Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders. Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry. Click here for more information about Fortitude Re.
The AVP, Modeling Actuary will be a key member of the Fortitude actuarial modeling team, which serves the company by providing projections to support financial reporting and projection requirements covering US GAAP and Statutory, Bermuda Economic Balance Sheet, hedging and budget/plan. The primary responsibility will be managing the Cash Flow Testing process for Fortitude’s Inforce block, as well as taking ownership of major model development initiatives and supporting running the business. This role will partner with risk, investments, assumptions, capital management, financial reporting and controllership teams at Fortitude to produce analysis required to manage the business. The ideal candidate will have significant experience and expert-level knowledge in actuarial modeling software, a thorough understanding of a variety of products and strong project management and communication skills. The successful candidate will also exhibit industry knowledge related to actuarial modeling to support Fortitude Re on the evaluation of future acquisitions.
What You Will Do:
- Lead annual Cash Flow Testing process, including model updates and governance and counterparty communication.
- Play a key role in model development, model testing and validation, and production for statutory, GAAP, and hedging.
- Execute timely model development with appropriate testing and validation.
- Define and set up ongoing production processes.
- Execute timely ongoing production processes and deliverables to stakeholders.
- Execute controls and governance processes.
- Lead and review model governance activities to ensure accuracy and compliance with model risk standards.
- Review and communicate results of quarterly model roll forward for US GAAP, US STAT, US Tax and Bermuda Economic Balance Sheet bases.
- Implement process improvement and automation for quarterly reporting.
- Develop new functionality to support profitability analysis and financial planning.
- Support senior management on any ad-hoc requests such as assumption development, due diligence, future acquisitions, etc.
What You Will Have:
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Undergraduate degree is required, preferably in actuarial science, mathematics, statistics, or related fields.
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7+ years of progressively more responsible actuarial experience with Life Insurance, Annuity products or ALM equivalent environment.
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Fellow of Society of Actuaries (FSA) with 3+ years of experience post FSA, Associate of the Society of Actuaries (ASA) with 7+ years of experience post ASA, or 10+ years of relevant experience.
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Equivalent international designation will be considered in lieu of FSA or ASA.
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Significant working experience with actuarial modeling software (e.g., AXIS).
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Good analytical skills and ability to adopt a creative approach to solving complex process problems.
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Strong project management and communication skills.
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High degree of proficiency in Excel, PowerPoint and Word applications as well as experience with database and programming language.
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Ability to work with Business Intelligence (BI) tools.
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Hedging experience is a plus.
#LI-Hybrid
The base salary range for this role is listed below and will be commensurate with candidate experience. Pay ranges for candidates may differ based on the cost of labor in that 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.
Base Salary Range
$160,000—$180,000 USD
At Fortitude Re, our strength has always come from our people. Our success is deeply rooted in our ability to embrace the unique attributes, perspectives and experiences of every individual within our company. Fostering a culture of inclusion and belonging where everyone—regardless of background, race, religion, sexual orientation or gender identity—feels valued and respected is a foundation of our culture.
We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law.
To all recruitment agencies: Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees. Fortitude Re is not responsible for any fees related to unsolicited resumes.
Check us out on YouTube: About Fortitude Re (youtube.com)
By submitting your application, you agree that Fortitude Re may collect your personal data for recruiting purposes.
Top Skills
What We Do
Born as an innovative system integrator in 2009, Databiz evolves in 2018 into a holding company (Databiz Group), in order to scale fast and face the evolving market scenario.
2021 is a milestone year: Databiz Group transforms into Fortitude Group, aggregating innovative competences and methodologies to address the contemporary digital transformation challenges. This rename and rebrand represents a significant step in the company’s evolution, redefining the Group’s identity, driving change and shaping the future of the entire ICT landscape.
The Group includes:
- Bitrock
- Radicalbit
- ProActivity
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