Sr Claim Counsel, Surety

4 weeks ago


Hartford, Connecticut, United States The Travelers Indemnity Company Full time
Job Summary

We are seeking a highly skilled Sr Claim Counsel, Surety to join our Bond and Specialty Insurance team. As a Sr Claim Counsel, Surety, you will be responsible for conducting thorough investigations, analyzing claims, and providing expert advice to our underwriting colleagues.

Key Responsibilities
  • Analyze and investigate claims of varying levels of severity, utilizing your expertise in surety law and regulations.
  • Prepare and present reports to management, highlighting loss development, potential/actual financial exposure, 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, providing expert advice and guidance.
  • Identify 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, reviewing, drafting, and/or modifying bond forms, contract documents, and other agreements.
  • 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, drafting and filing proofs of claim and advising on potential recovery.
  • 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, drafting and negotiating 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.
Requirements
  • Six 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 limits.
  • Strong 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 and maintain effective and collaborative relationships with colleagues, customers, and business partners.
  • 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.
  • Three years of relevant legal experience.
What's in It for You?
  • Health Insurance: Employees and their eligible family members – including spouses, domestic partners, and children – are eligible for coverage from the first day of employment.
  • Retirement: Travelers matches your 401(k) contributions dollar-for-dollar up to your first 5% of eligible pay, subject to an annual maximum.
  • Paid Time Off: Start your career at Travelers with a minimum of 20 days Paid Time Off annually, plus nine paid company Holidays.
  • Wellness Program: The Travelers wellness program is comprised of tools, discounts, and resources that empower you to achieve your wellness goals and caregiving needs.
  • Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved.


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