Senior Legal Counsel, Ceded Reinsurance

Markel • Richmond, VA

7d • Hybrid

About The Position

If you’re looking for a place where you can make a meaningful difference, you’ve found it. The work we do at Markel gives people the confidence to move forward and seize opportunities, and you’ll find your fit amongst our global community of optimists and problem-solvers. We’re always pushing each other to go further because we believe that when we realize our potential, we can help others reach theirs. Join us and play your part in something special! Senior Legal Counsel, Ceded Reinsurance partners closely with Markel’s Global Ceded Reinsurance and ILS teams to provide end-to-end legal support for complex outwards reinsurance and collateralized risk transfer transactions. The role has primary responsibility for structuring, drafting, negotiating, and closing reinsurance agreements, trust and collateral frameworks, commutations, and specialty product documentation, with particular focus on fronting arrangements, quota shares, ILWs, and ILS programs supporting Markel Bermuda Limited. Operating in a highly cross-functional and global environment, this role collaborates with underwriting, finance, claims, brokers, and Nephila’s legal teams across Bermuda, London, and the U.S., while ensuring regulatory compliance, governance alignment, credit and concentration risk controls, and timely execution of agreements in accordance with Markel’s global wording standards and service expectations.

Requirements

• Bachelor’s degree
• JD required
• 8+ years of experience in (re)insurance transactional work, with deep knowledge of fronting, quota shares, trust agreements, ILWs, and collateralized ILS programs.
• Transactional drafting and negotiation.
• BMA regulatory fluency and governance.
• Credit, collateral and concentration risk acumen to master quota share guardrails and fronting carrier protection.
• Expertise in Bermuda insurance regulation and BMA filings.
• Familiarity with specialty products such as BESS.
• Comfortable leading complex cross-border negotiations with counterparties and external counsel.
• Excellent written and oral communication skills.
• Solid understanding of US, Bermuda, and England/Wales re/insurance law, including regulatory requirements surrounding reinsurance contracts.
• Strong negotiating skills.
• Strong project management and organization skills.
• Excellent attention to detail.
• Ability to deliver outstanding customer service.
• Excellent skills in Microsoft Office products (Excel, Outlook, Power Point, Word, Copilot and AI).
• Ability to work in a global team environment and ability and willingness to work independently and remotely.
• Strong desire for continuous improvement.
• US Work Authorization required. Markel does not provide visa sponsorship for this position, now or in the future.

Responsibilities

• Partner with Markel’s Ceded Re Placement leads to understand each reinsurance deal and take primary responsibility over drafting, editing, and finalizing the various contracts associated with each outwards reinsurance placement. This includes understanding the product lines covered, their respective coverages, appropriate exclusions, and the proposed/final reinsurance terms.
• Partner with Markel’s Ceded Re team in negotiation of contract terms, reinsurance coverage, and other wordings to protect Markel’s interest and ensure contracts align with the intent.
• Primary responsibility for managing contracts associated with the Insurance Linked Securities (ILS) market in order to provide end‑to‑end legal support for Markel Bermuda Limited’s fronting and ILS activities, including structuring, drafting, negotiating, and closing quota share and related agreements; overseeing trust and collateral frameworks; managing industry loss warranty (ILW) arrangements; advising on specialty products; and coordinating Bermuda regulatory engagements and board governance.
• Structure and maintain trust agreements and Risk Transfer Framework Agreements (RTFAs) supporting Markel’s ILS fund groups ensuring collateral sufficiency, trust operations, and signatory governance for payments.
• Provide advice on all specialty products legal documents from end to end including reservations-of-rights (ROR) language, claims, commutation, and other agreements.
• Form strong relationships with ILS council to help build strong relationships between the ILS group, legal and ceded.
• Draft and negotiate commutation amendments and legacy claim clean‑ups; coordinate with Finance/Claims and audit trail requirements.
• Serve as the backup legal interface with Nephila counsel and internal partners (Head of ILS Solutions, Managing Director Ceded Re, Accounting Policy, Claims), facilitating quick issue resolution and document execution.
• Partner with Ceded Re leadership to embed counterparty concentration and credit‑risk controls into master QS language/MOUs and future fronting frameworks.
• Ensure all agreements are executed on a timely basis to meet internal Markel Service Level Agreements, as well as the appropriate regulatory requirements.
• Maintain and manage a library of all ceded reinsurance clauses and wordings and appropriate supporting documentation.
• Maintain and enhance Markel’s standard reinsurance wording library used in reinsurance contracts, trust agreements, non-disclosure agreements, commutation agreements, broker arrangements, etc. and ensure they remain aligned with industry best practices and the latest industry trends.
• Build relationships with Markel’s reinsurance brokers and their contract wording teams.
• Work closely with Markel partners and reinsurers on deals placed on a direct basis.
• Negotiate trust agreement language with reinsurers and their financial institutions.
• Bring all current Markel reinsurance agreements up to our global wording standards, while catering for local regulatory and commercial requirements where needed.
• Partner with and leverage our local internal legal teams where required.
• Facilitate any engagement with outside counsel where needed.
• Lead and participate in special projects as required.

Benefits

• In keeping with the values of the Markel Style, we strive to support our employees in living their lives to the fullest at home and at work. We offer competitive benefit programs that help meet our diverse and changing environment as well as support our employees’ needs at all stages of life. All full-time employees have the option to select from multiple health, dental and vision insurance plan options and optional life, disability, and AD&D insurance. We also offer a 401(k) with employer match contributions, an Employee Stock Purchase Plan, PTO, corporate holidays and floating holidays, parental leave.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 101-250 employees