Life and Annuity Risk Officer

  • 36125
  • Life - Actuarial
  • |
  • Bermuda
  • |
  • Oct 25, 2019
Reinsurance
RESPONSIBILITIES
  • The design, continuous refinement and implementation of a robust risk management framework, in line with industry best practices and the policies and expectations of regulators - with specific responsibilities to ensure the framework is appropriate for the large portfolio of long-term liabilities reinsured by the company.
  • Enhanced risk identification and reporting of all risk associated with the life, health and annuity businesses reinsured by the company. Quality, clear and transparent communication with management and the Board to keep them apprised of all material risk taking activities; trends in material risk positions and demonstrate compliance with risk policies as it applied to the Life, Health and Annuity business.
  • Communicate with and educate key stakeholders - divisional and executive management; member company Boards; investors, regulators, rating agencies; functional leaders; Business Unit management team and related first line of defense staff members; other members of the company and overall Enterprise Risk Management team - about the BU’s long-term liability risk programs, risk positions and risk management strategies.
  • Provide support on use of economic capital model/capital allocation and Bermuda Insurance Solvency Framework for strategic portfolio mix, strategic asset allocation, strategic risk financing, risk-adjusted performance and technical pricing.
  • Ensure the integrity and insightfulness of all risk information reported internally and externally.
  • Partner with the Chief Risk Officer of the company to support the front-line in managing risks.
QUALIFICATIONS
  • Bachelor’s degree with a minimum of 10 years’ insurance experience specializing in risk management. Ideally with experience at a reinsurer or in the ceded reinsurance area of a direct-writing Life Insurance company. He/she could also come from a consulting background if the requisite management, long-term insurance product, associated ALM and risk experience are evident.
  • FSA or Career ASA with high level of on the job experience related to Life and Annuity business. Other quantitative risk designation with relevant insurance experience; or relevant risk management experience will be considered, with a high level of experience and understanding of life and annuity direct and reinsurance risks.
  • Thorough knowledge of life and annuity insurance and reinsurance, related asset/liability management challenges, capital requirements and considerations.
  • Solid understanding of market, credit, and insurance risks and how they potentially impact financial life insurance organizations. Strong knowledge of life and annuity insurance risks and the risks associated with the investment portfolio backing these long-term liabilities.
  • Proven analytical and process management skills with ability to oversee complex risk measurement and analysis. Strong reasoning and communication abilities to hold, explain and maintain an independent perspective and risk position among various business partners, even in times of disagreement, and proven ability to confidently and diplomatically challenge management on risk-related decisions.
  • Experience using economic capital models for business decisions as well as solvency monitoring.
  • Experience managing expectations of multiple stakeholders such as through subsidiary and parent relationships.
  • A risk-reward perspective that allows partnership with management in reaching business goals.
  • Collaborative skills and gravitas necessary to participate in the overall management of the risk issues associated with these long-term businesses.