Reinsurance Reserving Actuary

This role will play a key part in the reserving process for Nationwide and Geneva Re, a reinsurance facility partly owned by Nationwide. The role will act as the primary reinsurance reserving expert, focused on 3rd  Party assumed reinsurance exposure (“3rd Party Re”) that is written by Ryan Re, an external MGU, and will work extensively with Geneva Re and Ryan Re. Work products will relate to both US GAAP practices and Bermuda Economic Balance Sheet (Solvency II equivalent) reserving requirements, with a primary focus on US GAAP.  Assumed reinsurance and commercial insurance reserving experience as well as EIOPA or equivalent Solvency II experience required.  Communicates insights and results from analyses in a clear and concise manner to leadership and builds strong working relationships across Reserving and with a variety of key business partners and senior leaders.

This position can be staffed at the H4 or H3 level

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Job Description Summary

Our Property and Casualty (P&C) Actuarial team members have opportunities to use state-of-the-art tools, are encouraged to innovate and learn to master actuarial methodologies. If this sounds like a place you could thrive, then we want to know more about you!

This role will play a key part in the reserving process for Nationwide and Geneva Re, a reinsurance facility partly owned by Nationwide. The role will act as the primary reinsurance reserving expert, focused on 3rd Party assumed reinsurance exposure (“3rd Party Re”) that is written by Ryan Re, an external MGU, and will work extensively with Geneva Re and Ryan Re. Work products will relate to both US GAAP practices and Bermuda Economic Balance Sheet (Solvency II equivalent) reserving requirements, with primary focus on US GAAP.

As a Senior Actuary, you’ll be an expert and will provide leadership direction and oversight for the creation and performance of complex actuarial techniques and procedures and risk analysis. You’ll manage research and direct others to ensure efficient, consistent and integrated data and analysis. We’ll count on you to provide a strategic vision for the team and deliver business recommendations that are crucial to the success of Nationwide and the protection we provide our customers. You’ll work independently and may lead others (directly and/or indirectly).

Job Description

Job Duties:

• Own the 3rd Party best estimate reserving analysis for Nationwide and Geneva Re.
  • 3rd Party Re is recently established business and therefore does not yet have significant historic data on which to perform analysis; this role will need to utilize a variety of alternative approaches during the course of reserving work, which may include proxy-based assumption setting, stochastic modeling, and judgmental assumption-setting. Further, this role will need to strategize and develop a reserve analysis process as 3rd Party Re historic data becomes more plentiful.
• Peer review other reserving work supporting the total Geneva Re reserve position.
• Be an active member of the Geneve Re Reserve Working Group – working collaboratively with other Nationwide members, Ryan Specialty Group and their representatives, and Geneva Re to
  • recommend and review the reserving process,
  • perform analysis of 3rd Party Re, including monitoring KPIs/KRIs and performing validations of assumptions/selections,
  • review the reasonableness of reserves and recommend to Geneva the level of reserves booked reserves to consider, and
  • other duties as specified within the Reserve Working Group charter.
• Own components of actuarial analytical evolution, which may include, but is not limited to range analysis, large loss modeling, trend analytics, automated monitoring & reporting, and industry benchmarking.
• Be an active member of the Capital Working Group, including
  • Reviewing and challenging risk metrics,
  • Reviewing and opining on capital planning,
  • Reviewing forecast/actual plan risk metrics, and
  • active involvement in the evolution of the capital planning tool.

Key Responsibilities:

• Acts as technical expert of actuarial methodologies allowing the ability to source and manipulate data within standard requirements. Identifies new ways to utilize data driving overall strategic vision.

• Conducts complex analyses adhering to actuarial standards by selecting appropriate data sources, making assumptions, recognizing considerations, and developing recommendations. Accountable for resolving unreasonable results/non-optimal solutions using experience and professional judgment.  Analysis conducted will be used to influence broad strategic vison of Nationwide.

• Accurately documents assumptions, methods, sources and considerations in an organized fashion.

• Creates cohesive presentations and recommendations of actuarial findings that are suitable for technical and non-technical audiences at the OCFO leadership level. May professionally represent company's position with regulators, auditors and external vendors. May negotiate within defined parameters.

• Responsible for strategic development and oversite of multiple work plans ensuring accurate and timely delivery of product.

• Strategic leader of peer review process. Responsible for driving collaboration cross functionally, identifies gaps in process, recommends and implements changes as needed to ensure quality work.

• Builds strategic business relationships at all levels of the organization to drive solution delivery

• Responsible for identifying skill gaps and developing training materials to develop associates skills for future business needs.

• Advises on strategic data mining techniques used to identify new relationships in data. Makes recommendations on data and software packages that help drive strategic vision of P&C actuarial and business success.  Has expert knowledge of modeling, predictive modeling, and software applications.

• Consults and provides expert advice on new or enhanced product development opportunities, including discussions on data needed for analysis, coding implications and opinions of the viability and profitability of proposals.

May perform other responsibilities as assigned.

Reporting Relationships: Reports to Actuarial leader.

Typical Skills and Experiences:

Education: Undergraduate degree in actuarial science, mathematics, statistics, data science or similar background requiring modeling, programming, or quantitative analysis preferred

License/Certification/Designation: Actuarial designation required, generally as an FCAS. PLEASE REFER TO THE NATIONWIDE PROPERTY AND CASUALTY ACTUARIAL DEVELOPMENT PROGRAM FOR ADDITIONAL INFORMATION.

Experience: Generally, eight or more years of actuarial experience.

Knowledge, Abilities and Skills: Expert knowledge of actuarial business functions, statistical methods of analysis, actuarial models, actuarial software and databases; expert knowledge of company operations, products, systems and actuarial methodologies; expert knowledge of company, industry, and regulatory practices. Mastery of Microsoft Office products, analytical software, and programming languages. Proficient level of organizational agility and conflict management. Proficient level of command skills, strategic agility, delegation, motivating others, business perspective and accounting. Mastery level of perspective, problem solving, customer focus, dealing with ambiguity, drive for results, analysis, learning perspective, problem solving, customer focus, dealing with ambiguity, drive for results, analysis, learning.

Other criteria, including leadership skills, competencies and experiences may take precedence.

Staffing exceptions to the above must be approved by the hiring manager’s leader and HR Business Partner.

Required

• Assumed reinsurance reserving experience.
• Commercial insurance reserving experience.
• Applicable proficiency with data modeling and manipulation tools.
• Ability to work with both large data sets and instances of incomplete/inconsistent data.
• Strong capability to balance multiple projects and customers simultaneously.
• Ability to think flexibly and react nimbly during critical moments and the ability to make connections between observations and business strategies.
• Excellent interpersonal, presentation, and communication skills.

Desired

• EIOPA or equivalent Solvency II experience.
• Rooted knowledge of the insurance industry, particularly the specialty insurance sector.
• Willingness to get involved at all levels and aspects of the process as necessary.
• Ability to work collaboratively with non-technical, senior insurance professionals.

Values: Regularly and consistently demonstrates the Nationwide Values.

Job Conditions:

Overtime Eligibility: Exempt (Not Eligible)  

Working Conditions: Normal office environment.

ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.