ERM Actuary Senior

ERM Actuary Sr

Company: Munich Re America Services

Location: New York, United States

The Company is open to considering candidates in numerous locations, including New York City (NY), Princeton (NJ), Chicago (IL), Philadelphia (PA), Hartford (CT), and Amelia (OH).

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Munich Re America Services (MRAS) is a shared service organization that delivers services to all Munich Re US P&C Companies and other group entities.

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand.

Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages to niche and specialty reinsurance and insurance products.

The Opportunity

Future focused and always one step ahead!

At Munich Re, we utilize extensive risk knowledge to offer expertise, financial strength, and innovative solutions to help our clients meet the difficult challenges they face in today’s world.

Risk management is our strength. For us, the question is not if we can cover your risks, but how.

Integrated Risk Management (IRM) develops, implements, and maintains the framework for managing risk across Munich Re’s US P&C operations.

Our mission is to ensure that these risks are well understood and managed effectively through a variety of quantitative and qualitative processes.

Within IRM, our regional Risk Analytics & Strategy team quantifies the risks faced by the US P&C companies using our internal economic capital model and scenario analyses.

We provide senior management with an internal view of our companies’ risk profile, which is used to support the capital management and corporate risk transfer decisions of our companies.

In addition, our team facilitates the development and maintenance of each company's Risk Strategy, a process that involves quantifying our risk appetite through a series of risk criteria.

We regularly report on these criteria and the resulting strategies to senior management, the Board, and regulators.

Beyond this, our team provides second line risk opinions to the Board or risk committee on an ad-hoc basis. This often includes the analysis of large deals and the discussion of new or emerging risk topics.

In the ever-evolving landscape of risk management, we're seeking a team member who combines exceptional communication skills with a strong technical foundation and a growth mindset.

You will play a crucial role in informing and influencing our key stakeholders by leveraging our risk management framework and wide range of in-house risk models.

Moreover, you will have the opportunity to enhance and refine them as necessary to ensure their ongoing effectiveness.

Through this work, you will develop an in-depth understanding of all of the risks facing a (re)insurance enterprise including underwriting accumulation risk, asset liability mismatch risk, and volatility in loss experience, among others.

Responsibilities

Key responsibilities of this position include:

• Lead recurring projects in risk capital modeling, portfolio analysis, and scenario analysis, leveraging resources and data from multiple areas throughout the company.
• Communicate results to senior management and other stakeholders to inform and support capital management and corporate risk transfer decisions.
• Lead or support our annual Own Risk and Solvency Assessment (ORSA) and Risk Strategy update.
• This involves obtaining both quantitative and qualitative information from each company and engaging in dialogues with C-suite executive management and other stakeholders.
• Drive the continued development of the internal economic capital model to enhance our capabilities in capturing existing and new risks, including cyber, wildfire, and climate risk.
• Perform model validation of components or entire model independently or as part of a team.
• Evaluate model design and implementation relative to best practice standards.
• Support the reporting process tracking changes to accumulation risk and the drivers of these changes across the US region.
• Develop and deliver actuarial and risk management presentations to internal and external audiences, including training and information presentations.

Qualifications

Required experience and technical competencies:

• Ten or more years of (re)insurance/actuarial, risk management, or equivalent experience, preferably in multiple disciplines and client-facing responsibilities.
• Comprehensive knowledge of actuarial/statistical models, techniques, and their most effective and common applications.
• Demonstrated ability to develop expertise on a given topic through self-learning, research, and leveraging internal experts.
• Experience with statistical programming languages (e.g., R, Python) and other data analysis technical stacks (e.g., SQL, git, Azure).
• Broad knowledge of insurance company processes and functions including knowledge of (re)insurance products and financial metrics.
• Bachelor’s degree in mathematics, Actuarial Science, Economics, Finance, Statistics, or related field requiring modeling, programming, or quantitative analysis.
• Preferred Fellow of the Casualty Actuarial Society or similar international actuarial designation or CFA Charter holder or advanced degree in Actuarial Science, Economics, Finance, Mathematics, or Risk Management.

Key professional attributes:

• Good time management, project management, and organizational skills, including the ability to manage conflicting priorities and complete multiple tasks and projects.
• Strong interpersonal skills, with the ability to build relationships, influence, negotiate, and create acceptance for proposals.
• Ability to apply sound judgment, analytical mindset, and problem-solving skills to address complex and high-profile issues.
• Excellent oral and written communication skills, with the ability to effectively communicate technical issues to non-technical stakeholders.

Travel and location:

Hybrid position based in New York, Princeton, Chicago, Philadelphia, Hartford, or Amelia.

5–10% travel to various Munich Re offices.

The base salary range anticipated for this position is $150,000 - $242,000, plus opportunity for company bonus based upon a percentage of eligible pay.

In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays, and paid time off (PTO).

At Munich Re, we see Diversity, Equity, and Inclusion as a solution to the challenges and opportunities all around us.

Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work.

We strive to provide a workplace where all of our colleagues feel respected, valued, and empowered to achieve their very best every day.

We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.