Vice President - Actuary, Head of Reserving
Apply NowCompany: Ascot Group
Location: New York, NY 10025
Description:
Job Description
This is an opportunity to join Ascot Group - one of the world's preeminent specialty risk underwriting organizations.
Designed as a modern-era company operating through an ecosystem of interconnected global operating platforms, we're bound by a common mission and purpose: One Ascot. Our greatest strength is a talented team who flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way, The Ascot Way.
The Ascot Way guides our people and our organization. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. These platforms work as one, deploying our capital creatively through our unique Fusion Model: Client Centric, Risk Centric, Technology Centric.
Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world class service - both pre- and post-claims. Ascot exists to solve for our clients' brightest tomorrow, through agility, collaboration, resilience, and discipline.
Position Overview:
Reporting into the US Chief Actuary, the Vice President - Actuary, Head of Reserving will lead the U.S. Reserving team, which is responsible for executing the quarterly reserving process including determining the actuarial central estimates (ACEs) across the U.S. underwriting portfolio and performing deep dives on all lines of business (LOBs) and specific areas of interest. The position will act as a strategic partner to the U.S. management team, and work closely with key stakeholders including finance, underwriting, pricing, and claims professionals to refine estimates and ensure a strong feedback loop between the teams.
Responsibilities:
Requirements:
***This position may be filled at a different level, depending on experience***
Compensation
Actual base pay could vary and may be above or below the listed range based on factors including but not limited to experience, subject matter expertise, and skills. The base pay is just one component of Ascot's total compensation package for employees. Other rewards may include annual cash bonus, and other forms of discretionary compensation awarded by the Company. The annualized base pay range for this role is: $240,000 - $260,000.
Company Benefits
The Company provides a competitive benefits package that includes the following (eligibility requirements apply):
Health and Welfare Benefits: Medical (including prescription coverage), Dental, Vision, Health Savings Account, Commuter Account, Health Care and Dependent Care Flexible Spending Accounts, Life Insurance, AD&D, Work/Life Resources (including Employee Assistance Program), and more
Leave Benefits: Paid holidays, annual Paid Time Off (includes paid state /local paid leave where required), Short-term Disability, Long-term Disability, Other leaves (e.g., Bereavement, FMLA, Adoption, Maternity, Military, Primary & Non-Primary Caregiver)
Retirement Benefits: Contributory Savings Plan (401k)
#LI-Hybrid
This is an opportunity to join Ascot Group - one of the world's preeminent specialty risk underwriting organizations.
Designed as a modern-era company operating through an ecosystem of interconnected global operating platforms, we're bound by a common mission and purpose: One Ascot. Our greatest strength is a talented team who flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way, The Ascot Way.
The Ascot Way guides our people and our organization. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. These platforms work as one, deploying our capital creatively through our unique Fusion Model: Client Centric, Risk Centric, Technology Centric.
Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world class service - both pre- and post-claims. Ascot exists to solve for our clients' brightest tomorrow, through agility, collaboration, resilience, and discipline.
Position Overview:
Reporting into the US Chief Actuary, the Vice President - Actuary, Head of Reserving will lead the U.S. Reserving team, which is responsible for executing the quarterly reserving process including determining the actuarial central estimates (ACEs) across the U.S. underwriting portfolio and performing deep dives on all lines of business (LOBs) and specific areas of interest. The position will act as a strategic partner to the U.S. management team, and work closely with key stakeholders including finance, underwriting, pricing, and claims professionals to refine estimates and ensure a strong feedback loop between the teams.
Responsibilities:
- Lead and oversee the execution of the quarterly reserving process including initial reconciliations, ACE selections, peer review, management reporting, controls and documentation
- Present ACE recommendations to the quarterly US Reserve Committee
- Oversee the selection of actuarial assumptions including initial expected loss ratios, loss development curves and default method weights
- Support legal entity and corporate reporting requirements.
- Oversee performance of regularly scheduled and ad-hoc deep dive analyses on LOBs and reserving areas of focus
- Continually enhance processes, data flows, and help improve reserving analytics.
- Lead the US Reserving team, ensuring the company recruits, retains and develops staff to enable a high-performance reserving function
- Provide recommendations of management's best estimate of reserves based on key uncertainties and risks
- Help design and create best practice reserving practices and policies
- Enhance data and capabilities to improve reserving analytics and diagnostics
- Peer review segment calculation of pricing loss rations and pricing model assumptions
- Partner with UK and Bermuda reserving leads to enhance group reserving capabilities and consistency
- Commitment to The Ascot Way: As a senior member of the actuarial team, the Vice President - Actuary, Head of Reserving will embody The Ascot Way in their daily interaction with colleagues, fostering colleague engagement and development, collaboration, inclusivity, and individual accountability
Requirements:
- Proven math and analytical skills, as normally acquired through the pursuit of a Bachelor's degree in Mathematics, Statistics, Economics, Actuarial Science, or related field
- A minimum of 10 years of relevant actuarial experience, with 5 years of reserving experience
- Proven leadership and managerial experience
- Proven track record of hiring, developing, and retaining high performing teams
- FCAS designation
- Prior experience and knowledge of advanced actuarial techniques and standards and insurance operations
- Excellent verbal and written communication skills for presenting findings to stakeholders
- Ability to exercise discretion and apply independent judgment and critical thinking skills in execution of assignments
- Ability to balance multiple projects with minimal direction
- Experience using Arius reserving software preferred
- High attention to detail and a strong ability and desire to collaborate across the organization
***This position may be filled at a different level, depending on experience***
Compensation
Actual base pay could vary and may be above or below the listed range based on factors including but not limited to experience, subject matter expertise, and skills. The base pay is just one component of Ascot's total compensation package for employees. Other rewards may include annual cash bonus, and other forms of discretionary compensation awarded by the Company. The annualized base pay range for this role is: $240,000 - $260,000.
Company Benefits
The Company provides a competitive benefits package that includes the following (eligibility requirements apply):
Health and Welfare Benefits: Medical (including prescription coverage), Dental, Vision, Health Savings Account, Commuter Account, Health Care and Dependent Care Flexible Spending Accounts, Life Insurance, AD&D, Work/Life Resources (including Employee Assistance Program), and more
Leave Benefits: Paid holidays, annual Paid Time Off (includes paid state /local paid leave where required), Short-term Disability, Long-term Disability, Other leaves (e.g., Bereavement, FMLA, Adoption, Maternity, Military, Primary & Non-Primary Caregiver)
Retirement Benefits: Contributory Savings Plan (401k)
#LI-Hybrid