AVP, Actuary (Focus: Management Liability)

IAT Insurance Group; Naperville (IL); Hybrid; USD 129,000 - 281,000; Full time

Benefits offered by this job

Hybrid work environment

Competitive salary

Performance-based bonuses

Educational Assistance Program

Mentorship Program

Job summary

IAT Insurance Group in Naperville, IL, is seeking an AVP, Actuary to lead the actuarial function for Management Liability, including EPLI, Crime, and D&O lines. This role manages pricing analyses, reserving, rate filings, and planning activities, with potential supervisory responsibilities and matrix management of analytics staff.

Hybrid schedule with in-office Mon-Wed and remote Thu-Fri; collaboration across underwriting, claims, IT and senior management to support product development and

Qualifications

• Bachelor's degree or equivalent.
• Minimum of 10 years of related work experience.
• Solid background in the P&C commercial insurance space, including familiarity with typical Management Liability forms/rules.
• Ability to lead and manage a team, and work with management and staff.
• Authorized to work in the United States without visa sponsorship now or in the future.

Responsibilities

• Provides actuarial leadership for Management Liability pricing and reserving.
• Develops rate-making templates and supports rate filings.
• Collaborates with underwriting, claims, IT, and senior management on new products and improvements.
• Develops tools to measure profitability and monitors risk-adjusted performance.
• Gathers data and communicates results across the organization.

Skills

Leadership

Team management

Actuarial pricing

P&C insurance knowledge

Education

Bachelor's degree

Masters degree

FCAS

Job description

IAT Insurance Group has an immediate opening for an AVP, Actuary from our Cheshire, CT; Naperville, IL; Rolling Meadows, IL; or Raleigh, NC location.

This position serves as the primary actuarial lead for our Management Liability business. To be effective, an industry leading knowledge of Management Liability is highly preferred. This role is responsible for conducting pricing analyses, reserving analyses, rate maintenance, supporting rate filings, coordinating annual planning activities, and providing strategic business support. This role may include direct supervisory responsibilities and will involve matrix management of analytics professionals supporting the business. While the primary need is at the actuarial lead level, we are also open to considering candidates at other actuarial levels, including Associate Actuary position, based on experience and qualifications.

This role works a hybrid schedule that requires working from the office Monday through Wednesday, with the option of working Thursday and Friday remotely.

Responsibilities

• Provides actuarial insights with subject matter expertise around the Management Liability product suite, including primarily EPLI, Crime, and D&O coverages.
• Cultivates relationships between the actuarial/analytics unit and other functional support units within the organization through collaboration and communication.
• Develops tools to measure and monitor Management Liability profitability across various dimensions.
• Identifies trends in claim frequency and claim severity.
• Creates reports to measure and monitor rate, action-taken, and its impact on retention and new business growth.
• Develops and maintains capital allocation model to measure the risk-adjusted performance of each business unit.
• Gathers data, analyzes information and has the skills to understand and communicate the results across to the organization.
• Estimates and recommends loss reserves to be carried in the company’s financial statements.
• Determines rates to be charged for each product.
• Develops rate-making templates and provides support for state-by-state rate filings.
• Collaborates with underwriting, claims, IT, and senior management on the development of new products or improvements to existing products.
• Provides an economic view of reinsurance purchase options.
• Perform other duties as needed

Qualifications

Must-Have:

• Requires a Bachelor’s degree or equivalent.
• Requires a minimum of 10 years of related work experience
• Must have a solid background in the P&C commercial insurance space, including familiarity with typical Management Liability forms/rules.
• Ability to self-motivate and drive to succeed, prior experience of demonstrated goal achievement required, ability to lead and manage a team, and extensive knowledge of the insurance industry.
• Must have experience providing on-the-job training to staff or through management, works with direct management reports, and extended actuarial and business intelligence staff.
• To qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposes.

Preferred To Have

• Masters Degree
• FCAS preferred but not required.

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. We maintain a drug-free workplace and participate in E-Verify.

Our Culture

IAT Insurance Group is the largest private, family-owned property and casualty insurer in the U.S. Insurance Answers Together® is how we define IAT, in letter and in spirit. We work together to provide solutions for people and businesses. We collaborate internally and with our partners to provide the best possible insurance and surety options for our customers.

At IAT, we’re committed to driving and building an open and supportive culture for all. Our employees propel IAT forward – driving innovation, stable partnerships and growth. That’s why we continue to build an engaging workplace culture to attract and retain the best talent.

We Offer Comprehensive Benefits Like

• 26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off
• 7% 401(k) Company Match and additional Profit Sharing
• Hybrid work environment
• Numerous training and development opportunities to assist you in furthering your career
• Healthcare and Wellness Programs
• Opportunity to earn performance-based bonuses
• College Loan Assistance Support Plan
• Educational Assistance Program
• Mentorship Program
• Dress for Your Day Policy

Compensation

Please note, that the annual gross salary range associated with this posting is $129,070 – $280,710. Actual salaries will vary based on factors such as a candidate's qualifications, skills, competencies, and geographical location related to this specific role. The total compensation will include a base salary, performance-based bonus opportunities, 401(K) match, profit-sharing opportunities, and more.

To view details of our full benefits, please visit https://www.iatinsurancegroup.com/careers/benefits