Director & Actuary Valuation Fortitude Re
AC - Actuarial
Estimated Travel Percentage (%): Up to 25%
Relocation Provided: Yes
American General Life Insurance Company
Director & Actuary Valuation Fortitude Re - Valuation and Financial Reporting
American International Group, Inc. (AIG) is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
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 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.
Travel: 0% to 15%
Experience: 10+ years
Actuarial Credentials: Fellow (preferred) or Associate, Society of Actuaries and Member, American Academy of Actuaries
Reporting Relationships and Organizational Scope
This role will report to the US Valuation Actuary, Fortitude Re. The US Valuation Actuary is responsible for managing and reporting Fortitude Re's, liability reserve calculations and financial reporting under multiple regimes.
This role will be responsible for technical accuracy and controls of US GAAP, Stat and Tax reserve calculations for all Life, A&H, and Annuity business assumed by Fortitude Re. This role will be solely dedicated to Fortitude Re.
Role and Responsibilities
- Consolidate valuation results for financial reporting purposes across Fortitude's lines of business including Life, Payout Annuity, and Accident & Health (A&H).
- Serve as the technical expert and supervise the technical aspects of the valuation actuarial team to update, run, and report on all US GAAP, Stat and Tax liabilities for contracts assumed by Fortitude Re.
- Support development and maintenance of a production data and calculation environment for multiple valuation models, primarily Axis. The environment will be data centric, minimize the use to spreadsheets, and have a robust control infrastructure. The data environment will tie to the Fortitude Ledger or values reported to ceding companies.
- Development and maintenance of the robust control infrastructure.
- Serve as technical expert with the Fortitude Re Axis production modeling team to migrate valuation systems to Moody's Analytics Axis.
- Support the US Valuation Actuary in developing reliance statements to ceding companies Appointed Actuaries ensuring compliance with US GAAP, Stat and Tax regulations.
- Support the technical aspects in developing the reporting infrastructure with an emphasis on building repeatable processes with built-in review capability.
- Work with internal and external auditors (e.g. FCU, PwC) in their periodic reviews.
- Assist in review, understand, and interpret results. Provide technical expertise in formally explaining variations in earnings vs the best estimate expectation and prior period.
- Use pacesetting and perform technical actuarial work where necessary to fill any gaps on the valuation team, working in a team environment
- Follow emerging regulatory and tax developments, and facilitate learning materials and presentations for the finance and actuarial teams.
The ideal candidate will have significant technical experience and expert-level knowledge in US Stat, GAAP and Tax liability valuation and considerable knowledgeable in assumption-setting, economic risk, reinsurance and statutory and GAAP accounting aspects for US individual life, individual A&H and payout annuity businesses including structured settlements, SPIAs and TFAs. The candidate must have excellent communication skills, and the ability to interact with business partners and business unit actuaries effectively in a team environment. The successful candidate must have a desire to improve process efficiency and appearance of final work product.
An undergraduate degree is required. This individual will be preferred to be a Fellow of the Society of Actuaries (FSA) or similar designation, or an Associate of the Society of Actuaries (ASA).
- 15+ years of progressively more responsible actuarial experience in the insurance industry
- Leadership experience in a large actuarial or insurance organization
- Deep technical understanding of solvency, management, and economic valuation regimes including but not limited to US Statutory and US GAAP accounting
- Significant technical experience and expertise with US valuation systems
- Proven track record of standing up new valuation systems
- Experience with financial reinsurance
- Experience with reinsurance accounting
- Demonstrated success working in cross-functional collaborative teams and in working with senior management
- Proficient with MS Word, Excel, non-Excel tools, and data base software
- Actuarial competency related to valuation and modeling of Life, A&H, and payout annuity products including: Structured Settlements, Single Premium Immediate Annuity, TFA, Non-par Whole Life, Par Whole Life, ROP Term, Individual Cancer, Disability Income and EIWL products.
- Goal oriented and well-organized, with the ability to develop and manage disciplined processes
- Desire to work in a ‘start-up' environment
- Excellent written and oral communication skills
- Strong project management and organizational skills
- Solid interpersonal and influencing skills
- Desire to deliver a complete work product
- Highly motivated and results-oriented
- Strong analytical skills
- Ability to work independently and across geographies
- Desire to eliminate manual and spreadsheet-based processes
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.