CAT Risk Analyst

Actuarial Manager

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Munich Re America Services (MRAS) is a shared service organization that delivers services to all Munich Re US P&C Companies and other group entities.

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

The Opportunity

Future focused and always one step ahead!

The responsibility of Corporate Reserving is to use quantitative and qualitative methods to perform and oversee the loss reserve analyses for Munich Re’s Property and Casualty business in the US. This includes continuous monitoring of the reserve position, and the further development of actuarial methods, the underlying systems, and tools. Additional responsibilities are the assessment and quantification of reserve uncertainty and reserve risk, as well as financial reporting on non-life technical provisions under IFRS17, Solvency II and Statutory Accounting Practices.

Responsibilities:          

• Leading, developing and empowering a business-oriented reserving team with diverse backgrounds and skills to enable the team to continuously increase business impact
• Establishing a mind-set of delivering business impact at scale through in-depth understanding of actuarial data, insurance market insights, and actuarial expertise, always focusing on the long-term success of Munich Re Group.
• Qualitative and quantitative analysis of the reserve portfolio in your responsibility, incl. performing the annual reserve review, assessment of reserve level and reserve risks, as well as the continuous monitoring of actual loss experience.
• Achieving an integral collaboration with the business unit to ensure a joint perspective of developments in the insurance markets and respective impact on the written portfolio, ensuring full transparency of reserving decisions and providing actuarial perspectives to enable informed business decisions.
• Support the quarterly closing processes under IFRS and US Statutory Accounting Practices
• Assessment of Provisions for future and latent exposures
• Support for retrocessional contracts and outlier reporting
• Set a vision and execution standards for reserving, closing, and reporting cycles, ensuring a robust governance and audit readiness for all reserving operations and controls.
• Building trusted relationships and aligning different interests in a complex organization
• Establish and maintain a strong network with the Chief Reserving Actuaries in the international non-life organization.
• Operate an independent yet collaborative and effective working style with all key stakeholders of reserving topics (Business units, Global Reserving, Risk Management, Claims, FMR functions, as well as external auditors and regulators)

Qualifications:

Successful candidates will possess the following skills/capabilities:       

• Bachelor’s degree in mathematics, actuarial science or a similar qualification with a strong quantitative focus; Masters or MBA preferred
• FCAS (or comparable actuarial society) credentials preferred
• Proven leadership, communication and interpersonal skills
• Several years of managerial or supervisory experience in an actuarial role (e.g. Reserving, Pricing, Risk Management, Underwriting, Controlling, Data Analytics) in the Property/Casualty Insurance Industry
• Profound knowledge of (re)insurance, as well as accounting,  finance and financial reporting
• Extensive knowledge of actuarial methodologies, processes, systems and data structures, with applicability towards (re)insurance operations.
• Excellent analytical skills together with a solution-oriented mindset
• Solid knowledge of non-life reserving, and strong background on financial reporting, with experience in the valuation according to IFRS, Solvency II and/or US Statutory Accounting Practices preferred
• Ability to present complex issues to non-actuaries and to be comfortable and credible in terms of meeting with senior management and the Board
• Strong project management, process optimization and change management skills and experience.

The Company is open to considering candidates in Princeton, NJ. The salary range posted below applies to the Company’s Princeton location.

The base salary range anticipated for this position is $237,100- $305,000 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 displayed represents the typical salary range for candidates hired in this position in Princeton, NJ. 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.

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:

• Two options for your health insurance plan (PPO or High Deductible).
• Prescription drug coverage (included in your health insurance plan).
• Vision and dental insurance plans.
• Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
• Short and Long Term Disability coverage.
• Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
• Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:

• A robust 401k plan with up to a 5% employer match
• A retirement savings plan that is 100% company funded.
• Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
• Eligibility to receive a yearly bonus as a Munich Re employee.
• A variety of health and wellness programs provided at no cost.
• Paid time off for eligible family care needs.
• Tuition assistance and educational achievement bonuses.
• A corporate matching gifts program that further enhances your charitable donation.
• Paid time off to volunteer in your community.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.   

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.