Location: Milan (EMEA)

About Verdant Rock

Verdant Rock Limited is a Bermuda-based insurer, regulated by the Bermuda Monetary Authority as a Class 3B insurer and rated BBB+ (Stable) by Fitch Ratings and A (low) by Morningstar DBRS. It issues irrevocable, unconditional, on-demand financial guarantees on emerging-market debt exposures, designed to qualify as eligible credit protection under Basel III and Solvency II, for the vantaggi of institutions globally. The Structuring team screens, structures and prepares for underwriting the transactions Verdant Rock guarantees.

Role overview The Principal will lead a team of structurers specialised in securitisation and significant risk transfer (SRT), whose work enables Verdant Rock to underwrite guarantees on ABS, RMBS and synthetic and true-sale SRT transactions referencing emerging-market bank portfolios.

The Principal screens incoming ABS and SRT opportunities and serves as the first point of contact for that purpose, then leads the structuring of the transactions taken forward, so that each one reaches Underwriting fully analysed and delivers the intended capital treatment.

Key responsibilities

▪ Screen ABS and SRT opportunities and act as the first point of contact for banks, originators and arrangers during screening.

▪ Lead the structuring of tranche protection: attachment and detachment points, tranche thickness, replenishment and eligibility criteria, amortisation (pro rata or sequential), excess spread, and time and regulatory calls.

▪ Ensure transactions meet significant risk transfer tests and the requirements for eligible unfunded credit protection under the Basel III securitisation framework and the relevant local regulation.





▪ Lead the assessment of originator underwriting standards, servicing capability, data quality and counterparty risk, interpreting servicer, data verification and legal due diligence reports.

▪ Manage the team of structurers: allocate transactions, set priorities and review data analysis, loss modelling and capital calculations.

▪ Present structured transactions to Underwriting and contribute to securitisation structuring standards and pricing guidance.

▪ Use market standard portfolio analytics, cash-flow modelling and data tools the team requires, such as Moody's RiskFrontier and Intex.

▪ Build senior relationships with bank capital management and treasury teams and with arrangers, and develop the members of the team.

Qualifications and experience

▪ A minimum of 12 years' experience in securitisation or SRT at a bank (structuring, capital solutions or portfolio management), a rating agency's structured finance group, or a credit fund or insurer active in risk transfer.

▪ Lead role on multiple executed SRT or ABS transactions.

▪ Mastery of financial modelling, transaction structuring and security packages, with the ability to review models and documentation independently.

▪ Hands-on deal experience and the ability to interpret legal, servicer and data due diligence reports.

▪ Thorough knowledge of the Basel securitisation framework (SEC-IRBA, SEC-SA, SEC-ERBA) and SRT assessment practice.

▪ Experience managing and developing a team of structurers or analysts.

▪ Fluency in English; other languages are an advantage.

Desirable

▪ Exposure to emerging markets.

▪ Experience providing or arranging unfunded credit protection in SRT transactions.

📌 Principal (Lead), Structuring (Italia)
🏢 Verdant Rock
📍 Italia