- Entry level
- No Education
- Salary to negotiate
* We are open to a variety of locations for this position including Amelia, Ohio, Hartford, CT, New York, NY or Princeton, NJ.
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. Our Risk Analytics & Strategy team measures 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, and this is used to support the capital management of our companies. We also facilitate the development of the strategy to manage these risks, we report on these risks regularly to senior management, the Board, and regulators, and we perform ad-hoc analyses of new and/or emerging risks.
We are seeking an Actuary to join our regional Risk Analytics & Strategy team in either Princeton, NJ; New York City; Hartford, CT; or Amelia, OH. This position includes primary responsibility for modeling economic capital for the Munich Re US P&C Companies and communicating the results to senior management. Through this work you will develop an in-depth understanding of all of the risks facing an insurance/reinsurance enterprise and will be expected to identify and explain key drivers of changes in our risk profile such as changes in exposure to natural catastrophes, changes in the investment portfolio, or volatility in loss experience (among others). As the risk environment is ever-changing, we are seeking someone with strong technical/actuarial skills who is able to perform and communicate these analyses so that they meet the needs of stakeholders and also improve upon the methodologies, processes, and documentation that supports them.
Key Responsibilities of this position include:
Conduct and communicate results of risk capital modeling, portfolio analysis, and/or scenario analysis to senior management and other stakeholders. You will be responsible for leading these projects/analyses which require resources/data from multiple areas throughout the company including individuals who are not direct reports.
Work with stakeholders from different companies to conduct our annual Own Risk and Solvency Assessment (ORSA) including prospective modeling of our risk and solvency position and conducting scenario analysis and reverse stress tests. You will be responsible for leading this process including obtaining both quantitative and qualitative information from each company and ensuring that all stakeholders are aligned around a final report that is submitted to the regulator.
Support the continued development of the internal economic capital model and ORSA to enhance our abilities to capture existing and new risks. This includes considering changes in trends for existing risks and the introduction of new products/risks.
Create and deliver actuarial and risk management presentations to internal and external clients and stakeholders. This includes both training and information presentations to internal (underwriters, client managers, accountants, actuaries) and external (client, conferences) stakeholders.
Ad-hoc actuarial tasks including peer review of actuarial work and ad-hoc actuarial analyses as needed.
Working on our team provides a great opportunity to learn about all areas of the insurance and reinsurance business and to interact with senior management, Finance, Reserving, Law, and other teams throughout the US operations and the Munich Re Group worldwide. This position also provides the opportunity to continue with your actuarial education with support from the Company.
Successful candidates will possess the following:
Five or more years of (re)insurance/actuarial, risk management, or equivalent experience.
Bachelors Degree in Mathematics, Actuarial Science, Economics, Finance, Statistics or related field requiring modeling, programming, or quantitative analysis.
In-depth knowledge of Actuarial Models, standard techniques and the most efficient and effective methods
About the company
Munich Re is one of the world’s leading risk carriers and stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. The Group operates in all lines of insurance, with around 45,000 employees throughout the world and combines primary insurance and reinsurance under one roof.
Besides our capital base, the foundation of our success is knowledge and competence – qualities that benefit clients and staff alike. As a world-class reinsurer, we invest a great deal in maintaining our knowledge lead and foster the innovative strength and expertise of our more than 11,000 employees in reinsurance. We motivate by offering a wide variety of responsible tasks with clear objectives, and cultivate a team spirit. Our corporate culture is defined by performance, mutual respect and trust. All this makes us an attractive employer providing global career development opportunities and prospects.