Head of Insurance

About the job:

Following the decision by our Head of Insurance to retire in the second half of this year, we are searching for an experienced and skilled marine insurance specialist to take up and develop further the position of Head of Insurance.

You will be part of a highly specialised financial institution dedicated to the shipping industry, which offers shipowners financing for newbuilds and secondhand vessels. We finance vessels against first priority mortgages, and the insurances taken out on the financed vessels are an essential part of the security package for our loans should the vessels suffer a marine loss. Therefore, we must ensure that the value of the financed vessels’ insurances covers our loan exposure. Also, we take out MII/MAPP insurance on our own account to provide an additional layer of security, which you will be responsible for negotiating. 

In close cooperation with our Client Relations team, you will take part in the negotiations of the minimum requirements for the insurance cover set out in the loan documentation agreed with shipowners and, in addition, maintain regular contact with insurance brokers, lawyers, banks and shipping companies. You will be responsible for ensuring that the insurance cover is acceptable and adequate.

The Head of Insurance role is anchored in our Credit team, and while you will report directly to the Head of Credit, you will have frequent interactions with and engage in professional sparring with our in-house legal team.

Who we are:

Established in 1961, Danish Ship Finance (“DSF”) is a specialised provider of international ship finance with a loan book of approximately DKK 35 billion secured by first priority pledges over nearly 700 vessels, funded through the issuance of ship mortgage bonds and CRR-compliant covered bonds listed on Nasdaq Nordic. 

DSF is subject to supervision by the Danish FSA and has approximately 80 dedicated employees all based in Copenhagen. We have an industry-leading credit underwriting track record, a flat hierarchy with agile decision-making processes, and an overarching client-centric approach. 

Your tasks and responsibilities: 

As Head of Insurance, your tasks and responsibilities will include:

• Assessing the quality and value of the insurance packages taken out in respect of the vessels being financed by DSF in all new loan transactions including in connection with renewals.
• Providing the Client Relations team and senior management with specialist advice on marine insurance-related issues and responding to any questions that may arise on a daily basis.
• Engaging in discussions with our stakeholders (brokers, lawyers, banks and clients) about specific insurance-related minimum requirements set out in the loan documentation agreed with shipowners.
• Preparing internal reporting to the Board of Directors on DSF’s insurance position.
• Identifying new or amended insurance regulations, general policy changes or regulatory initiatives and assessing their impact on DSF’s business operations with a view to ensuring best-practice implementation and compliance in DSF. 
• Ensuring that all existing mortgaged vessels are adequately insured at all times, and that all insurance data is appropriately registered and continuously maintained. 
• Handling ad hoc tasks related to the day-to-day business of the Credit team.

Who you are:

You are an experienced marine insurance specialist who has worked previously either as an underwriter or as a claims handler at an insurance company/insurance broker or at a shipping company. It is important that you have excellent analytical skills. You are able to engage and advise on insurance-related matters internally, as well as dealing directly with insurance professionals at shipping companies. 

Ideally, you will have:

• A Graduate Diploma from the Danish Insurance Academy or an AP Graduate in Financial Management or a Graduate Diploma in Business Administration or a BA/MSc in Business Administration & Commercial Law or a Master of Law degree.    
• A minimum of 5-10 years of experience working with marine insurances either at an insurance company or at a shipping company.
• In-depth knowledge of international marine insurance conventions.
• Excellent communication skills and the ability to impart knowledge to non-marine business partners. 
• A solution-oriented approach and a pro-active attitude. 
• Proficiency in Danish and English.

If this sounds like you, please don’t hesitate to get in touch!

Next steps:

For more information about the job, please contact our Head of Insurance, Claus Kjærulff, at ckj@skibskredit.dk, or Head of Credit, Flemming Møller, at flm@skibskredit.dk or by phone on +45 3333 9333. You can submit your CV together with a covering letter and supporting documents by clicking on the 'Apply now' button below. 

As we review applications on an ongoing basis, we recommend you apply at your earliest possible convenience and at the latest by 5 June 2023.

We look forward to hearing from you!