Philadelphia , United States
Your jobWe’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.
The Insurance Operations
Munich Re US is launching new insurance operations described as Munich Re Specialty Insurance (MRSI) that will unite the strengths and expertise of Munich Re’s specialty commercial teams in North America under a new management structure. This will allow for the development of an overarching sales strategy through which the specialty risk appetite and product offerings can be profitably optimized and expanded.
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.
Future focused and always one step ahead
This Actuary role will provide actuarial pricing services for MRSI. They will support the business in meeting its goals by analyzing, evaluating, modeling and rating potential competitive solutions for our clients.
In this position you will:
- Prepare and complete pricing analyses for specialty insurance, including the development of rates, ultimate loss projections and communication of results.
- Participate in development and update of Actuarial models and databases through formula development, research on methodologies, and collaboration on technical teams.
- Support for result monitoring, pricing and portfolio management projects that will assist underwriters and management in managing and steering business. Document and communicate assumptions, results, and alternatives to actuarial staff and internal and external clients.
- Strong understanding and ability to discuss and apply the use of existing & new actuarial concepts/techniques involving exposure adjustments, trend, loss development, exposure rating, et al with some assistance/guidance.
- Identification of data issues requiring specialized actuarial attention
- Complete peer reviews as needed.
- Provide actuarial insight and expertise as a participant on a Line of Business Expert Group
- Direct the modification and enhancement of existing applications to address special issues.
- Pursue formal education via Casualty Actuarial Society (CAS) exams.
- Participate in training of others (underwriters, client managers, risk analysts, accountants and actuaries) regarding actuarial analyses and methodologies.
Your profileSuccessful candidates will be possess the following skills/capabilities:
- Bachelor’s Degree in mathematics, Actuarial Science, Economics, Finance, Statistics or related field requiring modeling, programming, or quantitative analysis
- Membership in the Casualty Actuarial Society (ACAS) and membership in the American Academy of Actuaries (MAAA).
- Five (5) or more years of experience in primary insurance pricing.
- Strong technical actuarial skills and strong knowledge and understanding of rating models
- Strong interpersonal skills. Ability to influence and negotiate with others and create acceptance for proposals.
- Proficient computers skills in MS Office Suite used for ratemaking, pricing, modeling stochastic distributions or data analysis (as appropriate).
- Experience in use of R, SAS or other statistical software in insurance pricing applications.
- Excellent oral and written communication skills.
Founded in 1917, Munich Reinsurance America, Inc. is one of the largest reinsurers in the United States. Munich Reinsurance America, Inc. has earned the A+ (Superior) financial strength rating from A.M. Best Company - that's among the highest in the industry. Over 1,000 employees serve our clients from our Princeton, New Jersey campus and regional offices throughout the United States.
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help you stay competitive - from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.