Job Category: Actuary
Job Type: Full Time Hybrid
Job Location: Hartford
As a key member of the Executive Leadership Team (ELT), the Chief Actuary (CA) oversees all actuarial pricing and loss reserving functions. This pivotal role ensures robust actuarial practices while guiding strategic decisions across pricing and reserving functions.
Key Responsibilities
Actuarial Pricing
- Lead a team of skilled professionals in developing and maintaining pricing models for multiple business units, including specialties such as Casualty, Garage, Inland Marine, and Primary Casualty.
- Analyze internal claims data to update pricing models, incorporating evolving loss costs and inflation trends.
- Collaborate with Business Units and Claims teams to integrate emerging liability factors into pricing strategies.
- Monitor industry developments and adjust pricing recommendations to align with market and claims trends.
- Identify unprofitable risk classes and advise on appropriate actions.
- Present pricing trends and insights to senior management, business leaders, and reinsurers.
- Mentor and develop the pricing team to ensure technical excellence and foster professional growth.
- Oversee reinsurance renewals, including data preparation and financial impact analysis of treaty terms.
- Conduct and present ad hoc pricing studies as required.
Loss Reserving
- Direct the loss reserving function to ensure sound and conservative methodologies are used to determine quarterly loss and Loss Adjustment Expense (LAE) reserves.
- Regularly analyze claim development data and adjust reserve positions as needed.
- Collaborate with Business Units and Claims teams to address trends impacting actuarial patterns and Incurred But Not Reported (IBNR) liabilities.
- Stay informed of market and claim trends to refine reserve methodologies.
- Provide timely reserve data to Finance for statutory, GAAP, and budget reporting.
- Support external actuaries in validating year-end reserve appropriateness.
- Present reserve trends, positions, and development insights to senior leadership and relevant boards.
Leadership and Other Responsibilities
- Represent the company confidently with senior executives, auditors, reinsurers, and external stakeholders.
- Perform other duties as necessary to support organizational goals.
Qualifications
Knowledge, Skills, and Abilities
- Expertise in property/casualty loss reserving and pricing, with a deep understanding of actuarial principles and practices.
- Strong analytical and problem-solving capabilities.
- Exceptional verbal and written communication skills.
- Ability to build trust and influence across all organizational levels and external partners.
Education and Experience
- Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or related field (advanced degree preferred).
- Fellow of the Casualty Actuarial Society (FCAS) and Member of the American Academy of Actuaries (MAAA) preferred.
- 15+ years of actuarial experience in loss reserving and pricing, preferably within the commercial property and casualty insurance space, with a focus on excess and surplus lines.
- Proven track record of leading and developing high-performance teams.
This role offers a unique opportunity to drive actuarial excellence and contribute to the strategic success of the organization.
