Senior Actuary Associate, VA Model QA

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. In September 2021, Fortitude Re entered into a definitive agreement with Prudential to acquire Prudential Annuities Life Assurance Corporation (PALAC) which primarily consists of non-New York traditional variable annuities with living benefits that were issued prior to 2011 with approximately $31BN account value. The PALAC transaction demonstrates Fortitude Re’s expertise in delivering comprehensive and value enhancing solutions for leading insurers that enhance capital efficiency and address strategic priorities. Click here for more information about Fortitude Re.

The Position

Position Logistics

Location:                                  Nashville TN; Jersey City, NJ

Travel:                                      0% to 15%

Experience:                              3+

Actuarial Credentials:               Associate, Society of Actuaries

Reporting Relationships and Organizational Scope

This role will report to the AVP VA Model QA lead. The Model QA lead is responsible first line independent testing and validation of the variable annuity (VA) models used for GAAP, Statutory, hedging and embedded value for the PALAC VA block.

This role will be an integral part of the actuarial model QA team for the PALAC VA block. This role will support the Model QA lead test and validate the VA models.

Role and Responsibilities

• Execute independent model testing and validation
• Establish model testing and validation processes
• Execute timely and appropriate testing and validation
• Confirm execution of controls and governance processes
• Review model changes
• Documentation of model testing and validation processes and results
• Continuously improve efficacy of the testing process

The Person

Candidate Profile

Fortitude Re is seeking an actuary with several years of exposure annuity product and model validation or actuarial modeling.

The ideal candidate will have worked on a VA modeling or testing team, or performed model validations/audit. The successful candidate must have significant experience developing or validating actuarial models and have a desire and proven track record for model quality. The candidate must have excellent communication skills and the ability to interact with a team effectively. Experience managing a small team is preferred.

Education

An undergraduate degree is required with preference for mathematic, actuarial sciences, and other quantitative fields. This individual will be an Associate of the Society of Actuaries (ASA) with 3+ years of experience.

Experience

• 3+ years of actuarial experience in the Life and Annuity insurance industry, primarily in annuity modeling (variable annuity preferred)
• Experience with model testing through audit, consulting, or internal validation teams
• Experience with controls and governance process
• Knowledge in VA products and US Statutory and GAAP accounting frameworks for variable annuities is preferred
• Proficient knowledge with actuarial modeling systems and processes
• Demonstrated success working in collaborative teams

Personal Characteristics

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