VP, L&A Risk

About the role

Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions, working with leading insurance companies to execute transformational solutions for legacy Life & Annuity and P&C lines. The company manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products, backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Fortitude Re’s leadership team has an average industry tenure of over 20 years and a track record of managing complex legacy liabilities.

The VP, Life & Annuity Risk is part of Fortitude Re’s independent Enterprise Risk Management (ERM) organization. This role supports the Life & Annuity Risk and Model Risk Management Teams in second-line risk oversight of a $100 billion long-term reinsurance business and the ALM models at the intersection of business strategy, reserving, and capital. The ERM organization ensures Fortitude Re has a comprehensive framework for understanding risks across its lines of business, enabling effective risk management and evaluation of current and emerging challenges and opportunities.

This position reports to the L&A Risk Officer, with an indirect reporting relationship to the Model Risk Officer. As the ALM modeling infrastructure matures, this role may transition to report directly to the Model Risk Officer. The role is based in the Nashville, TN office on a hybrid basis, with some travel expected to the Jersey City, NJ office.

Responsibilities

• Risk Oversight & Business Support
  • Contribute to a robust risk management program that integrates with business partners to provide pragmatic oversight, challenge, and review.
  • Challenge first-line risk identification and reporting across life, health, and annuity businesses; keep ERM leadership informed of material risks and policy compliance.
  • Lead ERM support for Bermuda EBS activities, including financial reporting and attributions, new deal integration, model updates, management of topsides & simplifications, and regulatory examinations/reviews.
• Model Risk Management
  • Oversee and manage ERM support for all ALM-related models to ensure proper usage given limitations, consistency and appropriateness of methodology across models, and compliance with model risk management standards.
  • Support broader model risk and operational risk functions under the direction of the Model Risk Officer.
  • Ensure model risk policies, standards, and procedures are met to comply with internal governance and regulatory requirements for ALM-related models.
  • Provide input to the MRO on the Model Governance Committee with regard to model risk matters, and develop model risk reporting and documentation to support audit or other external reviews.
• People Management
  • Manage an actuarial student and any other direct team members; manage timeline, sequencing and resources for model reviews which include tactical and SME support from other ERM team members.

Requirements

• 10+ years of related experience with long-term insurance liabilities.
• Strong Life & Annuity and financial modeling experience; ideally a credentialed actuary or someone with deep expertise in insurance ALM projections.
• Deep knowledge of life and annuity insurance/reinsurance, ALM, and capital frameworks.
• Working knowledge of the Bermuda EBS reserve and capital framework.
• Strong understanding of market, credit, and insurance risks affecting long-term liabilities.
• Strong analytical skills with the ability to independently hold and defend a risk position.
• Experience using economic capital models for business decisions and solvency monitoring.
• Experience managing multiple stakeholders, including subsidiary/parent relationships.
• Experience with various software packages commonly used in actuarial practice such as Microsoft Office (e.g., Excel, PowerPoint), Actuarial projections (e.g., AXIS, SLOPE, Prophet), programming languages (e.g., Julia, Python, C++).
• Collaborative skills and gravitas to manage risk issues across long-term businesses.

Pay

The base salary range for this role is $185,000 USD – $200,000 USD, commensurate with candidate experience. Pay ranges may differ based on the cost of labor in the location. In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package.