Senior Actuarial Consultant

Company: Old Republic International
Location: Chicago
Posted on: September 25, 2022

Job Description:

ORES - SENIOR ACTUARIAL CONSULTANT About Old Republic:Old Republic International Corporation traces its beginnings back to 1923. Old Republic is one of America's 50 largest shareholder-owned insurance businesses and currently ranks among the Fortune 500 list of the Nation's biggest companies. Old Republic is primarily a commercial lines underwriter serving the insurance needs of a large number of organizations, including many of America's leading industrial and financial services institutions. Old Republic Excess & Surplus Inc. (ORES)Old Republic Excess & Surplus Inc. (ORES) is a new Division of Old Republic that specializes in Property and Casualty (P&C) business that is written on a non-admitted, Excess & Surplus Lines basis through appointed wholesalers. Senior Actuarial Consultant - Responsibilities:This is an excellent opportunity to join the ORES team and work along the President and underwriting team to build out the new E&S Division of Old Republic. The Director is a key member of the leadership team and will report to the President of ORES. Initially, the Director will be responsible to build out the ORES actuarial department. He/she will partner within and outside the Division to develop strategy, risk selection, pricing, modeling, and portfolio construction for a variety of property-casualty commercial lines for both the Binding and Brokerage units. This individual will also collaborate with the finance and reinsurance teams for reserving responsibilities, present recommendations on underlying performance and recommend actions for safeguarding growth and profitability.This position works closely with ORES leadership and the Heads of the Binding and Brokerage Units to manage the book of business and to develop product. ORES has a flat organizational structure to embrace responsibility and an efficient decision-making process. ORES will have an office in Connecticut with future plans to expand in other States. Remote and hybrid work are acceptable with some office presence that will be required. This job may have supervisory responsibilities. Senior Actuarial Consultant duties will include, but are not limited to:Works closely with the President and Underwriting Teams with regards to financial matters, forecasting, and strategyPresent to the Executive team as requested and communicates appropriateness of actuarial/modeling techniques and results to management and non-technical users to inform business decisionsUses best practices to determine appropriate analysis and performs moderate to highly complex analysis, using creative actuarial, statistical and/or predictive modeling techniques, as appropriate to inform business decisionsProvides actuarial guidance to Underwriting regarding the pricing of new and/or existing business and develops pricing plans to support each line of businessDetermines uses for predictive analytics and 3rd party data within pricing and risk modelingPartners with other departments such as Claims/TPAs, and Finance on actuarial issuesAssist with development and implementation of strategic, long-term risk management by collaborating across the business to share knowledge of actuarial analyses and plansUses technology in new and innovative ways and effectively communicates issues and recognizes and proposes solutions, beyond what was done historicallyConducts with the finance unit, actuarial studies of reserving and forecasting using established statistical and actuarial proceduresSupports the ceded reinsurance program via analysis of ceded layers and provision of requested data for reinsurance partnersMonitors loss and LAE reserves/development and profitability trendsCollaborates with the data team to ensure data quality & integrity for the entire DivisionDevelops along with the business analyst queries and extracts data from provided systems on an as needed basis.Monitors industry trends and developmentsRepresent company to actuarial functions and conferencesRecruits and develops talented actuarial staff and foster their engagement Experience/Required Skills:Prior actuarial field experience with an E&S Property & Casualty CompanyBachelor's Degree in Actuarial Science, Statistics, Mathematics, or related field8-10 minimum years of related work experienceAssociate Casualty Actuarial Society (ACAS) or Fellow Casualty Actuarial Society (FCAS) preferredExtensive P&C knowledge focusing on property and casualty linesAbility to apply actuarial concepts to unique and diverse products lines and marketsStrong knowledge of core functions of an insurance company general insurance actuarial and statistical conceptsAdvanced actuarial technical expertise and product specific knowledgeStrong data analysis skills including high functioning Excel skill set, R or PythonStrong cross-functional team skillsExcellent verbal and written communication skills with the ability to effectively interact with management and people across all departments in the companyHighly motivated and self-starting and work in a team environmentAbility to define problems, think strategically collect data and facts, and draw valid conclusionsStrong aptitude for problem solving, the ability to manage to deadlines, and the capacity to juggle multiple projects at once.Some travel might be required Old Republic International "ORI" is an Equal Opportunity Employer. ORI provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.

Keywords: Old Republic International, Chicago , Senior Actuarial Consultant, Professions , Chicago, Illinois