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Senior Assistant Actuary, Economic Capital and Solvency II - 1

Company:
Absolute Opportunities
Location:
Frederick, MD, 21701
Posted:
November 16, 2019

Description:

Senior Assistant Actuary, Economic Capital and Solvency II - 1

Frederick, MD 21701

Purpose and Objective

Member of the Economic Capital (EC) and Solvency II (SII) reporting team, responsible for EC and SII related reporting and analyses for Legal & General America (LGA) entities and all associated reinsurance transactions within Legal & General Group

Responsibilities

Periodic SII and EC reporting:

Thorough understanding of the underlying SII and EC frameworks and key concepts (i.e., Technical Provisions, Best Estimate Liabilities (BEL), Risk Margin (RM), Solvency / Economic Capital Requirements (SCR / ECR), SII / EC balance sheets, etc.)

Complete understanding of the team’s responsibilities regarding the periodic reporting requirements and performing assigned processes (i.e., calculations of key metrics, capital attributions to risk categories, analyses of change, reconciliations to other reporting bases / frameworks (e.g., SII Standard Formula), etc.)

Proficiently documenting relevant methodologies and results, and presenting reporting results to various stakeholders (e.g., LGA’s Internal Model Controller (IMC), 2nd line and L&G Group’s reinsurance counterparty contacts)

Group Internal Model risk factor calibrations:

Complete understanding of LGA’s Group Internal Model risk factor calibration methodologies and leading the team’s processes regarding the annual calibration updates

Key responsibilities comprise performing comprehensive risk source identifications, determining appropriate risk factor calibrations utilizing relevant actuarial and statistical techniques, documenting calibration approaches and results in compliance with applicable Group policies and standards, and presenting calibration results to various stakeholders (e.g., LGA’s IMC, 2nd line and L&G Group’s Group Internal Model Committee (GIMC))

Group Internal Model validation processes:

Thorough understanding of LGA’s input requirements regarding Group’s Internal Model and supporting the team’s input submission processes (e.g., risk factor calibrations, replicating formulae for asset and liability, etc.)

Thorough understanding of LGA’s validation processes regarding Group’s Internal Model and supporting the team’s validation processes utilizing applicable software applications and tools (e.g., analyses of change, LGA-specific model evaluations, etc.)

Understanding of Group’s Internal Model framework and pro-actively engaging with L&G Group contacts responsible for the operation and validation of Group’s Internal Model

Own Risk and Solvency Assessment (ORSA) reports:

Supporting the team’s contributions to LGA’s Group ORSA and NAIC ORSA reports

LGA and L&G Group collaboration:

Pro-actively collaborating with colleagues in LGA’s Actuarial and Finance teams and L&G Group contacts on relevant projects (e.g., SII D&A methodology, LGA’s asset modeling, other Group requirements, etc.)

Other duties:

Supporting the team on other projects as required (e.g., plan projections, US Pension Risk Transfer (PRT) business, Insurance Capital Standard (ICS), etc.)

Qualifications

Education

BS/BA Math/Statistics

FSA preferred (or Advancing ASA / Career ASA with longer relevant experience)

CERA preferred

Experience/Knowledge

7+ years of life insurance / actuarial experience

Prior experience with Solvency II and/or Economic Capital frameworks

Experience with Term Life and Universal Life business preferred

Experience with Pension Risk Transfer business desirable

Skills

Excellent actuarial analytical skills and problem-solving capabilities

Excellent written and verbal communications skills

Excellent documentation skills

Actuarial software skills (e.g., GGY-Axis, MG-ALFA, ALGO)

Programming software skills (e.g., VBA, R or similar)

Strong self-motivation skills

Strong collaboration and teamwork

Required Knowledge, Skills, and Abilities: (Submission Summary)

1. BS/BA Math/Statistics

2. FSA preferred (or Advancing ASA / Career ASA with longer relevant experience)

3. CERA preferred

4. 7+ years of life insurance / actuarial experience

5. Prior experience with Solvency II and/or Economic Capital frameworks

6. Experience with Term Life and Universal Life business preferred

7. Experience with Pension Risk Transfer business desirable

8. Excellent actuarial analytical skills and problem-solving capabilities

9. Excellent documentation skills

10. Actuarial software skills (e.g., GGY-Axis, MG-ALFA, ALGO)

12. Programming software skills (e.g., VBA, R or similar)

13. Have you applied to or been in contact with Legal & General America in the last 12 months?

12. Salary Expectation?

13. US Citizen or Green Card holder.

14. Complete Current Address?