Head of Actuarial Pricing
AC - Actuarial
Estimated Travel Percentage (%): Up to 25%
Relocation Provided: No
American General Life Insurance Company
Job ID: JR1813267 Head of Actuarial Pricing
Your Future Team
Fortitude Re: In 2016, AIG created a third reporting segment, Legacy, to manage non-core assets and liabilities, and businesses in run-off, with the objective of balancing the benefits of return of capital or capital redeployment, with potential near-term reductions in book value. The launch of the Fortitude Re entity in 2017 (formally DSA Re) was an important early step in achieving that objective. AIG continued the Fortitude Re strategy by announcing a strategic partnership with The Carlyle Group to achieve the long-term vision for Fortitude Re. Fortitude Re currently reinsures $36 billion of AIG's Legacy Life and Annuity and General Insurance liabilities. Fortitude Re's diversified risk portfolio, strong claims operation, and efficient administration capabilities provide the foundation for a platform that can be scaled over time to offer unique solutions to external parties. AIG and Carlyle plan to build Fortitude Re into a standalone platform with financial strength that complements its strategically differentiated capabilities. For more information, please visit http://www.aig.com/investor-relations
The primary purpose of the job is to price P&C insurance portfolios for assumption and cession, and maintain a suite of tools and expertise to accurately and competitively price P&C portfolios. The head of pricing will be responsible for developing pricing strategies and tools that will drive P&C pricing decisions. The role will also be responsible for suggesting pricing and underwriting strategies and actions to senior management.
This position requires actively engaging with clients, brokers, and counter-parties, both domestically and internationally, both at the analyst level and at the senior management level. The Head of Pricing must excel at extrapolating from limited information and applying core concepts to innovative structures and unique risks. This individual must be able to take into account economic and regulatory conditions and risks.
Further, a candidate must have a deep understanding of insurance risk and operations broadly. The Head of Pricing will be expected to develop a deep understanding of Fortitude Re's Life and P&C portfolios and operations, and how new portfolios will interact with Fortitude Re's existing liabilities. A candidate should have strong communication skills to enable them to convey pricing considerations to the acquisition team, to the broader Fortitude Re management team, and to brokers and counter-parties when appropriate.
The Head of Pricing must be able to juggle actuarial and business concerns, and be sensitive to the negotiation process. Ultimately, t his individual will be expected to make highly complex decisions quickly, with consideration for portfolio risk profiles, as well as economic incentives, negotiation strategies, and each individual counter-party's goals and tactics. This person must be comfortable in an “execution” culture, where they are expected to show initiative, find proactive solutions, and execute regardless of who “owns ” a problem
What we are looking for
- A Fellow of the Casualty Actuarial Society (FCAS)
- A graduate degree in a related field
- Around 10 years of experience
- Proactive, independent problem solver
- Reinsurance experience, pricing experience, and insurance risk management exposure
- Background in building and maintaining models in excel and [R] (or less preferably, Python )
- Experience pulling, managing, and cleansing data
- It is preferable for an applicant to have people-management background.
It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.