Job Category: Chief Actuary
Job Type: Full Time Hybrid
Job Location: Chicago
A prominent insurance organization is seeking a Chief Actuary (CA) to join its Executive Leadership Team (ELT). This pivotal role oversees all actuarial pricing and loss reserving functions, leading a team of professionals to ensure robust pricing models, conservative loss reserving practices, and alignment with industry best practices.
Responsibilities
Actuarial Pricing Unit
- Lead a skilled team in developing and maintaining pricing models across multiple business units, including Bind, Excess Casualty, Garage, Inland Marine, and Primary Casualty.
- Analyze internal claims data regularly to update pricing models in response to dynamic loss costs and inflation trends.
- Collaborate with underwriting and claims professionals to identify and incorporate factors impacting liability exposures.
- Monitor industry trends to ensure pricing recommendations align with market and claims insights.
- Identify underperforming risk classes and advise business units on appropriate pricing strategies.
- Present pricing trends to business units, senior management, and reinsurers, ensuring alignment on strategy and renewal processes.
- Mentor the pricing team, fostering professional development and maintaining technical expertise.
- Coordinate reinsurance renewals, including data preparation and financial evaluation of terms.
- Conduct ad hoc pricing studies as needed.
Loss Reserving Unit
- Oversee quarterly loss and loss adjustment expense (LAE) reserve determinations using sound actuarial methodologies.
- Analyze claim data to monitor reserve adequacy and adjust as needed based on emerging trends.
- Collaborate with business units and claims teams to understand and incorporate factors impacting IBNR liabilities.
- Provide timely reserve data to the finance team for statutory and GAAP reporting, budgeting, and forecasting.
- Assist independent actuarial reviews and present findings to the ELT, Board, and audit committees.
- Conduct ad hoc reserving studies and participate in industry discussions on loss reserving.
Other Responsibilities
- Maintain strong communication with stakeholders, including senior executives, underwriters, reinsurers, auditors, and regulatory bodies.
- Perform additional duties as required to support organizational goals.
Required Skills and Qualifications
Knowledge, Skills, and Abilities
- Advanced expertise in actuarial principles, particularly in loss reserving and property/casualty pricing.
- Strong analytical, problem-solving, and decision-making capabilities.
- Excellent written and verbal communication skills, with the ability to confidently engage with diverse stakeholders.
- Leadership skills to manage and develop high-performing teams across multiple locations.
Education and Experience
- Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or a related field (post-graduate degree preferred).
- Fellowship in the Casualty Actuarial Society (FCAS) and membership in the American Academy of Actuaries (MAAA) strongly preferred.
- Minimum of 15 years of actuarial experience in commercial property and casualty insurance, including loss reserving and pricing functions. Experience in excess and surplus lines is highly desirable.
Work Environment and Physical Demands
- Hybrid work arrangement with a minimum of three days per week in the office.
- Requires prolonged sitting, extensive computer use, and occasional travel.
- Minimal physical exertion in a climate-controlled office setting.