Skip to main content

Associate Actuary, Longevity Risk Management, Global Financial Solutions

Position Overview

Global Financial Solutions (GFS) accounts for over 50% 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 incumbent 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.

The Associate Actuary, Longevity Risk Management is responsible for:

  • 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



Responsibilities

Inforce Management

  • 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


Risk Management

  • New Business Reviews:
  • Using an in-depth knowledge 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


Strategic Projects

  • Support Data Lag Initiative and administration system transition from JLT to TAI
  • Using an in-depth knowledge of applicable capital regimes, support initiatives to manage longevity capital requirements and risk limits
  • Actively participate in cross-functional collateral optimization and system initiatives
  • Drive innovation in longevity/collateral processes in order to achieve scalability and improve controls


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



Requirements

Required:

  • 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


Preferred:

  • 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



Company Overview

Reinsurance Group of America, Incorporated (NYSE: RGA) is one of the largest global providers of life reinsurance, with offices around the world. RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, financial solutions, facultative underwriting and product development. Our mission is to enhance our clients' prosperity by supporting their financial and risk management capabilities.

More than anything, RGA employees love their jobs because it's challenging work. We believe smart people work smarter when they're empowered. When they use logic, balanced with creativity and curiosity. At the forefront of RGA's culture is collaboration - a must to be successful within our organization. These are just a few of the attributes we are looking for in an Associate Actuary, Longevity Risk Management to support our Global Financial Solutions team.

At RGA, we believe that environmental and social responsibility is central to our business strategy. This means operating with integrity, investing responsibly, and adhering to sound corporate governance principles. R GA and the RGA Foundation are focused on advancing the education, health, and longevity of people in the communities in which we operate. Every day, RGA seeks to foster values of inclusion and integrity, charitable giving and volunteerism, and sustainable and environmentally responsible business practices around the world.

Associate Actuary, Longevity Risk Management, Global Financial Solutions

Toronto, Canada
Full time

Published on 21/05/2022

Share this job now