Assistant Vice President, Life and Annuity Risk Actuary
The AVP, Life and Annuity Risk Actuary will be a part of Fortitude Re's independent Enterprise Risk Management (ERM) organization, reporting to the SVP Life and Annuity Risk Officer. ERM plays a critical role in securing the financial strength of the company, ensuring that promises made to partnering insurers and their policyholders will always be met. This individual will be an important member of the team that is responsible for overseeing the life and annuity business unit, whose responsibility it is to identify, quantify, and remediate / manage all risks of the organization from end-to-end. This role can be based in our Nashville, TN or Jersey City, NJ offices on a hybrid schedule or can be remote.
This position is key to supporting a robust risk management framework at Fortitude, in line with industry best practices and expectations of regulatory and other stakeholders. It provides the opportunity to play an impactful role in the design, continuous refinement, and implementation of the enterprise risk management function at a new and growing company. The nature of the role provides diverse opportunities for learning, growth, and expansion of responsibilities.
What You Will Do:
- Risk monitoring and reporting
- Developing ERM monitoring and reporting tools in collaboration with actuarial and functional teams
- Producing insightful reports and analysis for ERM, management, BoD, investor, and external stakeholder audiences
- Economic risk capital model development and maintenance
- Reviewing and updating risk parameterization for the company’s internal capital model and associated stress testing framework
- Testing alternate approaches to risk measurement, assumptions, and management
- Benchmarking the internal model against various regulatory and ratings agency capital regimes
- Developing models for evaluating risks or the correlation between risks
- Producing capital reports and supporting analysis
- Governance reviews
- Reviewing proposed model assumptions in light of available company and industry experience for reasonableness and credibility
- Reviewing models and actuarial valuation processes for accuracy and effective controls
- Identifying process and/or model risks and designing controls to mitigate their likelihood
- Reviewing governance standards or procedures or continued effectiveness and completeness
- Documenting findings and making recommendations on the above
- Analytic research
- Providing thought leadership and topical research on technical actuarial / financial risk matters
- Evaluating and quantifying emerging risks
What You Will Have:
- Bachelor’s or advanced degree in actuarial science, mathematics, statistics, engineering, or comparable program of study.
- A minimum of 5-10 years insurance experience. Risk management experience is preferred, but not required, as diverse actuarial experience is invaluable. See Key Skill Sets above for more information on experience needs.
- Fellow of the Society of Actuaries (FSA) or comparable accreditation. Career ASAs with very strong experience will be considered. Other quantitative risk designations with relevant insurance experience will be considered.
- Effective Communication Skills
- Candidates should be able to effectively communicate through diverse verbal and written means. The ability to convey complex information to a variety of audiences, in a clear and easily concise way, is critical. Written communication will vary, including both analytical research memos and highly summarized reports or presentations for executive management.
- Strong Collaboration Skills
- Candidates must be able to collaborate effectively with others. Success requires independently seeking out and engaging others throughout the company to perform the duties of the role. It also requires one to seek to understand others’ points of view in developing their own views on business problems or risks.
- Insurance & Actuarial Knowledge
- Candidates must have a strong foundation of technical knowledge pertaining to life insurance and/or annuity products and their inherent risks. Understanding valuation principles is critical. Thus, experience with US Statutory, US GAAP, Bermuda, and/or Solvency II accounting and capital frameworks is important. However, the company will consider candidates with varied backgrounds such as risk management, valuation, modeling, or pricing.
- Analytical Skills
- Candidates should be inquisitive and active learners that seek to grow their understanding in all they do. The nature of this role involves evaluation of diverse, often complex or incomplete, financial information. Having the ability to independently analyze and draw insightful conclusions from such situations is critical to the role. The nature of this role may also require analytical research of technical and sometimes theoretical matters, where information is lacking and expert judgment is required.
- Technology Skills
- Actuaries frequently develop models using software tools to calculate actuarial values and/or to measure and price risks. In doing so, they also have to manage large volumes of data in order to perform such calculations and related analysis. Candidates for this role should have well-developed modeling skills with the ability to use / review work in current actuarial software platforms such as AXIS, MG ALFA, or comparable. In addition, candidates should have the ability to develop solutions as needed in programming and/or database languages to perform analyses. Proficiency in one or more of the following is required: Python, VBA, SQL, C, or similar. Data visualization experience, such as Tableau or Power BI, is also a plus.
We offer competitive benefits in a fast-paced, dynamic and nimble culture including:
- Unlimited PTO policy
Actuarial exam support through our Actuarial Development Program
- Up to 11 paid company holidays
- Up to 16 hours per year of paid volunteer time
- Competitive 401(k) plan
- Paid parental leave
- Tuition reimbursement
- Health, vision, dental, and life insurance with additional access to health and wellness programs
- Flexible working environment
We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law.
To all recruitment agencies: Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees. Fortitude Re is not responsible for any fees related to unsolicited resumes.
- Job Family RK - Risk
- Job Function AVP
- Pay Type Salary
- Jersey City, NJ, USA
- Nashville, TN, USA