RGA's Global Financial Solutions (GFS) team serves as a trusted partner, respected leader, and first-to-mind provider of solutions for clients' largest and most complex risk and capital needs. In 2022, strong performance across all regions and product lines, including asset-intensive, longevity, and capital solutions, produced a record-high $819 million in pre-tax adjusted operating income. GFS accounts for over 40% of RGA's consolidated income. The Longevity line of business is one of RGA's fastest growing lines of business.
The GFS Longevity Risk Management team is responsible for the effective inforce and risk management of longevity risk assumed globally, which represents over $60 billion in benefit obligations. The Actuary, Longevity Risk Management, GFS will be a key player in ensuring that the longevity line of business continues to be a key part of the long-term success of GFS and RGA.
- Effective risk and inforce management of globally assumed products with longevity risk
- Driving efficiencies in longevity and collateral systems and processes
- Leveraging the value in the inforce, through actionable analytics and business insights
- Supporting new business growth
- New Business and US pension risk transfer reviews
- Support assessment of the key longevity risks (longevity, collateral, deferred lives) and processes, conduct a comprehensive assessment of risk characteristics for proposed new transactions
- Review the risk analysis and treaty documents for new or amended transactions, highlighting any potential areas of heightened risk, providing feedback/recommendations to support deal teams in treaty negotiations and to mitigate risk, escalating as necessary
- Maintain and enhance inforce guidelines outlining acceptable terms, negotiation options and escalation points for new longevity transactions
- 2 nd Line of Defense and Risk Assessments
- Enhance framework for monitoring risk metrics in relation to key risk (longevity, deferred lives, collateral, liquidity)
- Ensure effective monitoring of risk limits and KRIs, escalating issues with actionable recommendations
- Support initiatives to manage longevity capital requirements and risk limits
- Actively participate in cross-functional collateral optimization and system initiatives
- Support innovation initiatives in longevity/collateral processes in order to achieve scalability and improve controls
- Support Data Lag Initiative and administration system transition from JLT to TAI
- Data, Experience and Performance Analysis
- Identify and analyze the impact of data changes in the inforce file, and work with clients to establish revised premium and financial settlement
- Conduct experience analysis and leverage insights to propose appropriate changes to best estimate assumptions, and comment on income expectations
- Identify and analyze root causes of deviations from plan and/or original pricing to support communication to executives and senior management groups
- Collateral Management
- Maintain, enhance and develop collateral models in order to estimate current and ongoing collateral needs
- Gain in-depth knowledge of the collateral provisions in order to ensure compliance with the treaty requirements and oversee cures, as needed
- Analyze sensitivity runs with respect to the potential variability of GFS collateral needs, including detailed explanations of any period-over-period changes
- Retrocession management
- Manage external retrocession arrangements, providing required reporting to retro partners, ensuring compliance with treaty terms
- Support implementation of new retrocession agreements, as needed
Leadership and Coaching
- Manage junior staff and co-op student performance to support department goals and objectives
- Support development of junior staff and drive team engagement
- Support Longevity team in hiring process for co-op students
- Fellowship in a recognized actuarial organization preferred (FSA, FIA, FCAS, FIAA)
- 7 years' experience; at least 4 years post-qualification experience
- Undergraduate degree in related field
- Advanced knowledge of life, health, and/or annuity products
- Advanced written and verbal communication skills, whereby complex and technical information can be conveyed in a way that is meaningful by all stakeholders, including senior management
- Advanced interpersonal skills, demonstrating the ability to work effectively with different stakeholders and disciplines across the company, including local offices, pricing, finance, treasury, valuation, investments, administration as well as external customers
- Effective project management skills
- Ability to work independently as well as within a team environment
- Strong service and result orientation and a drive to make a difference.
- Ability to operate at both strategic and detailed levels, anticipate future needs, be proactive and adjust to constant change
- Previous reinsurance experience
- Knowledge of US GAAP, IFRS, Solvency 2
- Advanced modelling and technical skills, including database applications, spreadsheets and statistical programs
- Knowledge of Treasury, Trade Operations, Trust Management
- Experience with GFS lines of business
- Experience with people management and the ability to lead/influence people who may not have a direct reporting relationship
Reinsurance Group of America, Incorporated(NYSE: RGA ) is one of the largest global life and health reinsurance companies. With headquarters in St. Louis, Missouri, RGA supports clients and partners around the world through innovative approaches and customized solutions. Founded in 1973, RGA celebrates its 50th anniversary in 2023.
- We are the only global reinsurance company to focus primarily on life- and health-related reinsurance solutions.
- Our core products and services include life reinsurance, living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting, and product development.
- RGA ranks #222 on the 2022 Fortune 500 list. The list ranks U.S.-based companies by total revenue.
- RGA has been named to Fortune magazine's 2023 list of the World's Most Admired Companies.
- RGA has approximately$3.4 trillionof life reinsurance in force and assets of$84.7 billionas ofDecember 31, 2022.
RGA's culture stresses high performance and collaboration, and the company hires the smartest people in the industry. And, the smart people they hire are not just number crunchers. RGA values creativity and curiosity. RGA also values humility, and its employees work together without ego to bring value to RGA while revolutionizing the life and health insurance space.
RGA aims to evolve RGA workplaces and the communities in which RGA has a presence, into more diverse, equitable and inclusive environments. We will create a culture where individuals are valued, feel a sense of belonging, and are respected for their differences - a workplace where all employees are encouraged and supported to reach their full potential.
Our individual, social, economic, and cultural identities shape and influence our experiences and perspectives. Therefore, to do our best work RGA will ensure diversity in our workforce across the various dimensions of social, interpersonal, and cultural identity - and by practicing inclusivity in how we work with one another. Inclusion in our workplace is a step towards our purpose of making financial protection accessible to all .
We support hybrid and flexible ways of working and would welcome a discussion on how we can balance what is important to you with business requirements during the recruitment process.
Visit our 2022 Annual Review site, https://rgaannualreview.com , to find out more about us.