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Actuary

Location New York, United States Job type Full-Time Work mode Hybrid Job level Professional Job ID 10977 Company Munich Re Specialty - North America Employment type Regular Area of expertise Actuarial & Risk Management
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All locations New York, United States; Philadelphia, United States; Princeton, United States;

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages. With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face. Join our team and be part of a dynamic and experienced organization that is shaping the future of specialty insurance in North America.

The Opportunity

Future focused and always one step ahead!

This Actuary role will provide actuarial pricing services for MRSNA’s new and existing Casualty Excess and Surplus products. They will support the business in meeting its goals by analyzing, evaluating, modeling, and rating potential competitive solutions for our clients. 

Responsibilities

  • Support the launch of new products and expand the capabilities of existing products focusing on the casualty line of business.
  • Develop and maintain pricing tools for account pricing and portfolio steering.
  • Prepare and complete pricing analyses, including the development of rates, ultimate loss projections and communication of results. 
  • Participate in development and update of Actuarial models and databases through formula development, research on methodologies, and collaboration on technical teams.
  • Support for result monitoring, pricing and portfolio management projects that will assist underwriters and management in managing and steering business.  Document and communicate assumptions, results, and alternatives to actuarial staff and internal and external clients.
  • Strong understanding and ability to discuss and apply the use of existing & new actuarial concepts/techniques involving exposure adjustments, trend, loss development, exposure rating, et al with some assistance/guidance.
  • Identification of data issues requiring specialized actuarial attention.
  • Provide actuarial insight and expertise as a participant on a Line of Business Expert Group.
  • Maintain contemporary, in-depth knowledge of the commercial property market.
  • Pursue formal education via Casualty Actuarial Society (CAS) exams and continuing education.
  • Participate in underwriter training regarding actuarial analyses and methodologies and provide mentoring/training to analyst level actuarial team members.

Qualifications

  • Membership in the Casualty Actuarial Society as an Associate (ACAS) or Fellow (FCAS).
  • Five (5) or more years of experience in primary insurance pricing.
  • Strong technical actuarial skills and strong knowledge and understanding of rating models.
  • Strong interpersonal skills. 
  • Ability to influence and negotiate with others and create acceptance for proposals.
  • Experience in use of R, Python or other statistical software in insurance pricing applications.
  • Excellent oral and written communication skills.

The Company is open to considering candidates in numerous locations, including New York City (NYC), Philadelphia (PA), and Princeton (NJ). The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $141,800-$226,100, plus opportunity for company bonus based upon a percentage of eligible pay.  In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO). 

The salary estimate is adjusted to reflect the varying market conditions across different locations, with the with the higher end being more aligned with the NYC job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:

  • Two options for your health insurance plan (PPO or High Deductible).
  • Prescription drug coverage (included in your health insurance plan).
  • Vision and dental insurance plans.
  • Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
  • Short and Long Term Disability coverage.
  • Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
  • Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:

  • A robust 401k plan with up to a 5% employer match
  • A retirement savings plan that is 100% company funded.
  • Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
  • Eligibility to receive a yearly bonus as a Munich Re employee.
  • A variety of health and wellness programs provided at no cost.
  • Paid time off for eligible family care needs.
  • Tuition assistance and educational achievement bonuses.
  • A corporate matching gifts program that further enhances your charitable donation.
  • Paid time off to volunteer in your community.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.   

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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