Senior Associate Actuary, VA Financial Reporting

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.

The Position

Location:                                  Nashville TN; Jersey City, NJ

Travel:                                      0% to 15%

Experience:                              3+ years

Actuarial Credentials:               Associate, Society of Actuaries

Reporting Relationships and Organizational Scope

This role will report to the VP, VA Financial Reporting Actuary. The VP, VA Financial Reporting is responsible for building and leading the valuation and financial reporting team for the VA block.

This role will be an integral part of the valuation and financial reporting team for the VA block and will support all aspects of US statutory / tax and US GAAP reserves and financial reporting.

Role and Responsibilities

• Execute project plan for VA financial reporting operational readiness
• Support timely and accurate reporting of US GAAP reserves
• Support timely and accurate reporting of US statutory reserves, tax reserves and all required statutory filings
• Support the CFT process and analysis
• Develop and enhance results analysis and attribution for each reporting basis
• Execute controls and governance processes
• Support Finance by providing information and exhibits needed for financial reporting

The Person

Candidate Profile

Fortitude Re is seeking an actuary with exposure to variable annuity (VA) products and VA US accounting frameworks. The candidate has prior experience with VA financial reporting or modeling and is looking to quickly grow their skillset and contribute in a fast paced environment. The candidate can support the implementation of US statutory / tax, GAAP and CFT for the PALAC VA block. This is a critical role as Fortitude Re integrates the PALAC VA business.

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 Life and Annuity insurance industry, primarily with exposure to variable annuities
• Experience with US Statutory or US GAAP accounting frameworks or experience with VA modeling
• Proficient knowledge with VA products and familiarity with VA modeling  
• Track record of improving process efficiency
• Demonstrated success working in collaborative teams and in working with cross-functional teams

Personal Characteristics

• Desire to learn quickly, broaden skillset and contribute to a high performing team
• Detail oriented and highly organized
• Value controls and processes
• 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