Senior Associate, Structuring

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

The Senior Associate, Structuring is a key resource driving the structuring and ongoing management of NLG Capital’s internal feeder funds, CLOs, and related asset-backed structures spanning Direct Lending and ABL collateral. This role spans the full life cycle of structured vehicle execution and management, starting with initial capital structure design and cashflow modeling, through rating agency execution, documentation, and closing processes.

Once vehicles are established, the Senior Associate is responsible for ongoing compliance testing and reporting, vehicle management such as amendments, resets, and refinancings, and providing visibility into deal performance. This role is a key internal resource on securitization and structuring technology, and will keep the organization informed through regular reporting and analytics, and driving consistent communication. The role partners closely with investment teams to align credit guidelines, eligibility criteria, and concentration limits with investment and structural objectives.

This is a high-impact role with visibility to the NLG Capital Investment Committee. It requires strong cashflow modeling skills, a builder’s mindset, and the ability to work effectively with rating agencies, trustees, counsel, and internal and external asset managers.

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.

Essential Duties and Responsibilities

Structure and execute on internal feeder funds, CLOs, warehouses, and related financing vehicles, including capital structure design, eligibility and concentration criteria, coverage tests, and deal economics

Own the ongoing management of outstanding vehicles spanning compliance and covenant monitoring, waterfall and test verification, internal reporting, amendments, and reset / refinancings

Drive the rating agency process across the vehicle life cycle, including stress and cashflow analysis, agency presentation, and ongoing surveillance, and support agency selection

Build and maintain full cashflow models across a range of credit and asset-backed structures, incorporating waterfalls, coverage tests, and reinvestment mechanics, and replicate rating agency scenarios

Build out the reporting and analytics that show how outstanding structures are performing

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

Support the negotiation of transaction documentation alongside counsel and arrangers, and coordinate trustees, agents, and service providers through closing and beyond

Contribute to financing strategy and capital analysis across warehouse, CLO, feeder, and other structures, including implications for NAIC designation, statutory capital, and liability matching

Produce reporting and prepare materials for the Investment Committee and senior management

Perform all other duties as assigned

Minimum Qualifications

Bachelor’s degree in finance, economics, math, computer science, or a related quantitative field

3–7 years of experience in CLO, feeder fund, ABS, or other structured vehicle work, whether in structuring, origination, banking, buy-side analysis, or at a rating agency

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

Ability to build full cashflow models across a range of collateral types, and to model against rating agency methodologies and stress case scenarios

Proficiency with Excel and Intex, plus Python and SQL for scenario runs and portfolio analytics

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

Ability to work independently and build systems, processes, and models when necessary

Ability to articulate structural and credit concepts to audiences with varying levels of securitization experience

Preferred Qualifications

Advanced degree and/or CFA

Experience with middle market loan, private credit, or asset-based collateral

Understanding of accounting implications and insurance general account investing, including NAIC designations, statutory capital, and RBC treatment

Familiarity with Databricks or similar data platforms

Deep familiarity with credit markets and structured finance vehicles

AI Proficiency Expectations:

At National Life Group, we view AI as an enabler of human potential. We use AI to help us work smarter, serve more clients, and keep our promises, while remaining a relationship-driven business where our people are our greatest strength.

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 i