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Vice President, Chief Actuary
Education Requirements: Bachelor’s degree or equivalent experience in Mathematics, Business, and/or related field. MBA preferred.
Other Requirements: Include:
- 15 years’ experience in a P&C environment with strong emphasis in reserving and reinsurance, including at 10+ years prior management/supervision experience.
- FCAS and MAAA required.
- CPCU preferred.
- Demonstrated leadership abilities.
- Demonstrated communication skills, verbal and written, with a variety of audiences at all levels, both internal and external.
- In-depth understanding of property-casualty insurance including underwriting, product management and sales functions.
- Ability to gain thorough knowledge of the company (internal and external) and its products.
- Ability to look at the entire company scope and develop key strategic ideas in action plans.
- Strong relationship and team building capabilities, project management skills and ability to successfully lead a diverse team.
- Proficient skills in using MS Office along with general knowledge of Internet applications.
Salary Range: $250k + target bonus (30% or higher)
Description: The Vice President, Chief Actuary is responsible for the comprehensive management and oversight of our Client’s actuarial function including core roles of reserving and reinsurance. Responsibilities include managing and monitoring the risk profile for the enterprise via overseeing the company’s reinsurance program and catastrophe management activities. This position is a key contributor to the strategic development and planning process for the enterprise, charged to drive the company’s achievement of actuarial analysis and profitability while maintaining a balance with its revenue and risk appetite goals. Responsibilities include:
- Leads the development/compilation of the premium & loss/ALAE forecasting models used in the corporate planning process.
- Interacts with the Senior Leadership Team to establish corporate goals and plans. Serves as a key advisor to enterprise leaders and influences pricing and reserving philosophies and policy development at an organizational level.
- Collaborates with the business areas to develop business strategies for states and lines of businesses.
- Works directly with pricing actuary and underwriting regarding assumptions, modelled results, and the impacts of new business on the diversification and profitability of our Client’s overall portfolio.
- Works closely with other support areas to develop and establish core business strategies and programs.
- Leads the analysis of corporate loss and loss expense reserves on a quarterly basis. Resulting analysis and direction are presented quarterly. Communicates reserve analysis and direction to the Board of Directors.
- Accountable for overall management and people leadership of the corporate actuarial unit, including but not limited to implementing best practices for:
- Human capital management (employee selection, succession planning, performance management, compensation management, employee development and coaching in career development)
- Operational management (planning, execution, results assessment, continuous improvement, and compliance with actuarial standards of practice.)
- Promotes staff morale and motivation, and provides one-on-one meetings to review performance and develop the company’s leadership competency model.
- Accountable for prudent management of departmental expenses. Establishes department budget in accordance with corporate guidelines; manages the department expenses throughout the year and provides quarterly reforecasts and variance explanations as needed.
- Consistently challenges, improves and implements methodologies, procedures and technology to maximize efficiencies and effectiveness within the department. Maintains a strong P&C insurance industry network to remain current with industry best practices.
- Manages the development, maintenance, and control of actuarial statistics necessary for actuarial studies.
- Sets appropriate reporting metrics to manage/understand business. Collects, prepares and presents all relevant data regarding production and performance. Analyzes information and identify relevant trends.
- Provides Executive Management actuarial analysis (including profitability and reserve analysis) of potential growth opportunities, including: new niches and lines of business, programs, affiliations, strategic partnerships and mergers and acquisitions.
- Performs other related work as required.