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Actuarial Director

Company: United Fire & Casualty Co
Location: Cedar Rapids
Posted on: August 6, 2022

Job Description:

Cedar Rapids, IA (HQ)
118 2nd Ave SE
Cedar Rapids, IA 52401, USA
Description UFG is currently hiring for an Actuarial Director to overseeour corporate reserving process and is responsible to present our actuarial opinion to both internal and external stakeholders. As a senior leader, the Actuarial Director ensures the reserve opinion is properly informed by the pricing process, data science, and observations from corporate underwriting and claims leadership. The opinion work supports key objectives of our OneUFG strategic plan through its link to financial planning, corporate forecasting, and economic capital modeling. Responsibilities:

  • Prepare overall assessment of reserve adequacy on a quarterly basis:
  • Present findings to internal and external stakeholders
  • Reconcile IBNR indications between valuation dates:
    • Growth in exposure
    • Effect of actuarial experience
    • Change in actuarial assumptions and methodology
    • Develop and present analysis on the breakdown of IBNR between 'pure' IBNR and IBNER (Incurred But Not Enough Reported) reserves
      • Work with the claims department and data scientists to develop a 'bottom up' indication of IBNER
      • Work with report year data to provide a secondary and 'top down' indication of IBNER
      • Connect findings and projections to the UFG corporate forecasting process
      • Ensure a proper feedback loop between actuarial pricing processes and the reserving process
      • Contribute to the analytics and actuarial strategy for the company, working with leadership in analytics, risk, and strategy.
        • Successfully recruit talented actuarial staff and foster their engagement in our strategic objectives
        • Develop actuarial staff by promoting accreditation to the Casualty Actuarial Society
        • Maintain a competitive actuarial study program
        • Support the economic capital modeling process
          • Provide stochastic distributions surrounding the reserve opinion on an annual basis
          • Develop scenario-based projection of adverse and benign reserve development recognition
          • Develop and maintain comprehensive documentation relating to actuarial process Qualifications: Education:
            • Four-year degree in Actuarial Science or Mathematics
            • Master's degree or equivalent work experience a plus. Certifications/Designations:
              • Must be a fully accredited FCAS Experience:
                • 10+ years of experience with multi line commercial property and casualty insurance company
                • 5+ years in a managing capacity of actuarial staff
                • Broad experience with both insurance and reinsurance liabilities
                • Experience with pro forma forecasting
                • Knowledge and experience with stochastic reserving tools, methodologies, and applications Knowledge, skills & abilities:
                  • Able to convey in both written and verbal forms complex actuarial analysis to non-actuarial management and external auditors.
                  • Deep understanding of industry best practices in P&C reserving. This knowledge allows the reserve opinion to cope with changing environments.
                  • Create an extensible process that anticipates an evolving business profile:
                    • New lines of business
                    • Changing exposure profile
                    • Nuances of reinsurance liabilities
                    • Management skills to promote collaboration within the actuarial team to produce timely analysis Your full LinkedIn profile
                      will be shared. Learn More

Keywords: United Fire & Casualty Co, Cedar Rapids , Actuarial Director, Executive , Cedar Rapids, Iowa

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