AVP Actuary

Hannover Life Reassurance Company of America (Hannover Re) is currently seeking talented candidates for a full-time AVP, Actuary position within the CSS – Corporate Actuarial department.

The AVP, Actuary is responsible for coordinating with FRV and preparing quarterly management discussion and analysis reporting for internal, group, and external stakeholders. This includes reporting of the Solvency II (SII) equity variation, Intrinsic Value Creation (IVC) reporting, and IFRS 17 reporting.

The AVP, Actuary is also responsible for the FP&A function, organizing, coordinating, and reporting the Stat & IFRS17 Forecast & Plan for internal and group stakeholders. This includes timely and accurate reporting and explanation of results to the Hannover US leadership team.

Additionally, the AVP, Actuary prepares certain actuarial regulatory reporting deliverables relating to Bermuda-based entities, including the actuarial opinions and memoranda.

This position is also responsible for providing direction and/or directly managing one or more actuarial team members.

Essential Functions:

(30%)Solvency II, IVC, and IFRS17, and S&P reporting:

• Responsible for preparation and timely delivery of quarterly equity memorandum in support of group reporting under IFRS17 and SII Pillar 3. This includes coordination and corporate actuarial oversight responsibilities across the FRV, consolidation of these results, and communication of these results via an equity memo.
• Responsible for preparation and timely delivery of quarterly asset allocation and S&P capital reporting.
• Ensures timely and accurate calculation of IVC on a quarterly basis to support reporting of IVC to the local board and to Group Controlling Services (GCS).

(20%)Regulatory reporting for Bermuda companies:

• Coordinates with accounting and ERM teams in the production of the Bermuda Economic Balance Sheet (EBS) for HLR America Bermuda entity and other BMA regulated entities.
• Reviews BMA guidance and regulations and maintains a current view of the evolving regulatory requirements in this jurisdiction.
• Produces the actuarial opinion and supporting memorandums for the Approved Actuary’s signature in compliance with the appropriate regulations.
• Performs necessary independent review and oversight of technical provision calculations as needed to ensure these are accurate and produced in a controlled manner.

(40%)FP&A: The FP&A function is responsible for the financial forecast and planning process, and ultimately reporting and explaining these results to the Hannover US leadership group. This entails:

• Coordination of the process locally and with the group.
• Collection, documentation, and communication of key drivers of financial results to various key stakeholders including US leadership group.
• Preparation of Board materials and support of US leadership management function to communicate business performance results and insights to the Board.
• Development and maintenance of templates, databases, and other tools used to support the financial forecast and planning process in a consistent and standardized manner across the entire organization.

(10%)Ad-hoc projects:

• Supports the Corporate Actuarial function by contributing to a variety of projects including:
• Coordinates and conducts periodic expense study and allocation factor updates to enable projection of expenses in a consistent manner across all reporting and pricing basis.

Competencies:

• Collaborates
• Communicates Effectively
• Plans and Aligns
• Tech Savvy
• Business Acumen

Essential Knowledge, Skills, and Abilities:

• Bachelor’s degree from an accredited college or university in Actuarial Science, Mathematics, or related field
• Attainment of the FSA designation from the Society of Actuaries
• Membership in the American Academy of Actuaries or its equivalent
• Minimum 8 years’ experience with valuation concepts in the insurance or reinsurance field
• Excellent communication and organizational skills
• Able to work independently with minimal supervision
• Experience managing and coordinating projects, resources, and people
• Excellent verbal, written, and interpersonal communication skills, including the ability to present complex initiatives to a variety of stakeholders.
• Strong organizational skills, and ability to manage competing priorities and deadlines
• Intermediate MS Office: Excel, Word, Outlook, and PowerPoint skills

Desired Knowledge, Skills, and Abilities:

• Experience in a financial reporting function or valuation function
• Experience with different financial reporting and regulatory basis including IFRS, NAIC statutory, Solvency II, etc.
• Experience with reinsurance, including knowledge and/or analysis of reinsurance structures, client data, etc.
• Life insurance product knowledge, such as Term, WL, UL, ULSG, etc.
• Expertise in critically assessing financial statements for reasonableness
• Experience working with accounting systems and database tools

Travel:

• Less than 10%, domestic, possible overnight travel

Total Compensation Range (Inclusive of Base + Bonus):

• $166,900 - $237,700

Benefits Include:

• Comprehensive medical, dental, and vision
• Paid Time Off (PTO)
• Company provided life insurance and disability benefits
• 401(k) and profit sharing
• Additional ancillary benefits available