Senior Associate, Economic Capital Modeling

Nashville, TN, USA Req #402
Wednesday, June 22, 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.

The Senior Associate, Economic Capital Modeling will be a member of the Capital  Management team, which serves the company by reporting and monitoring capital in alignment of regulatory reporting, strategic planning, and market expansion needs of Fortitude Re.  The primary responsibility of the position will be conducting the economic capital stress analysis to support the regulatory capital reported to the Bermuda Monetary Authority (BMA).  The position is expected to work closely with departments across the organization including actuarial, finance, investments and pricing teams.

 

Responsibilities:

  • Conduct regular internal stress testing to evaluate the capital at risk against key risk factors and CISSA (Commercial Insurer's Solvency Self-Assessment) scenario testing as part of regulatory filing process to the BMA
  • Perform movement analysis to monitor and explain the changes in the company’s capital position
  • Provide monthly estimates of regulatory capital based on market conditions and business profile changes
  • Review quarterly technical provisions produced by the actuarial modeling team
  • Support the quarterly regulatory filings to the BMA as needed
  • Support the production, governance and control framework of the company’s ALM and capital model
  • Develop new functionalities and enhancements to the model as necessary, including improved efficiencies and changes to the regulations and onboarding of new business
  • Support new business activities by evaluating capital requirements for potential acquisitions and reinsurance blocks
  • Provide ad hoc capital analysis and financial projections to support strategic initiatives as necessary

Requirements:

  • Qualified or near qualified Associate of the Society of Actuaries or equivalent designation
  • 5+ years of insurance experience related to pricing, valuation or risk management, with EBS or Solvency II experience required
  • Proficiency in Python, or similar programming languages (R Studio, C++)
  • Experience with database applications and business intelligence tools
  • Experience with AXIS or similar actuarial projection or valuation software
  • Strong analytical skills and ability to adopt a creative approach to solving complex process problems
  • Ability to manage multiple  work assignments and meet time commitments
  • Strong oral and written communication skills
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 FA - Finance
  • Job Function Associate/Sr Associate
  • Pay Type Salary
Location on Google Maps
  • Nashville, TN, USA