgage ratings, Schedule BA and Schedule D classifications, investment limit regimes, and AM Best BCAR considerations.

• Experience overseeing external managers or subadvisors within a multi-manager investment structure.

• Advanced proficiency with Bloomberg, Excel, and Intex or comparable cash-flow and surveillance tools. Experience with SQL, Python, data visualization, or reporting automation is a plus.

• Demonstrated ability to build and lead a function with limited existing infrastructure, establish practical processes, and independently drive work from design through implementation.

• Strong judgment and direct communication skills, with the ability to present difficult or adverse conclusions to senior stakeholders using clear analysis and supporting documentation.

• Bachelor's degree in finance, economics, accounting, mathematics, or a related field. CFA, FRM, MBA, or other relevant advanced credential is preferred.