Generali is a major player in the global insurance industry – a strategic and highly important sector for the growth, development and welfare of modern societies. Over almost 200 years, we have built a multinational Group that is present in more than 60 countries, with 470 companies and nearly 80,000 employees. Our Group aims to become the standard bearer and industry leader in the European retail insurance market, building on our existing base of 50 million retail clients, out of an overall total of 72 million.
Generali Insurance Asset Management SGR is the Asset Management Company of Generali Group, leveraging the experience and know-how it has developed through managing the assets of the insurance companies of the Generali Group and pension funds, GIAM offers a track record of solid performance in Liability Driven Investment (LDI) solutions for insurance and pension funds portfolios, as well as a series of proprietary analysis tools developed to support LDI management.
The Credit Research team is an integral part of the investment’s team and is structured along sector specialization. The Analysts work very closely with the Portfolio Managers and their specialist input could have a direct impact on portfolio positioning making this a demanding and responsible role.
The Credit Analyst’s core work results in:
- Publications: Prepare credit opinions explaining key credit risks for credits under coverage. These would include sector reports, company specific credit reports, earnings updates. Reports should focus on those factors that affect a borrower’s ability to repay its debt and provide a credit ratings/ outlooks, including upgrade/downgrade triggers.
- Prepare financial models: Create financial models, analysing key financial metrics to differentiate improving from deteriorating credits, including peer group analysis.
- Communication: Proactively engage with portfolio managers to discuss positioning under coverage. Host conference call with PMs/ Head of Investments/ key clients to communicate views.
The mission will focus primarily on the analysis of financials, particularly insurance companies, and could be involved in other industry related industry projects.
In particular the candidate should demonstrate:
- A specialist knowledge in the credit assessment of issuers in the Insurance sector (with some knowledge of the banking sector, but this is not essential). Candidates should be able to assign internal credit ratings and express clear opinions with a detailed rationale using a structured approach.
- Detailed knowledge of regulation and capital structure especially stress test under different scenarios.
- Participate/conduct due diligence meetings with an Issuer’s senior management to formulate their credit opinion and clearly communicate this to portfolio managers.
- Knowledgeable about ESG issues relating to the sector and how this impacts the issuer’s credit outlook.
- Proactivity: Write regular, concise credit reports, host calls as required. Participate in discussions with portfolio managers. When required, prepare documents for Credit Committees, other credit process and governance documents.
- Masters degree in Economics/ Finance area. MBA, CFA (or similar) would be a plus
- Previous experience (at least 5-10 years) in evaluating the credit/risk analysis of insurance companies either with a rating agency or another bank
- Knowledge of capital markets particularly the bond market
- Excellent analytical skills – the candidate should be able to analyze companies, industries, and situations both from a fundamental perspective and in a relative value context
- Credit and legal skills – ability to dig into bond documentation and understand covenant and non-vanilla clauses
- Fluent in English, and preferably another European language
- Microsoft Office package (esp. Word, Excel, Power point) essential, Bloomberg Platform would be a plus
- Experience in analyzing financial statements
- Excellent communication skills
- Proactivity (essential)
- Good team player (essential)
- Comfortable with working under pressure and with tight deadlines
- Curious, flexible and responsive
Generali is proud to be an inclusive employer that considers applicants regardless of gender, gender identity, sexual orientation, ethnicity, disability, religion, political views, marital status or philosophy of life.
If you have a disability or special need that requires accommodation or assistance, we will support you during the selection process.