Actuary

Munich Re Specialty - North America

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 Specialty North America provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients' needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.

Munich Re Specialty North America is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on Munich Re Specialty North America, including licensing, regulatory-required, and other information on the operating companies, visit https://www.munichre.com/us-non-life/en/general/munich-re-specialty-insurance-disclosures.html.

The Opportunity

The Actuary will provide actuarial pricing services for Munich Re Specialty - North America. They will also support the business in meeting its goals by analyzing, evaluating, modeling and rating potential competitive solutions for our partners. Key to the achievement of our goals is to become a digital enterprise which leverages data analytics in order to make decisions about current and future risks, you'll be empowered and expected to support and add to our culture of innovation and the data vision for the future.

We will consider candidates in New York City, Philadelphia, PA;, Princeton, NJ; and Hartford, CT.

Key Responsibilities of this position include:

• Prepare and complete pricing analyses, including the development of rates, ultimate loss projections and communication of results.
• Maintain contemporary, in-depth primary Property and Casualty products knowledge.
• Participate in development and update of Actuarial models and databases through formula development, research on methodologies, and collaboration on technical teams.
• Support for result monitoring, pricing and portfolio management projects that will assist underwriters and management in managing and steering business.
• Document and communicate assumptions, results, and alternatives to actuarial staff and internal and external clients.
• Strong understanding and ability to discuss and apply the use of existing & new actuarial concepts/techniques involving exposure adjustments, trend, loss development, exposure rating, et al with some assistance/guidance
• Identification of data issues requiring specialized actuarial attention.
• Complete peer reviews as needed.
• Provide actuarial insight and expertise as a participant on a Line of Business Expert Group
• Pursue continuous education via Casualty Actuarial Society (CAS).
• Participate in training of others (underwriters, client managers, risk analysts, accountants and actuaries) regarding actuarial analyses and methodologies.

Job Requirements:

• Bachelor's Degree in mathematics, Actuarial Science, Economics, Finance, Statistics or related field requiring modeling, programming or quantitative analysis
• Membership in the Casualty Actuarial Society (ACAS or FCAS)
• Five (5) or more years of experience in primary Property and Casualty insurance pricing
• Strong technical actuarial skills and strong knowledge and understanding of rating models
• Strong interpersonal skills.
• Ability to influence and negotiate with others and create acceptance for proposals
• Proficient computers skills in MS Office Suite used for ratemaking, pricing, modeling stochastic distributions or data analysis (as appropriate)
• Experience in use of SQL, Python or other statistical software in insurance pricing applications
• Excellent oral and written communication skills

The salary range posted below applies to the Company's NYC. The base salary range anticipated for this position is $150,300 - $ 220,400 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).

The salary estimate displayed represents the typical salary range for candidates hired in this position in NYC and San Francisco. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

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.