Back to jobs
New

Managing Director, Derivatives & Hedging

Addison, TX; Montpelier, VT; New York, NY

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.

We foster a collaborative environment with opportunities for growth and encourage our associates to live our values: Do good. Be good. Make good.

About Us

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. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team.  They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision.  We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders.  Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.

Please note that we do not offer visa sponsorship for this position.

Role Summary

Reporting directly to the Chief Investment Officer, the Managing Director, Derivatives & Hedging is a senior executive leader responsible for the strategy, design, execution, and oversight of NLG’s enterprise-wide derivatives and hedging program across all asset classes and product types. This role sits at the intersection of investments, risk management, actuarial strategy, and product development, and serves as a key voice within the senior investment leadership team.

The Managing Director will architect and lead a scalable hedging platform that protects and enhances NLG’s financial performance, supports new product innovation, and optimizes capital and collateral efficiency. The role requires deep technical expertise in derivatives and hedging, proven executive leadership, and the ability to communicate complex strategies clearly to the CIO, executive leadership, risk committees, regulators, and rating agencies.

Key Responsibilities

Strategy & Program Leadership

  • Set the enterprise vision and strategic direction for NLG’s derivatives and hedging program across all asset classes, insurance products, and reinsurance arrangements.
  • Develop, implement, and continuously refine a scalable hedging framework – evolving from static hedging programs toward dynamic overlays as business and asset volumes increase.
  • Proactively recommend and execute derivative strategies that enhance NLG’s financial performance and advance the firm’s broader investment and risk objectives.
  • Serve as a member of the senior investment leadership team, contributing to portfolio strategy, capital allocation, and enterprise risk discussions led by the CIO.

Risk Management & Execution

  • Oversee day-to-day hedging operations, including trade execution, monitoring, and lifecycle management across market, interest rate, equity, FX, and optionality risks.
  • Design and maintain a framework that provides an informed, real-time view on risk exposures, hedge effectiveness, and capital impacts.
  • Monitor and report on hedge performance using metrics such as value-at-risk, hedge P&L attribution, basis risk, and statutory and GAAP capital impacts.
  • Establish and enforce policies, processes, controls, and limits governing all derivatives activity.

Product & Cross-Functional Partnership

  • Partner with actuarial, product development, distribution, and banking counterparties on the design and launch of new FIA, RILA, IUL, MYGA, and other indexed-linked or custom products.
  • Collaborate with investment, actuarial, finance, and treasury teams to design and execute hedging for new products, M&A transactions, reinsurance deals, FX exposures, and in-force risk management.
  • Work with corporate finance and actuarial valuation teams to support projections, capital planning, stress testing, and ALM analysis.
  • Optimize collateral posting, counterparty exposure, and capital efficiency associated with all derivatives activity.

Communication & Stakeholder Engagement

  • Communicate hedging strategy, results, and risk profile clearly and accurately to the CIO, executive leadership, the Board, risk committees, regulators, and rating agencies.
  • Translate complex quantitative concepts into clear, actionable insights for diverse audiences across the enterprise.
  • Represent NLG Capital externally with counterparties, exchanges, and industry forums.

Team Leadership

  • Build, lead, and develop a high-performing team spanning trading, analytics, systems, and portfolio management; grow the function as the platform scales.
  • Set high standards for execution, intellectual rigor, and collaboration, in keeping with NLG Capital’s guiding principles.
  • Mentor and develop talent, creating a pipeline of derivatives and hedging expertise within the firm.

Minimum Qualifications

  • Master’s degree (or foreign equivalent) in quantitative or mathematical finance, statistics, economics, computer science, engineering, or a related field.
  • Minimum of fifteen (15) years of progressively senior experience in derivatives and hedging, including significant time at the executive leadership level.
  • At least five (5) years of experience developing and executing derivative strategies that address the unique nature of insurance company assets and liabilities.
  • Proven track record of successfully designing, implementing, and scaling enterprise hedging programs in insurance, reinsurance, or asset management contexts.
  • Broad understanding of life and annuity products, including IUL, FIA, MYGA, and RILA, and the embedded market risks within them.
  • Demonstrated experience building and leading effective hedging teams spanning trading, analytics, systems, and portfolio management.
  • Demonstrated expertise applying derivatives to accomplish both investment and hedging objectives.
  • Proven ability to communicate complex hedging strategies simply and effectively to senior executives, boards, regulators, and rating agencies.
  • Track record of balancing risk management with capital and collateral efficiency objectives.

Preferred Qualifications

  • CFA, FRM, FSA, or equivalent professional designation.
  • Working knowledge of U.S. statutory accounting, GAAP, and insurance regulatory and actuarial guidelines.
  • Hands-on experience managing collateral, ISDA/CSA negotiations, and counterparty relationships.
  • Prior experience leading derivatives or hedging functions at the executive level within an insurance or asset management organization.
  • Experience supporting M&A, reinsurance, and new product launches from a derivatives and hedging perspective.

Benefits

Base Pay Range.  The base pay range for this position is the range National Life reasonably and in good faith expects to pay for the position taking into account the wide variety of factors, including: prior experience and job-related knowledge; education, training and certificates; current business needs; and market factors.  The final salary or hourly wages offered may be outside of this range based on other reasons and individual circumstances.

