Job description

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 Logistics

Location: Nashville TN; Jersey City, NJ
Travel: 0% to 15%
Experience: 3-6 years
Actuarial Credentials: ASA or be close to attaining the ASA denomination

Reporting Relationships and Organizational Scope
This role will report to the QA leader. The QA team is responsible for first line independent testing and validation of the variable annuity (VA) models (used for GAAP, Statutory, hedging and embedded value for the FLIAC VA block) and several other lines of business. This role will be an integral part of the actuarial models QA team for the FLIAC VA block and other Fortitude Re blocks of business. This role will support the development and maintenance of Testware used to validate the applicable models.

Role and Responsibilities

• Develop and execute a quarterly process to provide an ongoing validation of the data and AXIS financial reporting models.
• Develop, improve upon, and utilize internal Testware to validate AXIS model cashflows, statutory reserves, etc.
• Ensure the sample sets of policies tested with the Testware cover the material risks and business profile of the company.
• Leverage product documentation to audit the AXIS model and identify the high risk model areas while ensuring compliance with all validation requirements.
• Report findings to the modeling and data teams in a timely manner to ensure fixes can be implemented.
• Perform risk reviews of model changes in accordance with model governance requirements.
• Take ownership of the work product and foster rich relationships with both the modeling and data teams.
• Liaise with management, external auditors, internal audit, SOX teams, and the Model Steering Committee, as needed.
• Continuously improve efficacy of the testing process.
• Provide management reporting and analysis, as needed.
• Address Actuarial requests and ad hoc requests from stakeholders, as needed.
• Collaborate with a team of actuaries and actuarial students.

The Person

Candidate Profile

Fortitude Re is seeking an actuary with experience utilizing the actuarial financial models and financial analysis. The candidate has prior experience with the AXIS or other actuarial models through a modeling, financial reporting, risk/strategy, or financial analysis role, and is looking to quickly grow their skillset and contribute in a fast paced environment. The candidate must have excellent communication skills and the ability to interact with a team effectively.

Education

An undergraduate degree is required with preference for mathematic, actuarial sciences, and other quantitative fields. The candidate has a successful exam track record and must be an ASA or be close to attaining the ASA denomination.

Experience

• 3-6 years of actuarial experience in the Life and Annuity insurance industry
• Exposure to US Statutory or US GAAP accounting frameworks or experience with modeling is required
• Strong technical skills in Excel, Python and/or SQL; experience with actuarial modeling software
• Demonstrated success working in collaborative teams and in working with cross-functional teams
• Familiarity with a majority of Life Products (e.g. Term, Whole Life, Universal Life, Deferred Annuities); A&H or LTC a plus

Personal Characteristics

• Entrepreneurial
• Desire to work in a ‘start-up’ environment
• Desire to deliver a complete work product
• Strong oral and written communication skills
• Organized and strong sense of urgency
• Highly motivated and results-oriented
• Strong analytical skills
• Ability to work independently

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.

arclintfl.com is the go-to platform for job seekers looking for the best job postings from around the web. With a focus on quality, the platform guarantees that all job postings are from reliable sources and are up-to-date. It also offers a variety of tools to help users find the perfect job for them, such as searching by location and filtering by industry. Furthermore, arclintfl.com provides helpful resources like resume tips and career advice to give job seekers an edge in their search. With its commitment to quality and user-friendliness, arclintfl.com is the ideal place to find your next job.