AVP, Market Risk & ALM and Hedging

3M HEALTHCARE; Jersey City (NJ); On-site; USD 180,000 - 200,000; Full time

Job summary

Fortitude Re is seeking an AVP, Market Risk and ALM and Hedging to join the Enterprise Risk Management team. You will oversee hedging programs, develop quantitative risk and valuation models, and ensure ALM adherence while collaborating with Investments, Actuarial, Finance and Treasury.

You will lead risk analytics, assess market risk impacts on assets and liabilities, and map strategies with senior leadership. The role is an individual contributor position in a fast‑paced environment.

Qualifications

• Graduate degree in Financial Engineering or a related quantitative field.
• 7–12+ years of experience in market risk, ALM, and hedging or trading risk management.
• Proven ability to lead risk professionals or cross‑functional initiatives.
• Strong modeling experience with derivatives including IR, equity, credit and volatility.
• Familiarity with NAIC, BMA, RBC, or equivalent regulatory regimes.

Responsibilities

• Lead market risk analytics development and reporting across ALM and hedging.
• Assess impact of market risks on assets and insurance liabilities; communicate insights.
• Collaborate with Hedging/Trading on day‑to‑day risk management of derivatives.
• Evaluate hedging programs and advise on optimization to improve PnL.
• Identify gaps in asset‑liability management and support balance‑sheet optimization.
• Stay current with evolving regulatory requirements in Market Risk and ALM.

Skills

Quantitative finance

Derivatives modeling

Excel

Power BI

SQL

Python

Communication

Independent & team work

Regulatory knowledge

Education

Graduate degree in Financial Engineering / Quantitative Finance / Actuarial Science

Tools

PowerPoint

SQL

Power BI

Job description

Position Summary

The AVP, Market Risk and ALM and Hedging role is part of the growing Market Risk team under the Enterprise Risk Management function at Fortitude Re. In this capacity, you will support the safeguarding of the company’s financial health and ensure the successful implementation of risk management strategies. Your key responsibilities include overseeing the risk management of hedging programs, evaluating and monitoring their performance, building quantitative risk and valuation models across asset classes, and ensuring adherence to ALM and hedging guidelines while working with internal stakeholders to support balance‑sheet optimization. The role reports to the Senior Vice President, Head of Market Risk and Chief Risk Officer of the FLIAC legal entity. It is an individual contributor position with no direct reports.

Key Responsibilities

• Lead the advancement of methodology and implementation of Fortitude Re’s market risk analytics and reporting, ensuring that proper information is captured within risk reports to support effective risk management and oversight across ALM and Hedging programs.
• Analyze and assess the impact of market risks on both the asset side and insurance liabilities, including interest rate risk, spread risk, equity risk, and liquidity risk. Communicate observations and insights with internal stakeholders to support better balance‑sheet risk decisions.
• Collaborate closely with the Hedging and Trading team on day‑to‑day risk management across the derivatives book and balance‑sheet assets and liabilities. Proactively identify and analyze potential market‑risk exposures and contribute to the development and implementation of robust hedging strategies.
• Analyze and evaluate the effectiveness of existing and proposed hedging programs (e.g., Equity, Interest Rate, New Business Market Risk, FX, and Fund Basis risk) from quantitative modeling and operational perspectives, recommending strategies to optimize market‑risk mitigation and enhance portfolio performance and PnL.
• Identify issues, gaps, and research solutions related to asset‑liability management practice, focusing on optimizing risk management for the firm’s balance sheet with specific insurance liabilities.
• Stay abreast of evolving regulatory requirements and industry best practices in Market Risk management, hedging strategies and ALM, leveraging knowledge to enhance Fortitude Re’s existing risk‑management strategies and framework.
• Collaborate with Investments, Actuarial, Finance, Capital Management, and Treasury to strengthen asset‑liability management, liquidity, and hedging risk‑management frameworks for both in‑force portfolios and new business initiatives.
• Maintain a deep understanding of insurance liability dynamics and their impact on the company’s risk profile, including liabilities of new reinsurance deals.
• Monitor compliance with applicable regulatory frameworks (e.g., NAIC, BMA, RBC, or equivalent) and rating‑agency expectations related to ALM, Hedging and Liquidity risks.
• Support internal audits, regulatory examinations, and external reviews related to portfolio risk management.
• Promote a collaborative, accountable, and high‑performance team culture aligned with organizational objectives.

Qualifications

• Graduate degree in Financial Engineering, Quantitative Finance, Actuarial Science, or related discipline with strong quantitative finance aptitude.
• Minimum 7–12+ years of experience in market risk management, asset‑liability management, and hedging or trading risk management, with a demonstrated understanding of complexities in insurance liabilities.
• Demonstrated experience leading risk professionals or complex cross‑functional initiatives.
• Strong quantitative and modeling expertise in derivatives, including experience with interest‑rate, equity, credit, volatility, correlation and portfolio models.
• Strong quantitative and modeling skills, including experience with industry‑standard risk‑management software and both market‑risk and insurance liability models.
• Strong understanding of life and annuity insurance liability characteristics and asset‑liability management principles.
• Familiarity with reinsurance industry, regulatory and capital regimes (e.g., NAIC, BMA, RBC, or equivalent).
• Demonstrated knowledge and understanding of various financial derivative models (interest‑rate, stochastic volatility, equity, etc.) and economic scenario generators desired.
• Deep knowledge of fixed‑income asset classes and their risk profiles is preferred.
• Advanced proficiency in Excel and PowerPoint; experience with data analytics tools such as SQL, Power BI, or similar platforms.
• Demonstrated ability to code in at least one programming language (e.g., Python, Julia, C++).
• Strong analytical, problem‑solving, and decision‑making capabilities.
• Excellent written, verbal, interpersonal and presentation skills, with experience communicating complex risk topics to senior leadership.
• Professional designation such as CFA, FRM, PRM, or Associate or Fellowship in the Society of Actuaries (ASA/FSA) is a plus.
• Proven ability to work independently and within a team environment.
• High attention to detail and highly organized with strong follow‑through skills.
• Fast learner and adaptable to a fast‑paced environment.

Preferred Qualifications

• Experience leading projects and influencing stakeholders.
• Experience overseeing derivatives and hedging program risk management.
• Experience working within Bermuda regulatory frameworks.

Compensation

Base salary range: $180,000 – $200,000 USD per year. Eligible for an annual bonus based on company and individual performance, and a generous benefits package.

Equal Opportunity Statement

At Fortitude Re, we are committed to being an equal‑opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought, and any other characteristic protected by applicable law.

We foster a culture of inclusion and belonging where everyone, regardless of background, race, religion, sexual orientation or gender identity, feels valued and respected.