Actuarial Manager Sr

We are 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 Company

Munich Re America Services (MRAS) is a shared service organization that delivers services to all Munich Re US P&C Companies and other group entities.

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.

The Opportunity

Future focused and always one step ahead!

We are looking for a head of Reserving Transformation, Operations and Processes Team in FMR Corporate Reserving. The responsibility of Corporate Reserving is to use quantitative and qualitative methods to perform and oversee the loss reserve analyses for Munich Re's property and casualty business in the US. This includes continuous monitoring of the reserve position, and the further development of actuarial methods, the underlying systems, and tools. Additional responsibilities are the assessment and quantification of reserve uncertainty and reserve risk, as well as financial reporting on non-life technical provisions under IFRS17, Solvency II and Statutory standards.

Your principal role is to manage the team, which is responsible for the Operations and Processes with in Reserving - this particularly includes all data and systems topics, local statutory closing, annual statement reporting, the organization of the annual Reserve Review for the team, as well as the co-ordination with the external Auditor. Beside Operational Topics this team will be heavily involved in Project work concerning transformational topics in Reserving specifically and Financial Management Reporting more generally.

Responsibilities:

Lead and develop a team, managing the reserving operations and financial closes, while fostering a high-performance and learning-oriented culture.
Set a vision and execution standards for reserving, closing, and reporting cycles, ensuring a robust governance and audit readiness for all reserving operations and controls.
Act as liaison with Global Reserving Teams, CFO, IRM, Audit, Accounting, Financial Reporting, Planning & Expense Team and other key stakeholders to ensure alignment and transparency.
Coordinate financial close activities, including cession QA, booking hand-offs, and retro modeling, in partnership with Finance and Accounting.
Support Annual Statement Reporting and Schedule P Process in close collaboration with other responsible FMR teams.
Quarterly Financial Reporting of Underwriting Results under Statutory Reporting standards, focusing on a technical sound analysis of underlying business drivers for the CFO.
Planning and oversight of the Reserve Review Process, ensuring excellent quality and compliance to actuarial standards of practice, as well as group reserving policy.
Maintain current knowledge of trends in actuarial methods, reserving systems, and technology; recommend solutions that balance cost and risk, while facilitating know-how transfer across the various operational Reserving teams.
Lead transformation projects and system integrations to drive process simplification and automation initiatives. Champion continuous improvement and efficiency gains, partnering with global reserving and finance teams.

Qualifications:

Successful candidates will possess the following skills/capabilities:

Bachelor's degree in mathematics, actuarial science or a similar qualification with a strong quantitative focus; Masters or MBA preferred
Proven leadership, communication and interpersonal skills
Several years of managerial or supervisory experience in an actuarial role (e.g. Reserving, Pricing, Risk Management, Underwriting, Controlling, Data Analytics) in the Property/Casualty Insurance Industry
Strong knowledge of (re)insurance, as well as accounting, finance and financial reporting
Extensive knowledge of actuarial methodologies, processes, systems and data structures, with applicability towards (re)insurance operations.
In depth working knowledge of BI software, statistical programming languages, design of data structures and database tools (such as TM1, SQL, SSAS or similar)
Strong project management, process optimization and change management skills and experience.
FCAS (or comparable actuarial society) credentials preferred
Excellent analytical skills together with a solution-oriented mindset
Solid knowledge of non-life reserving, and strong background on financial reporting, with experience in the valuation according to IFRS 17 and/or Solvency II
Ability to present complex issues to non-actuaries and to be comfortable and credible in terms of meeting with senior management and the Board
Strong project management, process optimization and change management skills and experience.

The Company is open to considering candidates in numerous locations, including New York City, NY and Princeton, NJ. The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $220,400 - $315,600, plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).

The salary estimate is adjusted to reflect the varying market conditions across different locations, with the with the higher end being more aligned with the New York City job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:

Two options for your health insurance plan (PPO or High Deductible).
Prescription drug coverage (included in your health insurance plan).
Vision and dental insurance plans.
Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
Short and Long Term Disability coverage.
Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:

A robust 401k plan with up to a 5% employer match
A retirement savings plan that is 100% company funded.
Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
Eligibility to receive a yearly bonus as a Munich Re employee.
A variety of health and wellness programs provided at no cost.
Paid time off for eligible family care needs.
Tuition assistance and educational achievement bonuses.
A corporate matching gifts program that further enhances your charitable donation.
Paid time off to volunteer in your community.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

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