Actuarial Director, Reserving (Hybrid)

Arch Capital Group; Chicago (IL); On-site; USD 130,000 - 180,000; Full time

Benefits offered by this job

Comprehensive benefits package

401k with generous matching

20 days PTO per year

Job summary

Arch Capital Group in Chicago is looking for a motivated actuarial candidate to join their reserving and loss analytics team. The role focuses on reserving-related tasks, financial reporting, and profitability studies. Ideal candidates should have strong analytical and communication skills, and the capability to work well in teams.

The position offers a competitive salary range of $130,000 to $180,000 per year, depending on experience and qualifications, along with a comprehensive benefits package.

Qualifications

• Experience in a corporate or business unit reserving function.
• Strong prior experience in reserving.
• Management experience preferred.

Responsibilities

• Assist with reserving process and financial reporting.
• Collaborate with business leaders for data analysis.
• Support profitability reviews.

Skills

Analytical skills

Communication skills

Teamwork

Programming skills (SQL, R, Python)

Education

FCAS preferred

5+ years of experience

Tools

SQL

R

Python

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℠.

Summary

Arch Insurance Company is seeking a motivated actuarial candidate to join a dynamic reserving and loss analytics team. Reserving-related engagements account for the majority of the role, with the remainder dealing with financial reporting, profitability studies, and claim analytics engagements. These engagements would primarily support Commercial Casualty (Auto Liability and General Liability) and Workers Compensation.

This position will require application of the latest actuarial approaches to ensure appropriate reserve adequacy and reporting, as well as innovative thinking to help drive newly developed strategic vision and leverage available data, industry information, foundational analytics for critical decision making, and help with development of analytical tools and insights.

The ideal candidate will have strong analytical and communication skills, committed to developing strong business acumen, and most importantly, will work well in a team environment in close partnership with Pricing Actuarial, Underwriting, Claim, IT, Finance, and other functions.

Responsibilities and Accountabilities

A.) Reserving & Loss Analytics

• Assist with the Arch Quarterly Reserving process (i.e. Arch reserve analyses and reports, including discussions with claims, underwriters, senior management, and outside consultants and auditors)
• Assist with and/or lead the development of new reserving techniques, as well as new ways to examine the data while leveraging external and internal information, and helping improve and expand visuals to support findings and provide insight to senior management.
• Assist with and/or lead quarterly in-depth analysis for several business divisions, the discussions around assumptions and uncertainty, including presentation to executives, development of ongoing forecast process together with input on trend and plan projections.
• Collaborate closely with business division leaders, pricing actuarial, and claims to identify loss trends and emerging issues that could impact results and assist in developing proposals for corrective action in a timely manner.

B.) Financial Reporting

• Assist with GAAP and SAP Financial Reporting (e.g. actuarial opinions, actuarial reports, statutory statements, and 10-Q/K reporting)
• Assist in developing a discussion supporting the quarterly result and the drivers behind it.

C.) Profitability Reviews

• Assist with Quarterly Underwriting Year, NPV, and ROE analyses.

Desired Skills and Abilities

• Prior experience in a corporate or business unit reserving function required. Additional experience in pricing or reserving for Commercial lines – Executive Assurance, Professional Liability, Healthcare, Property, Casualty, Workers Comp, or Surety is a plus.
• Demonstrated ability to exchange ideas and convey complex information clearly and concisely, both verbal and in writing.
• Demonstrated programming skills (such as SQL, R or Python) preferred.
• Ability to lead projects and get work done in collaboration with others. Experience presenting results / findings to senior management a plus.
• Ability to establish and build effective relationships within the organization. A direct and transparent communicator. Knows how and when to keep others informed. Courage to have open and difficult discussions.
• A critical thinker who will challenge others in a respectful manner and will be open to being challenged.
• An individual who is a quick self-study and has the ability to multi-task. A detail-oriented person who can be committed to both quality as well as accuracy.
• Working knowledge of industry data sources (ISO, NCCI, RAA, SAA), with an acute understanding of the strengths and weaknesses of the various industry and peer competitor data emanating from the various data collection and aggregation procedures employed by the various bureaus is a plus.
• An understanding and appreciation of the peaks and valleys in the work flow required of a dynamic reserving and loss analytics function that combines both corporate reserving responsibility as well as insight driven reserving studies.

Education and Experience

• FCAS preferred (will consider non-FCAS with strong prior experience)
• 5+ years of experience
• Reserving experience is strongly preferred
• Management experience strongly preferred
• Technical programming skills – such as SQL, R or Python preferred.

For Chicago, St. Paul, Hartford, Jersey City, NYC: $130,000 - $180,000/year

• 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.