Investment Banking Associate - Insurance

Description of the Business Line or Department

GLBA is the Investment Banking division of SGCIB. It offers a global advisory approach focused on strategic dialogue with clients and provides tailor made solutions to corporates and financial institutions, with a focus on investment banking activities. GLBA/FIG Insurance Investment Banking advises insurance carriers, brokers, MGAs and reinsurers across Property & Casualty and Life & Annuity in the Americas on M&A, capital raising and strategic advisory. The team partners with product and capital markets teams and applies insurance specific valuation and diligence approaches (e.g., embedded value frameworks for Life & Annuity and reserve/loss development analytics for P&C) in support of transaction execution.

Summary

• Support the full transaction lifecycle (origination through execution), including financial analysis, drafting client materials, and managing day to day workstreams.
• Build, review, and audit financial models and valuation analyses tailored to insurers (P&C, Life & Annuity, or both) and insurance intermediaries.
• Produce high quality client deliverables (pitch books, confidential information memoranda, management presentations, committee materials) with clear, defensible conclusions.
• Conduct company and industry research; monitor market, regulatory, and accounting developments impacting insurers and transaction structures.
• Coordinate diligence and execution with internal partners and external advisors (legal, accounting, actuarial, consultants), ensuring timely, accurate outputs.

Responsibilities

• Execute buy side and sell side M&A and strategic advisory processes (process planning, outreach, diligence, bids, negotiations support, and closing deliverables).
• Develop and apply insurance valuation frameworks, including trading/transaction comparables and insurer appropriate income based methods (e.g., dividend discount / ROE based approaches; DCF where applicable).
• Life & Annuity valuation and diligence: interpret embedded value concepts (EV/MCEV), value of in force and new business economics; assess sensitivity to assumptions (mortality, lapse, expenses, crediting rates, discount rates).
• P&C valuation and diligence: perform reserve and loss development analytics using triangles and standard reserving techniques to assess reserve adequacy and earnings quality.
• Assess capital, liquidity, and ratings considerations relevant to insurance transactions (statutory/SAP and GAAP impacts; RBC and rating agency capital implications; leverage and holding company constraints).
• Prepare and quality control transaction materials for execution and marketing (CIMs, management presentations, term sheets, financing options, valuation and accretion/dilution outputs).
• Manage diligence and execution logistics (data room, Q&A, model revisions, third party workstreams); identify issues early and propose solutions.
• Maintain and update relevant databases (public comps, transaction comps, trading levels, reinsurance market indicators) and support thought leadership on sector themes.
• Provide day to day oversight of analysts and interns; ensure accuracy, coaching, and adherence to team standards.
• Act within agreed risk limits and comply with internal policies and applicable securities regulations (e.g., information barriers, MNPI handling, communications, personal account dealing).
• Delegate and review discrete workstreams to analysts/interns as appropriate, maintaining accountability for final output quality and timeliness.
• Some autonomy in managing day to day execution and junior resources, always under senior banker oversight for client facing decisions and approvals.

Key external contacts

• Client management teams (finance, strategy, treasury, capital management, actuarial) under senior banker supervision.
• Counterparties (buyers, sponsors, financing sources) and external advisors (legal, accounting, actuarial, consultants).

Regulatory Function (where applicable)

• Client dealing and corporate finance activities connected to transactions and advisory mandates.