Vice President, P&C Reinsurance Pricing Actuary

Bermuda Req #480
Tuesday, November 1, 2022

Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. In 2016, AIG created a “Legacy” portfolio as a separate non-core segment representing insurance reserves associated with discontinued lines of commercial Property & Casualty and Life & Annuity insurance businesses. The following year, AIG formed a Bermuda-domiciled composite reinsurer, now Fortitude Re, to house the Legacy portfolio in a separate, distinct, well-capitalized balance sheet with a dedicated management team. In 2018, the company entered into a series of L&A and P&C reinsurance transactions with AIG and received an initial capitalization of ~$3 BN. The transactions represented ~$37 BN of reserves supported by ~$40 BN of invested assets. During this time, AIG also entered into a long-term partnership with The Carlyle Group, with Carlyle acquiring 19.9 % ownership. Then in 2019, The Carlyle Group and T&D announced acquisition of majority interest in Fortitude Re from AIG. This allowed for a new long-term shareholder base for the company while maintaining a strong capital position for supporting reinsurance obligations. Click here for more information about Fortitude Re.

Position Summary

 

Reporting to the Chief Underwriting Officer of Property & Casualty Reinsurance, these key members of the Property & Casualty (P&C) deal origination team will have responsibility for pricing new P&C run-off portfolios, assisting in the design and implementation of new products and structures, and building strong relationships with a geographically-diverse team, including senior members of Fortitude Re’s, actuarial reserving, capital management and risk functions.  These actuarially-credentialed candidates will have a history of pricing and/or reserving casualty lines of business and can anticipate high visibility within the Fortitude Re organization (including Fortitude Re’s senior management, Board of Directors and investors.

 

Key Responsibilities

 

  • Supporting the key pricing initiatives for P&C run-off transactions, being mindful of return objectives and competitive constraints, with a particular focus on liability assessment and reserve and payment pattern projections
  • Collaborating on the development of, and ongoing refinement to, P&C transaction stochastic pricing models, with specific attention to the analysis of modeling sensitivities and their impact on projected ranges of outcomes and financial returns
  • Clearly and confidently articulating and communicating actuarial pricing judgments and assumptions and supporting the same
  • Working closely with our capital management and risk teams in developing and evaluating risk- adjusted P&C profitability metrics and risk analytics
  • Monitoring the run-off competitive landscape and providing input on creative pricing constructs and deal-structuring approaches
  • Developing and refining tools to monitor pricing assumptions against actual results

 

Position Requirements

  • University degree in finance or mathematics
  • A minimum of 7 years of experience of pricing/reserving experience.  The pricing/reserving experience should be in long tail casualty lines such as USA GL, USA WC, USA CAL, UK Motor, UK GL, UK PPOs, Europe Motor, and Europe GL
  • ACAS or FCAS or FIA that has successfully completed the general insurance specialization
  • Familiarity with legacy/run-off transaction types, including loss portfolio transfers, adverse development covers, insurance business transfers, and commutations
  • Experience with various actuarial pricing tools and models, with ability to optimize production and profitability targets within Fortitude Re’s governance, risk, and control environments
  • Readiness to work collaboratively with a small, experienced group of Fortitude Re leaders in a high-performance, goal-oriented environment and comfort with communicating positions and perspectives in a challenge environment
  • A strong analytical background, preferably with familiarity with data analysis tools and actuarial modeling software, for statistical modeling of large data sets 


It has been and will continue to be the policy of Fortitude Group Holdings, LLC, its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability, or any other legally protected categories. 
                                                                                                                                                 
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.

Other details

  • Job Family RE - Reinsurance
  • Job Function VP
  • Pay Type Salary
Location on Google Maps
  • Bermuda