Assistant Vice President, Life & Annuity Valuation Actuary
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.
The AVP, Life & Annuity (L&A) Valuation candidate will be a key member of the Fortitude Life and Annuity Valuation team, which serves the company by supporting valuation and financial reporting requirements for US GAAP and statutory accounting. This position will assist the valuation and financial reporting of recent acquisitions and reinsurance by Fortitude, including liabilities involving fixed deferred annuities, variable universal life, and supplemental annuity contracts, while aligning to corporate and accounting policies, control framework and procedures. This team collaborator will report to the AVP, Life & Annuity Valuation Lead and work closely with the finance and controllership team, accounting policy and internal controls, and the actuarial consolidation and financial reporting team.
The position will be located in the Fortitude Re office in Brentwood, TN with minimal travel expected (0%-10%).
Role and Responsibilities
- Assist the periodic US GAAP, Statutory, and Tax valuation for Fortitude Re’s recently assumed businesses. Products include Fixed Deferred Annuities, Supplemental Annuity Contracts, Variable Universal Life, and traditional life
- Support US statutory blue book reporting requirements
- Perform analytics and prepare analysis of financial results
- Manage and execute the building/maintenance of our Fortitude Valuation Systems (FVS) AXIS models, which entails coding, testing and input updates, and working with the Projections Team to merge the valuation models with projections systems.
- Maintain and develop audit tools to validate reserve calculations
- Assist in process improvement efforts, particularly automation using Alteryx and Tableau platforms
- Execute on ad hoc projects
The ideal candidate will have experience in Valuation of life insurance, health, and/or annuity products, with experience preferably in AXIS or other valuation system. The candidate must have excellent communication, analytical, and technical skills and the ability to interact with a team effectively. The candidate must have an entrepreneurial attitude and be able to create processes and analyses from scratch.
An undergraduate degree is required with preference for mathematic, actuarial sciences, and other quantitative fields. This individual will have a Fellowship of the Society of Actuaries or an Associate of Society of Actuaries.
- FSA with 6+ years of experience or ASA with 10+ years of experience, ideally dealing with valuation and financial reporting of annuities or life insurance
- Undergraduate degree required
- Project management, detail oriented, and strong organizational skills
- Fellowship of Society of Actuaries (FSA) or an equivalent designation or Associate of Society of Actuaries (ASA)
- Excellent mathematical, analytical and problem-solving skills with attention to detail
- Mathematical and actuarial knowledge, computer and actuarial software skills, analytical
- Problem solving and a basic business sense of financial, accounting and economics aspects of business.
- Proficient with MS Word, Excel, SQL and Alteryx.
- AXIS experience strongly recommended and/or experience with other valuation platforms
- Significant technical experience and expert-level US statutory and US GAAP valuation knowledge
- Experience with data structures, staging and handling
- Excellent written and oral communication skills
- Highly motivated, results- and goal-oriented with the ability to manage multiple projects independently and with a high level of discipline
- Goal oriented and well-organized
- Ability to develop and manage disciplined processes
- Desire to work in a ‘start-up’ and team environment
- Excellent written and oral communication skills
- Strong project management and organizational skills
- Solid interpersonal skills
- Desire to deliver a complete work product
- Highly motivated and results-oriented
- Strong analytical skills
- Ability to work independently
- Desire to eliminate manual and spreadsheet-based processes
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 AVP
- Pay Type Salary
- Nashville, TN, USA