Chief Life Pricing Actuary

Jersey City, NJ, USA Req #366
Thursday, April 21, 2022

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.

Role

We have an exciting opportunity for a Senior Vice President, Liability Pricing (Chief Life Pricing Actuary) to lead
life and annuity pricing at Fortitude Re, both through M&A and new reinsurance business. Backed by the Carlyle Group, Fortitude Re is Bermuda’s largest multiline insurers with over $80bn reserves and more than $50bn general account assets.
 

This individual will manage a team of pricing experienced pricing actuaries and deal modelers. This role will report to the head of life and annuity new business also have a dotted line with the Chief Actuary.


Responsibilities

  • Lead Life M&A pricing, structuring, acquisition integration.
  • Act as a resource to the Financial Actuarial Judgment Committee for providing information and implementing changes to product features, e.g. future crediting rates.
  • Manage existing Life and Annuity portfolios and optimize liability cash flows.
  • Work with the CIO and CFO to optimize capital and investments supporting the Life business.
  • Reflect the appropriate cost or benefit of all terms in all business decisions, thus driving risk-adjusted returns through the pricing of individual risks.
  • Responsible for developing pricing packages for review including profitability metrics, risk analytics, pricing results, etc.
  • Monitor the competitive landscape, evaluate new product ideas, and determine pricing structure and premiums.
  • Work closely with the Compliance and Legal teams to obtain regulatory approvals of portfolios assumed.

Requirements

  • Significant pricing experience of life and annuity products
  • Significant M&A pricing experience and demonstrated success in pricing large, complex transactions
  • Strong academic credentials. An undergraduate degree is required. FSA required.
  • 10+ years of progressively more responsible actuarial experience within Life and Annuity.
  • Expertise in establishing pricing/modeling assumptions and consistent profitability (risk/return) metrics.
  • Demonstrated managerial success.
  • Analytical skills to optimize profitability metrics given risks and competitive constraints.
  • Deep product knowledge and understanding of the competitive landscape.
  • Ability to communicate pricing results, profitability metrics, inherent risks, etc., to senior leadership and other key stakeholders.
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.

Other details

  • Job Family AC - Actuarial
  • Job Function SVP
  • Pay Type Salary
Location on Google Maps
  • Jersey City, NJ, USA