Chief Actuary

1 day ago

Chicago IL United States IFG Companies Full time

POSITION TITLE: Chief Actuary

DEPARTMENT: Corporate

REPORTS TO: President and CEO

EEO/FLSA CATEGORY: Executive, Exempt

DIRECT REPORTS: 7

PREFERRED LOCATIONS: Alpharetta (GA), Chapel Hill (NC), Chicago (IL), Hartford (CT), Jersey City (NJ)

POSITION SUMMARY

The Chief Actuary (CA), a member of the Executive Leadership Team (ELT), is responsible for all actuarial pricing and loss reserving functions within IFG Companies. In overseeing the pricing area, the CA leads a team of experienced professionals who analyze and monitor loss cost trends by peril to establish recommended pricing levels for incoming submissions based on line of business, class codes, geographic and other considerations including general, class-specific and social inflation. IFG Companies' underwriters employ these pricing recommendations as important guides in developing quotes for individual risks.

In overseeing the loss reserving area, the CA works with the Director of Actuarial Services to establish loss and loss adjustment expense (LAE) reserves reported in IFG Companies' financial statements each quarter. The CA will use sound judgment and appropriate reserving methodologies that comply with generally accepted actuarial principles and practices when establishing loss and LAE reserves. IFG Companies' loss and LAE reserves have historically proven to be conservative and yield favorable development. The CA is expected to continue IFG Companies' practice of conservative loss reserving, in light of the parameter risks inherent in its core business of excess and surplus lines insurance.

POSITION RESPONSIBILITIES INCLUDING

Actuarial Pricing Unit

  • Overseeing and guiding a skilled team of actuarial professionals to further the development and maintenance of pricing models used as quoting indications for IFG Companies' five Business Units: Bind, Excess Casualty, Garage, Inland Marine and Primary Casualty.
  • Frequently analyzing internal claim data and updating pricing models to reflect dynamic loss costs and inflationary trends.
  • Working closely with the Business Units and Claims professionals to understand existing and new factors contributing to liability exposures that should be considered in pricing models.
  • Keeping current with industry developments that may provide insight into market and claim trends that should be incorporated into pricing recommendations.
  • Identifying classes of risks where price increases are unlikely to be sufficient to achieve an appropriate return on capital and advising the Business Units so they may take appropriate actions in response.
  • Presenting and discussing pricing trends with the Business Units and other members of senior management, when appropriate or requested.
  • Mentoring and coaching the pricing team to foster professional growth and ensure the Unit maintains strong technical skills to support its pricing responsibilities.
  • Coordinating reinsurance renewals including data requests and evaluating the financial implications of firm order terms on IFG Companies' financial projections.
  • Presenting and discussing pricing trends and other actuarial matters with IFG Companies' reinsurers to support successful treaty renewals.
  • Performing and presenting ad hoc pricing studies, as warranted or requested.
  • Managing resources prudently and effectively.

Loss Reserving Unit

  • Overseeing and guiding the loss reserving function to ensure carried loss and LAE reserves on both a direct and net-of-reinsurance basis are determined based on sound and conservative actuarial methodologies each quarter.
  • Frequently analyzing and monitoring paid and reported claim data to update reserve positions.
  • Performing frequent reviews of actual vs. expected claim development to assess the performance of reserving methodologies and assumptions, and adjusting reserve positions and methods, as needed.
  • Working closely with the Business Units and Claims professionals to understand factors that may have impacted or are expected to impact actuarial patterns used to establish Incurred But Not Reported (IBNR) liabilities.
  • Keeping current with industry developments that may provide insight into market and claim trends that should be incorporated into loss reserve selections.
  • Providing the Finance Unit with loss and LAE reserve data to meet statutory, GAAP reporting and budgeting/forecasting requirements in a timely manner.
  • Assisting the external independent actuaries (e.g., KPMG, Milliman) to support their work in opining on the appropriateness of IFG Companies' year-end loss and loss adjustment expense reserves.
  • Presenting and discussing loss reserve trends, positions and reserve development periodically with the ELT, the IFG Board, the IFG Audit Committee and the insurance companies' Boards.
  • Performing ad hoc reserving studies, as warranted or requested.

Other

  • Performing other duties as may be requested or appropriate.

KNOWLEDGE/SKILLS/ABILITIES

  • Expert actuarial background, with advanced knowledge of generally accepted actuarial principles and practices for property/casualty loss reserving.
  • Expert actuarial background in property and casualty product pricing.
  • Strong analytical and problem-solving skills.
  • Excellent verbal and written communication skills.
  • An ability to deal confidently with all levels within and outside of IFG Companies, including senior executives, auditors, independent actuaries, underwriters, reinsurers, Board members and A. M. Best Company.

EDUCATION/EXPERIENCE/CERTIFICATIONS

  • Bachelor's Degree required, preferably in Actuarial Science, Mathematics, Statistics or a related field. Post-graduate degree would be beneficial.
  • Fellow of the Casualty Actuarial Society (FCAS) and Member of the American Academy of Actuaries (MAAA) preferred.
  • At least fifteen years of actuarial experience in loss reserving and pricing functions within the commercial property and casualty insurance business or with an actuarial consulting firm, with excess and surplus lines strongly preferred.
  • Experience with managing and developing high-performance teams across multiple offices.

PHYSICAL DEMANDS

  • Physical demands are considered to be that of a climate-controlled office environment, with minimal physical exertion.
  • Position is hybrid and requires the ability and willingness to work at least three (3) days per week in IFG Companies' offices.
  • Position requires prolonged sitting, extensive utilization of computers and interactions with others in person and via phone.
  • Position requires the ability to travel occasionally to meet business demands.

BENEFITS

  • IFG Companies offers competitive compensation and benefits, including medical, dental, vision, 401(k), flexible spending, short-term and long-term disability insurance, life insurance, long-term care, paid parental leave, vacation and other paid time off.

IFG Companies is an equal opportunity employer committed to a diverse workforce.

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