ERM Actuary Sr

The Opportunity

Future focused and always one step ahead!

At Munich Re, we utilize extensive risk knowledge to offer expertise, financial strength, and innovative solutions to help our clients meet the difficult challenges they face in today’s world. Risk management is our strength. For us, the question is not if we can cover your risks, but how.

Integrated Risk Management (IRM) develops, implements, and maintains the framework for managing risk across Munich Re’s US P&C operations. Our mission is to ensure that these risks are well understood and managed effectively through a variety of quantitative and qualitative processes.

Within IRM, our regional Risk Analytics & Strategy team quantifies the risks faced by the US P&C companies using our internal economic capital model and scenario analyses. We provide senior management with an internal view of our companies’ risk profile, which is used to support the capital management and corporate risk transfer decisions of our companies.

In addition, our team facilitates the development and maintenance of each company's Risk Strategy, a process that involves quantifying our risk appetite through a series of risk criteria. We regularly report on these criteria and the resulting strategies to senior management, the Board, and regulators. Beyond this, our team provides second line risk opinions to the Board or risk committee on an ad-hoc basis. This often includes the analysis of large deals and the discussion of new or emerging risk topics.

In the ever-evolving landscape of risk management, we're seeking a team member who combines exceptional communication skills with a strong technical foundation and a growth mindset. You will play a crucial role in informing and influencing our key stakeholders by leveraging our risk management framework and wide range of in-house risk models. Moreover, you will have the opportunity to enhance and refine them as necessary to ensure their ongoing effectiveness. Through this work you will develop an in-depth understanding of all of the risks facing a (re)insurance enterprise including underwriting accumulation risk, asset liability mismatch risk, and volatility in loss experience, among others.

Responsibilities

Key responsibilities of this position include:

• Lead recurring projects in risk capital modeling, portfolio analysis, and scenario analysis, leveraging resources and data from multiple areas throughout the company, including individuals who are not direct reports. Communicate results to senior management and other stakeholders to inform and support capital management and corporate risk transfer decisions.
• Lead or support our annual Own Risk and Solvency Assessment (ORSA) and Risk Strategy update. This involves obtaining both quantitative and qualitative information from each company and engaging in dialogues with C-suite executive management and other stakeholders to ensure comprehension of these complex processes and securing executive buy-in.
• Drive the continued development of the internal economic capital model to enhance our capabilities in capturing existing and new risks, including cyber, wildfire, climate risk.
• Perform model validation of components or entire model independently or as part of a team. Evaluate model design and implementation relative to best practice standards.
• Support the reporting process tracking changes to accumulation risk and the drivers of these changes across the US region.
• Develop and deliver actuarial and risk management presentations to internal (underwriters, client managers, accountants, actuaries) and external (client, conferences) audience, including training and information presentations.

Qualifications

Required experience and technical competencies:

• Ten or more years of (re)insurance/actuarial, risk management, or equivalent experience, preferably in multiple disciplines and client-facing responsibilities.

• Comprehensive knowledge of actuarial/statistical models, techniques, and their most effective and common applications.

• Demonstrated ability to develop expertise on a given topic through self-learning, research and leveraging internal experts.

• Experience with statistical programming language (e.g., R, Python) and other data analysis technical stack (e.g., SQL, git, Azure).

• Broad knowledge of insurance company processes and functions including knowledge of (re)insurance & products and financial metrics and data sources used in (re)insurance.

• Bachelor’s degree in mathematics, Actuarial Science, Economics, Finance, Statistics or related field requiring modeling, programming, or quantitative analysis.

• Preferred Fellow of the Casualty Actuarial Society or similar international actuarial designation or CFA Charter holder or advanced degree in Actuarial Science, Economics, Finance, Mathematics or Risk Management.

Key professional attributes:

• Good time management, project management, and organizational skills, including the ability to manage conflicting priorities, complete multiple tasks and projects, and coordinate and direct resources outside of the department.

• Strong interpersonal skills, with the ability to build relationship, influence, negotiate, and create acceptance for proposals. Ability to collaborate with peers across US and international organization.

• Ability to apply sound judgment, analytical mindset, and problem-solving skills to address complex and high-profile issues.

• Excellent oral and written communication skills, with the ability to effectively communicate technical issues to non-technical stakeholders (both internal & external).

Travel and location:

• Hybrid position based in New York, Princeton, Chicago, Philadelphia, Harford, or Amelia.

• 5–10% travel to various Munich Re offices

The Company is open to considering candidates in numerous locations, including New York City (NY), Princeton (NJ), Chicago (IL), Philadelphia (PA), Hartford (CT), and Amelia (OH). The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $150,000 - $242,000, plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).

The salary estimate is adjusted to reflect the varying market conditions across different locations, with the with the higher end being more aligned with the New York City job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.