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Actuary Senior Company Munich Re America Location Philadelphia , United States
We will consider candidates in New York City, NY, Princeton, NJ Philadelphia, PA, Chicago, IL, and Hartford CT.
The Insurance Operations
Munich Re Specialty Insurance (MRSI) 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 Insurance (MRSI) 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 MRSI, 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 Role:
Are you ready for a new challenge? We are looking to hire a lead pricing actuary for the E&S professional liability and financial lines products at MRSI. This individual will support the profitable growth across existing and new products in support of Munich Re Group's 'Ambition 2025.'
Major Accountabilities include:
• Partner with business unit as trusted advisor to drive pricing excellence for professional liability and financial lines products.
• Conduct pricing analyses with minimal supervision, including the development of rates, ultimate loss projections, trend studies, and communication of results. Influence stakeholders based on results of analyses.
• Lead the development and update of Actuarial models and databases through formula development, research on methodologies, and collaboration with technical teams.
• Develop 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, internal clients, 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 minimal assistance/guidance.
• Provide actuarial insight and expertise on actuarial assumptions and parameters as participant or lead on a Market Research Analysis and Parameters (MRAP) line of business group.
• Maintain contemporary, in-depth knowledge of professional liability or financial lines products.
• Participate in training of others (underwriters, client managers, risk analysts, accountants and actuaries) regarding actuarial analyses and methodologies.
Successful candidates will possess the following experience/skills/qualifications:
• Membership in the Casualty Actuarial Society required. FCAS preferred.
• Eight (8) or more years of experience in primary insurance pricing, especially professional liability or financial lines.
• 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.
• Experience in use of R, 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 location.
The base salary range anticipated for this position is $188,300 - $276,200 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. 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 US, we see Diversity 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. ]
Apply NowWe will consider candidates in New York City, NY, Princeton, NJ Philadelphia, PA, Chicago, IL, and Hartford CT.
The Insurance Operations
Munich Re Specialty Insurance (MRSI) 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 Insurance (MRSI) 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 MRSI, 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 Role:
Are you ready for a new challenge? We are looking to hire a lead pricing actuary for the E&S professional liability and financial lines products at MRSI. This individual will support the profitable growth across existing and new products in support of Munich Re Group's 'Ambition 2025.'
Major Accountabilities include:
• Partner with business unit as trusted advisor to drive pricing excellence for professional liability and financial lines products.
• Conduct pricing analyses with minimal supervision, including the development of rates, ultimate loss projections, trend studies, and communication of results. Influence stakeholders based on results of analyses.
• Lead the development and update of Actuarial models and databases through formula development, research on methodologies, and collaboration with technical teams.
• Develop 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, internal clients, 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 minimal assistance/guidance.
• Provide actuarial insight and expertise on actuarial assumptions and parameters as participant or lead on a Market Research Analysis and Parameters (MRAP) line of business group.
• Maintain contemporary, in-depth knowledge of professional liability or financial lines products.
• Participate in training of others (underwriters, client managers, risk analysts, accountants and actuaries) regarding actuarial analyses and methodologies.
Successful candidates will possess the following experience/skills/qualifications:
• Membership in the Casualty Actuarial Society required. FCAS preferred.
• Eight (8) or more years of experience in primary insurance pricing, especially professional liability or financial lines.
• 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.
• Experience in use of R, 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 location.
The base salary range anticipated for this position is $188,300 - $276,200 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. 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 US, we see Diversity 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.
Working at
Munich Re
Munich Re is a leading reinsurance company that provides insurance products to other insurance companies. The company was founded in 1880 and has grown to become one of the largest reinsurers in the world. Munich Re offers a wide range of reinsurance products, including property and casualty reinsurance, life and health reinsurance, and specialty reinsurance. In addition to traditional reinsurance products, the company also offers risk consulting and management services to help clients identify and mitigate potential risks. Munich Re has a strong reputation in the industry and is known for its expertise in underwriting and risk assessment. The company has operations in numerous countries around the world and is a key player in the global insurance market.