Actuarial Analyst

Arch Capital Group; Jersey City (NJ); Hybrid; USD 133,000 - 135,000; Full time

Benefits offered by this job

Medical and dental plans

Vision and prescription coverage

401k with company match

PTO 20 days/year

12 paid holidays + Volunteer Time Off

Parental leave up to 10 weeks

Student loan assistance

Tuition reimbursement

Backup child and elder care

Job summary

Arch Insurance Group, Inc. in Jersey City, NJ is seeking an Actuarial Analyst. The role focuses on profitability reviews, segmentation, and pricing for large accounts, while driving industry benchmarking and tool development.

Ideal candidates have a Master’s degree in a quantitative field, 2 years of relevant P&C experience, Python/SQL skills, and five actuarial exams (including CAS). Hybrid work, travel required, competitive benefits.

Qualifications

• Master’s degree in Mathematics, Actuarial Science, Statistics or related field with 2 years of relevant P&C/Professional Liability experience.
• 1 year of programming experience with Python and SQL.
• 1 year of experience with data tools to structure, access and manage data sets for modeling and risk management.
• Experience with Profitability Reviews, LDF, Trend Studies, Rate Filings and related concepts.
• 5 actuarial exams passed, including 2 CAS exams.

Responsibilities

• Own profitability analyses and segmentation within the book, presenting results to underwriting.
• Assist in pricing for large accounts and portfolio submissions with underwriters.
• Conduct industry benchmarking using consultant reports and market analyses.
• Lead monitoring and reporting of key metrics like rate changes and mix changes.
• Build tools for pricing, dashboards and actuarial data products.
• Develop new products, rating approaches and filing strategies.
• Mentor new actuaries and interns on projects.

Skills

Python

SQL

PowerBI

Excel

VBA

PowerPoint

Education

Master’s degree in Mathematics, Actuarial Science, Statistics or related quantitative field

Actuarial exams — 5+ including 2 CAS exams

Tools

SQL (data management tool)

Microsoft Office tools

Job description

With a company culture rooted in collaboration, expertise and innovation, we aim to promote progress and inspire our clients, employees, investors and communities to achieve their greatest potential. Our work is the catalyst that helps others achieve their goals. In short, We Enable Possibility.

Arch Insurance Group, Inc., seeks Actuarial Analyst, in Jersey City, NJ

Job Duties:

Profitability Reviews & Segmentation Studies:

• Take direct ownership of analyzing profitability and identify strong and weak segments within the book.
• Present results and work directly with underwriting to drive strategic operations.
• Evaluate and monitor underwriting actions and impact.
• Field any questions asked by underwriters and serve as the subject matter expert and primary point of contact for the product.

Deal Pricing for large accounts or new portfolio submissions:

• Partner with underwriters working large deals and advise them on pricing and deal structure.

Actuarial Industry Benchmarking:

• Independently research and leverage business partner relationships to find relevant industry metrics to be used as benchmarks in studies, such as consultant reports, competitor filings, and reinsurance market analyses.
• Use deep actuarial knowledge and reasoning to adapt industry data into something that can be used to benchmark against our current portfolio.

Monitor and Reporting:

• Measuring and reporting on key performance metrics like rate change, price adequacy levels, and underwriting mix change.
• Expected to lead one of these initiatives for the year, making sure that teammates meet all necessary deadlines and that all completed results are reasonable.

Tool Building:

• Responsible for driving innovation to improve and create new tools without managerial guidance by designing, programming, and maintaining critical tools used in pricing and book monitoring, like pricing tools, dashboards, analytical tools and actuarial data products.

Product Development:

• Lead the development of new products, rating approaches and filing strategies including development of technical price, either built from scratch, or adapted from strategic pricing models.

Mentor new actuaries:

• Mentor new team members and interns, answering questions, providing feedback, and overseeing small projects.

Qualifications:

Master’s degree in Mathematics, Actuarial Science, Statistics or related quantitative field plus 2 years of experience in the job offered or related position within the P&C insurance domain specifically focused on Professional Liability and Cyber.

Must have:

• 1 year of programming experience with Python and SQL.
• 1 year of experience with relevant tools to structure, access, and manage data sets for modeling and managing risks including PowerBI, Microsoft Office tools (Excel, VBA, PowerPoint) and data management tool SQL.
• Experience with basic insurance and actuarial ratemaking concepts as well as their downstream impact, which must include Profitability Reviews, LDF and Trend Studies, Contingent Commission Calculations, and Rate Filings.
• Passed at least 5 actuarial exams which must include 2 or more CAS specific exams.

Hybrid role model position, working 3 days in office and 2 days remote from within commuting distance of the office location. National travel required twice per year for department/team meetings, business offsites and/or conferences. #LI-DNI

For individuals assigned or hired to work in the location(s) indicated below, the base salary range is provided. Range is as of the time of posting. Position is incentive eligible.

$133,474 to $135,000 per year (Jersey City, NJ)

• Total individual compensation (base salary, short & long-term incentives) offered will take into account a number of factors including but not limited to geographic location, scope & responsibilities of the role, qualifications, talent availability & specialization as well as business needs. The above pay range may be modified in the future.

• Arch is committed to helping employees succeed through our comprehensive benefits package that includes multiple medical plans plus dental, vision and prescription drug coverage; a competitive 401k with generous matching; PTO beginning at 20 days per year; up to 12 paid company holidays per year plus 2 paid days of Volunteer Time Offer; basic Life and AD&D Insurance as well as Short and Long-Term Disability; Paid Parental Leave of up to 10 weeks; Student Loan Assistance and Tuition Reimbursement, Backup Child and Elder Care; and more. Click here to learn more on available benefits.