Additional Compensation and Benefits. The total compensation package for this position may also include a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. The successful candidate may also be eligible to participate in National Life’s discretionary annual incentive programs, subject to the rules governing such programs. If hired, the employee will be in an "at-will position" and National Life reserves the right to modify base salary (as well as any other discretionary payment or compensation or benefit program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.

National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.

Salary Pay Range

$243,750 - $357,500 USD

National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT – founded in 1848, Life Insurance Company of the Southwest, Addison, TX – chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. All other entities are independent of the companies of National Life Group.

Fortune 1000 status is based on the consolidated financial results of all National Life Group companies.

Social Media Policy

Site Disclosure and Privacy Policy

National Life Group

1 National Life Dr

Montpelier, VT 05604

 

Create a Job Alert

Interested in building your career at National Life Insurance Company? Get future opportunities sent straight to your email.

Apply for this job

*

indicates a required field

Resume/CV*

Accepted file types: pdf, doc, docx, txt, rtf

Cover Letter

Accepted file types: pdf, doc, docx, txt, rtf

Education

Select...
Select...
Select...
Select...
Select...
Select...
Select...
Select...
Are you open to relocating to Montpelier, VT or Dallas, TX area(s) if you don’t currently reside there? *
Select...
Select...

Voluntary Self-Identification

For government reporting purposes, we ask candidates to respond to the below self-identification survey. Completion of the form is entirely voluntary. Whatever your decision, it will not be considered in the hiring process or thereafter. Any information that you do provide will be recorded and maintained in a confidential file.

As set forth in National Life Insurance Company’s Equal Employment Opportunity policy, we do not discriminate on the basis of any protected group status under any applicable law.

Select...
Select...
Race & Ethnicity Definitions

If you believe you belong to any of the categories of protected veterans listed below, please indicate by making the appropriate selection. As a government contractor subject to the Vietnam Era Veterans Readjustment Assistance Act (VEVRAA), we request this information in order to measure the effectiveness of the outreach and positive recruitment efforts we undertake pursuant to VEVRAA. Classification of protected categories is as follows:

A "disabled veteran" is one of the following: a veteran of the U.S. military, ground, naval or air service who is entitled to compensation (or who but for the receipt of military retired pay would be entitled to compensation) under laws administered by the Secretary of Veterans Affairs; or a person who was discharged or released from active duty because of a service-connected disability.

A "recently separated veteran" means any veteran during the three-year period beginning on the date of such veteran's discharge or release from active duty in the U.S. military, ground, naval, or air service.

An "active duty wartime or campaign badge veteran" means a veteran who served on active duty in the U.S. military, ground, naval or air service during a war, or in a campaign or expedition for which a campaign badge has been authorized under the laws administered by the Department of Defense.

An "Armed forces service medal veteran" means a veteran who, while serving on active duty in the U.S. military, ground, naval or air service, participated in a United States military operation for which an Armed Forces service medal was awarded pursuant to Executive Order 12985.

Select...

Voluntary Self-Identification of Disability

Form CC-305
Page 1 of 1
OMB Control Number 1250-0005
Expires 04/30/2026

Why are you being asked to complete this form?

We are a federal contractor or subcontractor. The law requires us to provide equal employment opportunity to qualified people with disabilities. We have a goal of having at least 7% of our workers as people with disabilities. The law says we must measure our progress towards this goal. To do this, we must ask applicants and employees if they have a disability or have ever had one. People can become disabled, so we need to ask this question at least every five years.

Completing this form is voluntary, and we hope that you will choose to do so. Your answer is confidential. No one who makes hiring decisions will see it. Your decision to complete the form and your answer will not harm you in any way. If you want to learn more about the law or this form, visit the U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) website at www.dol.gov/ofccp.

How do you know if you have a disability?

A disability is a condition that substantially limits one or more of your “major life activities.” If you have or have ever had such a condition, you are a person with a disability. Disabilities include, but are not limited to:

  • Alcohol or other substance use disorder (not currently using drugs illegally)
  • Autoimmune disorder, for example, lupus, fibromyalgia, rheumatoid arthritis, HIV/AIDS
  • Blind or low vision
  • Cancer (past or present)
  • Cardiovascular or heart disease
  • Celiac disease
  • Cerebral palsy
  • Deaf or serious difficulty hearing
  • Diabetes
  • Disfigurement, for example, disfigurement caused by burns, wounds, accidents, or congenital disorders
  • Epilepsy or other seizure disorder
  • Gastrointestinal disorders, for example, Crohn's Disease, irritable bowel syndrome
  • Intellectual or developmental disability
  • Mental health conditions, for example, depression, bipolar disorder, anxiety disorder, schizophrenia, PTSD
  • Missing limbs or partially missing limbs
  • Mobility impairment, benefiting from the use of a wheelchair, scooter, walker, leg brace(s) and/or other supports
  • Nervous system condition, for example, migraine headaches, Parkinson’s disease, multiple sclerosis (MS)
  • Neurodivergence, for example, attention-deficit/hyperactivity disorder (ADHD), autism spectrum disorder, dyslexia, dyspraxia, other learning disabilities
  • Partial or complete paralysis (any cause)
  • Pulmonary or respiratory conditions, for example, tuberculosis, asthma, emphysema
  • Short stature (dwarfism)
  • Traumatic brain injury
Select...

PUBLIC BURDEN STATEMENT: According to the Paperwork Reduction Act of 1995 no persons are required to respond to a collection of information unless such collection displays a valid OMB control number. This survey should take about 5 minutes to complete.