Director, Structured Credit

About the role

Come join one of America’s fastest-growing insurance companies. Since 1848, National Life Group has aimed to keep our promises, providing families with stability in good times and in bad. Throughout that history, we have provided peace of mind to those families as they plan their futures. Our mission extends beyond the insurance and annuities policies that we offer. We strive to make the world a better place through our grants from our charitable foundation, paid volunteer time for our employees, environmentally sustainable and healthy workplaces, and events that promote the work of nonprofits in our own backyard.

NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates.

Responsibilities

The Director, Structuring leads the structuring and ongoing management of NLG Capital’s internal feeder funds, CLOs, and related asset-backed financing vehicles across both internally and externally managed mandates. Collateral includes middle market loans and specialty finance / ABL assets. This role owns these vehicles throughout their full life cycle, including initial capital structure design, cashflow modeling, rating agency execution, documentation, and closing processes.

• Structure and execute internal feeder funds, CLOs, warehouses, and related financing vehicles across internally and externally managed mandates, including capital structure design, eligibility and concentration criteria, coverage tests, and deal economics
• Own the ongoing management of outstanding vehicles, including compliance and covenant monitoring, waterfall and test verification, internal reporting, amendments, resets, and refinancings
• Lead rating agency engagement across the vehicle life cycle, including selection, stress and cashflow analysis, agency presentation, and ongoing surveillance
• Build and maintain cashflow models, replicating rating agency scenarios and testing structures to facilitate the ratings process
• Partner with Direct Lending and Asset-Based Finance teams to align structural and investment objectives
• Evaluate externally managed vehicles and third-party managers across structure, documentation, collateral, and manager capability, and recommend actions to the Investment Committee
• Negotiate transaction documentation alongside counsel and arrangers, and coordinate trustees, agents, and service providers through closing and beyond
• Advise on financing strategy and relative cost of capital across warehouse, CLO, feeder, and other structures, including implications for NAIC designation, statutory capital, and liability matching
• Produce pipeline reporting and prepare materials for the Investment Committee, Investment Risk Committee, and senior management

Requirements

• Bachelor’s degree in finance, economics, or a quantitative field
• 5–10 years of experience in CLO, feeder fund, ABS, or other structured vehicle structuring, origination, banking, or rating agency analysis
• Strong command of structured credit documentation, capital structures, covenants and coverage tests, and the ratings process
• Proven ability to execute the end-to-end structuring and ratings process
• Proficiency with Intex and Excel
• Exceptional organizational skills, including the ability to run live transactions while maintaining responsibility for closed vehicles
• Exceptional communication skills with the ability to bring cross-functional groups together and address legal, regulatory, accounting, and financial reporting considerations

Preferred Qualifications

• Advanced degree and/or CFA
• Programming proficiency in SQL and Python
• Understanding of accounting implications and insurance general account investing, including NAIC designations, statutory capital, and RBC treatment
• Experience serving as a resource on securitization and structuring technology
• Deep familiarity with credit markets and structured finance vehicles

Skills

All Applicants Are Expected To Leverage approved AI tools, where appropriate, to improve the efficiency, quality, and impact of their work. Stay curious and open to new AI-enabled ways of working. Exercise sound judgment by reviewing and validating AI-generated content. Maintain accountability for the accuracy, quality, fairness, and integrity of work products by adhering to National Life's AI guiding principles. Use AI responsibly and in accordance with company policies related to confidentiality, data privacy, security, compliance, retention, and intellectual property.

Benefits

Your benefits start day one and are flexible and customizable to your and your family’s specific needs.

Pay

The base pay range for this position is $206,250 - $302,500 USD. The total compensation package for this position may also include a full range of medical, financial, and/or other benefits, dependent on the position offered.

Schedule

This position currently offers an onsite work schedule, with the expectation that you will be in the office four (4) days per week during onsite core days. Our current onsite core days are Monday, Tuesday, Wednesday, and Thursday. The work schedule type and core days are subject to change with advance notification and manager discretion.