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Chief Actuary

Employer
Merchants Insurance Group
Location
Buffalo, New York
Salary
Competitive pay scale and outstanding company bonus
Closing date
Jun 6, 2022

View more

Category
Actuary
Job Type
Full Time
Career Level
Executive

Job Details

Chief Actuary

Buffalo, NY

Merchants Insurance Group, is a leading Property and Casualty Insurer in the Northeast, and is looking for an experienced Chief Actuary to join our Officer Leadership team located in Buffalo, NY. Merchants Insurance Group is proud to be named a “Fast Track” company and Top Private Company for the 3rd year in a row by Buffalo’s Business First, a Super Regional Property/Casualty Insurer by the Insurance Journal and has recently been named as one of Ward's top performing insurance companies in the United States.  Ward's is the provider of benchmarking and best practices for the insurance industry.  They analyze staff levels, compensation, business practices and expenses for all areas of company operations.

The safety of our colleagues, both current and future, is Merchants Insurance Group’s highest priority. At this time, our colleagues are working a Hybrid work schedule. The Hybrid work schedule requires 8 full days per month in the office, with the option to work the remaining days per month at home or in the office. This exciting new Hybrid Work benefit will offer colleagues a flexible work schedule with the ability to remain connected with your Merchants team and colleagues.

The Chief Actuary is a member of the Corporate Officer Leadership Team, and serves as the head actuary executive responsible for the comprehensive management and oversight of the actuarial function including forecasting and planning, pricing and ratemaking, reserving and reinsurance. This position interacts extensively with internal colleagues, Executive and Sr. Leadership, Board of Directors, AM Best and our Reinsurers.

Essential Duties and Responsibilities include, but are not limited to: 

  • Leads the development and compilation of the premium & loss/ALAE forecasting models used in the corporate planning process.
  • Interacts with the Senior Leadership Team to establish corporate goals and plans. Serves as a key adviser to enterprise leaders and influences pricing and reserving philosophies and policy development at an organizational level.
  • Works directly with pricing actuary and underwriting regarding assumptions, modeled results, and the impacts of new business on the diversification and profitability of overall portfolio.
  • Oversees development and maintenance of state of the art product rating plans. Assures the integrity of rate indications, including the utilization of generally accepted actuarial methodologies and procedures.
  • Development of Quarterly loss & LAE reserve levels in accordance with standard actuarial reserving methodologies.
  • Presentation of results of quarterly loss & LAE reserve review to Reserve Committee.
  • Presentation of results of semi-annual loss & LAE reserve review to Audit Committee.
  • Preparation of data to be utilized to price the annual reinsurance renewal.  This includes the property catastrophe exposure information and property and casualty excess loss information.
  • Responsible for the oversight of training, coaching and development of actuarial and data analytics colleagues.

 

Qualifications & Skills:

  • Qualified candidates will have a 4 year degree. Master’s degree preferred.
  • Credentialed Fellow of the Casualty Society (FCAS) is required.
  • Professional Insurance Education engagement is desired (i.e. ASA or CPCU).
  • 15+ years Actuarial experience required.
  • Extensive actuarial knowledge to include reserving, reinsurance, pricing and ratemaking.
  • 15+ years management experience building and managing high performing teams.
  • Strong analytical and critical thinking skills are required.
  • Microsoft Office knowledge as well as the ability to work with internal company systems (WINS, ImageRight, SharePoint, etc.).
  • Clear Communicator – verbal and written; Ability and desire to present to large groups.
  • Highly Organized; Ability to develop and execute annual plans.

Merchants Insurance Group Benefits:

  • Welcoming and positive work environment.
  • Flexible work arrangements, including flex scheduling and summer hours.
  • Hybrid work schedule. The Hybrid work schedule will require 8 full days per month in the office, with the option to work the remaining days per month at home or in the office.
  • Competitive pay scale.
  • Generous paid time off package.
  • Full Benefits: Health, Dental, Vision, Life Insurance, Short Term Disability, 401(k) employer match amount is 100% up to 6% of your annual contributions. You are immediately 100% vested in the employer match dollars.
  • Outstanding company bonus programs.
  • Tuition Reimbursement.

And many more exciting company benefits!!  EOE

Company

Since 1918, Merchants Insurance Group has been providing high-quality property and casualty insurance for businesses and individuals throughout the Northeast and North Central United States.

Rated “A-” by the A.M. Best company, Merchants Insurance Group is headquartered in Buffalo, New York and operates regional offices in Buffalo and Hauppauge, New York; Manchester, New Hampshire; and Mount Laurel, New Jersey.  Merchants Insurance Group is proud to be named a “Fast Track” company and Top Private Company for the 3rd year in a row by Buffalo’s Business First, a Super Regional Property/Casualty Insurer by the Insurance Journal and has recently been named as one of Ward's top 50 performing insurance companies in the United States for the second year in a row.  Ward's is the provider of benchmarking and best practices for the insurance industry.  They analyze staff levels, compensation, business practices and expenses for all areas of company operations.

Merchants writes predominantly commercial insurance in market segments with identifiable risk characteristics, concentrating on artisan contractors, business owners and commercial automobile.

Our products are sold through a network of more than 1,000 independent insurance agents. We sell our products through independent agents because we believe they provide value to policyholders through their broad range of products and their insurance expertise.

Outstanding service, competitive rates, personalized attention and a large offering of products make Merchants Insurance Group unique.  Our focused, low-risk approach to property and casualty insurance has proven successful for almost 100 years.  All of our colleagues work to help our agents and protect our customers, gain their trust and earn their business…every day.

 

Company info
Website
Telephone
7168493161
Location
250 Main Street
Bufffalo
NY
14203
US

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