Actuary

Actuary

Company: Munich Re America Services

Location: Princeton, United States

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.

The Opportunity

Future focused and always one step ahead!

We’re looking to hire one Actuary to enrich our Global Clients/North America United States (GC/NA US) Business Unit Reserving team within 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 involves continuous monitoring of the reserve position and the further development of actuarial methods, the underlying systems, and tools to support this.

Additional responsibilities include the assessment of reserve uncertainty and reserve risk, as well as financial reporting on non-life technical provisions under IFRS17, Solvency II, US GAAP, and Statutory standards.

Responsibilities

• Collect, analyze, and interpret financial data to inform business decisions and drive process improvements.
• Develop and maintain complex financial models and forecasts using Microsoft Excel.
• Create reports, dashboards, and visualizations using Microsoft Power BI to communicate financial insights to stakeholders.
• Collaborate with cross-functional teams to identify business needs and develop solutions.
• Develop and maintain financial metrics, KPIs, and benchmarks to measure performance and identify areas for improvement.
• Analyze and resolve financial discrepancies and anomalies.
• Develop and deliver regular financial updates and insights to senior management through presentations using Microsoft PowerPoint.
• Stay up to date with industry trends, new technologies, and emerging best practices in financial analysis and planning.

As part of the GC/NA Reserving team, your role is to become a strategic partner with our business unit utilizing actuarial know-how while broadening and deepening portfolio knowledge accompanied with market trends to provide business insights to support profitable growth.

This partnership must be developed while maintaining objective ownership of the balance sheet strength of Munich. In addition, you will provide analytic support to more senior actuarial roles within Corporate Reserving in various analyses providing many opportunities for mentoring.

YOUR JOB

• Collaborating in a diverse team with various backgrounds and skills aiming to maximize the quality of Corporate Reserving’s deliverables and the success of the Munich Re Group.
• Establishing key relationships with the GC/NA Business Unit to create a trusting environment that facilitates open and honest communication.
• Communicating and acting as an interface between Corporate Reserving and the GC/NA Business Unit team, Global Reserving team, as well as Controlling, Planning, Accounting, and Claims staff locally and globally.
• Performing actuarial analyses including reserve review, actual vs. expected comparisons, and focused portfolio analyses.
• Performing quality assurance, analysis, and reporting of IFRS17 data and results.
• Enhancing reserve analyses by working with the business unit to understand strategy, portfolio performance, and trends within the marketplace.
• Participating and creating actuarial presentations and presenting results/topics to both actuarial and non-actuarial audiences, including management.
• Providing the business unit understanding and insight into their results due to the combined impact of their strategy, portfolio performance, external factors, and reserving decisions.
• Building trusted relationships and aligning different interests in a complex organization.

Qualifications

• Bachelor’s degree in mathematics, actuarial science, economics, business, or a related field requiring modeling, programming, or quantitative analysis.
• Six+ years of (re)insurance/actuarial experience, including reserving, pricing, underwriting, risk management, accounting, reporting, and/or controlling or similar disciplines.
• Membership in the Casualty Actuarial Society and in the American Academy of Actuaries. The equivalent credentials for international candidates will be considered.
• Excellent quantitative and analytical skills with emphasis on practical application.
• Effective oral and written communication skills, including the ability to explain technical concepts to non-technical audiences.
• Good time management and organizational skills including managing conflicting priorities and completing multiple tasks and projects.
• Strong project management, process optimization, and change management skills.
• Experience with insurance-related databases and data warehouses preferred.

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.