VP, L&A Risk

fortitudegroupholdingsllc; Jersey City (NJ); Hybrid; USD 180,000 - 320,000; Full time

Job summary

Fortitude Reinsurance Company Ltd. (Fortitude Re) in Jersey City, NJ, is seeking a senior executive to lead Life & Annuity risk within the Enterprise Risk Management organization.

The VP will support Life & Annuity Risk and Model Risk Management teams, providing second-line risk oversight for a $100bn long-term reinsurance business and ALM models at the intersection of strategy, reserving and capital. Based on a hybrid schedule in Jersey City with about 30% travel to our Nashville office, the

Qualifications

• 10+ years of related experience with long-term insurance liabilities.
• Credentialed actuary or deep expertise in ALM projections.
• Strong knowledge of life & annuity and reinsurance.

Responsibilities

• Contribute to a robust ERM program with risk oversight and business partner collaboration.
• Oversee ALM-related models and ensure compliant methodology.
• Lead people management for actuarial staff and project delivery.

Skills

Life & Annuity

ALM modeling

Model risk management

Financial modeling

Python

C++

Excel

Education

Actuarial credential (FSA/FCAS)

Tools

AXIS

SLOPE

Prophet

Python

C++

Excel

Job description

Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders. Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry.Click herefor moreinformation about Fortitude Re.

The VP, Life & Annuity Risk is part of Fortitude Re's independent Enterprise Risk Management organization. This role supports the Life & Annuity Risk and Model Risk Management Teams in second line risk oversight of a $100bn long-term reinsurance business and the ALM models that at the intersection of business strategy, reserving and capital.

The ERM organization’s goal is to ensure Fortitude Re has a comprehensive framework for understanding the risks across its lines of business — enabling the company to manage risk effectively, evaluate current and emerging risk challenges and opportunities, and enhance shareholder value.

Candidates will have the opportunity to shape Fortitude Re’s evolving risk management framework while helping manage the risks associated with implementing models for large and diverse blocks of new business.

This position will report to the L&A Risk Officer, with an indirect reporting relationship to the Model Risk Officer. As the ALM modeling infrastructure at Fortitude continues to mature, this position may move to report directly to the Model Risk Officer.

This role will be based in our Jersey City, NJ office on a hybrid basis with 30% travel expected to our Nashville, TN office.

What You Will Do:

Risk Oversight & Business Support

• Contribute to a robust risk management program that integrates with business partners to provide pragmatic oversight, challenge, and review.
• Challenge first-line risk identification and reporting across life, health, and annuity businesses; keep ERM leadership informed of material risks and policy compliance.
• Lead ERM support for Bermuda EBS activities, including financial reporting and attributions, new deal integration, model updates, management of topsides & simplifications, and regulatory examinations/reviews.

Model Risk Management

• Oversee and manage ERM support for all ALM-related models to ensure proper usage given limitations, consistency and appropriateness of methodology across models, and compliance with model risk management standards.
• Support broader model risk and operational risk functions under the direction of the Model Risk Officer.
• Ensure model risk policies, standards, and procedures are met to comply with internal governance and regulatory requirements for ALM-related models.
• Provide input to the MRO on the Model Governance Committee with regard to model risk matters, and develop model risk reporting and documentation to support audit or other external reviews.

People Management

• Manage an actuarial student and any other direct team members; manage timeline, sequencing and resources for model reviews which include tactical and SME support from other ERM team members.

What You Will Have:

• 10+ years of related experience with long-term insurance liabilities.
• Strong Life & Annuity and financial modeling experience; ideally a credentialed actuary or someone with deep expertise in insurance ALM projections.
• Deep knowledge of life and annuity insurance/reinsurance, ALM, and capital frameworks.
• Working knowledge of the Bermuda EBS reserve and capital framework.
• Strong understanding of market, credit, and insurance risks affecting long-term liabilities.
• Strong analytical skills with the ability to independently hold and defend a risk position.
• Experience using economic capital models for business decisions and solvency monitoring.
• Experience managing multiple stakeholders, including subsidiary/parent relationships.
• Experience with various software packages commonly used in actuarial practice such as Microsoft Office (e.g., Excel, PowerPoint), Actuarial projections (e.g., AXIS, SLOPE, Prophet), programming languages (e.g., Julia, Python, C++).
• Collaborative skills and gravitas to manage risk issues across long-term businesses.

#LI-Hybrid

At Fortitude Re, our strength has always come from our people. Our success is deeply rooted in our ability to embrace the unique attributes, perspectives and experiences of every individual within our company. Fostering a culture of inclusion and belonging where everyone—regardless of background, race, religion, sexual orientation or gender identity—feels valued and respected is a foundation of our culture.

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.