Assistant Vice President, P&C Reinsurance Pricing

Bermuda Req #374
Wednesday, April 27, 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. Click here for more information about Fortitude Re.

Position Summary

Reporting to the Chief Underwriting Officer of Property & Casualty Reinsurance, the AVP, Property and Casualty pricing is an experienced professional with demonstrated ability to price, and assist in structuring reinsurance and acquisition transactions. The individual will be part of a deal team who will have frequent interaction with clients. Experience in pricing long tail lines of business such as UK Motor, UK GL, Europe Motor, Europe GL, USA WC, USA GL, USA CA is a necessary requirement.

Key Responsibilities

  • Support the pricing of transactions across multiple territories of property and casualty line of business. You will work closely with the VP-Actuarial Pricing. With an emphasis of pricing analysis on long-tail casualty lines of business such as UK Motor, UK GL, Europe Motor, Europe GL, UK PPOs, USA WC, USA GL, USA CAL, USA Asbestos, and USA Environmental.
  • Oversee the assembly of pricing analysis and related sensitivities
  • Communicate pricing results and recommendations to internal stakeholders
  • Support communications and negotiation with counterparties
  • Support the application of model governance and pricing standards

Position Requirements

  • ACAS or associate member of the Institute of Actuaries.
  • Must have minimum of 4+ years of pricing/reserving reinsurance experience. The pricing experience should be in long-tail casualty lines – USA GL, USA WC, USA CAL, UK Motor, UK GL, UK PPOs, Europe Motor, and Europe GL.
  • Experience in pricing legacy/run-off transaction types such as loss portfolio transfers, and adverse development covers will be considered a plus.
  • Strong communication and interpersonal skills with the ability to work effectively with various stakeholders, including senior management, internal functional partners and counterparties.
  • Organized, reliable, detail-oriented, and motivated to support teams in delivering timely results and quality work products.
  • Experience in using Arius or ResQ reserving software and simulation packages like @Risk will be considered a plus.

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 AVP
  • Pay Type Salary
Location on Google Maps
  • Bermuda