Actuarial Associate, VA Model QA
Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. 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. here for more information about Fortitude Re.
Location: Nashville TN; Jersey City, NJ
Travel: 0% to 15%
Actuarial Credentials: Passed 3 actuarial exams
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 project plan for VA Model QA
- Execute independent model testing and validation
- 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
- Provide management reporting and analysis as needed
- Address VA Actuarial requests and ad hoc requests from stakeholders as needed
- Collaborate with a team of actuaries and actuarial students
Fortitude Re is seeking an actuary with exposure to variable annuity products and financial plan or hedging. The candidate has prior experience with variable annuities through a modeling, financial reporting, risk/strategy, or financial plan 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.
An undergraduate degree is required with preference for mathematic, actuarial sciences, and other quantitative fields. The candidate has a successful exam track record, passing at least 3 actuarial exams.
- 1+ years of actuarial experience in the Life and Annuity insurance industry (exposure to VA products a plus)
- Exposure to US Statutory or US GAAP accounting frameworks or experience with VA modeling would be a plus
- Strong technical skills in Excel, Python and/or SQL; experience with actuarial modeling software would be a plus
- Demonstrated success working in collaborative teams and in working with cross-functional teams
- 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
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.
- Job Family AC - Actuarial
- Job Function Associate/Sr Associate
- Pay Type Salary
- Nashville, TN, USA