Director, Actuary – Model Development, Product & Pricing

General Purpose Of The Job

Reporting to the AVP, Product & Pricing, this actuary will be key to model development supporting growth within the retail annuity segment. The actuary will be responsible for pricing model development, with particular emphasis on enhancements related to principles-based reserving standards (VM22 and VM21).

Essential Duties And Responsibilities

• Build pricing models using Integrate (formerly MG ALFA), specifically within a principles-based reserving framework.
• Assure modeling and documentation meets governance requirements consistent with Product Development Process governance standards.
• Perform and communicate complex actuarial analyses related to annuity pricing and modeling.
• Price/value embedded derivatives and assess hedging implications and costs.
• Utilize strong actuarial & risk management knowledge including stochastic modeling and understanding of hedging and embedded derivatives to capture all potential risks and costs in pricing analysis.
• Ensure documentation and execution of actuarial analysis, align with the SOA Code of Professional Conduct and Actuarial Standards of Practice.
• Provide mentorship and technical guidance to junior actuarial staff.
• Collaborate with ALM, valuation, finance, tax, hedging, legal, and various other partners as part of the model development process to ensure pricing analysis accounts for all key elements involved in new business modeling.
• Perform other work as assigned.

Supervisory Responsibilities

TBD

Certificates, Licenses, Professional Designations

• FSA (Preferred)
• ASA / FSA (Preferred)

Knowledge, Skills And Abilities

• Prior experience and practical knowledge of US annuity valuation, reserving and capital standards.
• Strong understanding of annuity pricing concepts, including profitability mechanics, sources of risk, and solvency & accounting requirements.
• Strong understanding of risk-neutral pricing & hedging concepts.
• Strong verbal and written communication skills to present and discuss results of analysis.
• Strong experience using industry standard annuity pricing software, or coding background to be applied in annuity pricing software.
• Applications will include: MGALFA / Integrate, Microsoft Office Suite including Word, Excel / VBA for analysis, PowerPoint, and Outlook.
• Practical knowledge of Bermuda regulatory framework is a plus but not required.

Education And/Or Experience

• B.S. in Actuarial, Mathematics, Statistics, Economics, or other quantitative fields.
• 5+ years of progressive experience in annuity modeling, pricing or and/or valuation.
• Proficient in the use of Microsoft Excel for analysis.
• Experience with Stochastic Modeling, or Deterministic Approximations thereof (MG-ALFA / Integrate preferred).
• Experience with hedging and arbitrage free, risk-neutral pricing/valuation concepts preferred.

Benefits

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