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AVP & Actuary, Enterprise Risk Management

Location New York, United States Job type Full-Time Work mode Hybrid Job level Professional Job ID 12115 Company Munich Re Life US Employment type Regular Area of expertise Actuarial & Risk Management
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Munich Re North America Life & Health has a dedicated Enterprise Risk Management organization (NAIRM) with the objective to control financial and non-financial risks, in order to enable an efficient allocation of capital, profitable growth and predictability in business results.

NAIRM is responsible for ERM of the life reinsurance operations in Canada (MLMC) and the US (MARC). The AVP of ERM (FinRe) will report to the 2nd VP of ERM (Business Risk). The AVP of ERM (FinRe) will support local risk management of Financial Reinsurance lines of business for MARC and MLMC. 

Responsibilities:

Risk Management:

  • Analyze new business opportunities and transaction structures from the FinRe line of business to assess if the risks are appropriately identified and quantified and if the risk-return characteristics are within the NAIRM risk appetite. Taking into account all risk dimensions, including operational, business and reputational risk;
  • Develop Economic Risk Capital (ERC) models for assessing risk and quantifying required capital for FinRe transactions.  A focus of this role will be transactions with asset risk (market and credit) and supporting development of tools to assess transactions with asset risk (market and credit), both on a standalone basis and integrated with biometric risk. 
  • Within the general framework specified by Munich Re Munich, support the local risk management infrastructure by identifying, analyzing, quantifying and monitoring all risks defined in the Munich Re risk management framework for FinRe line of business. Also ensure sufficient analytical tools, processes and systems are in place to support the risk management framework. The risks defined are: underwriting (insurance/biometric) risk, market risk, credit risk, operational risk, liquidity risk, concentration risk, strategic risk and reputational risk.
  • Work closely with CU Life and IRM to ensure pricing of FinRe transactions adhere to Munich Re’s global guidelines.
  • Coordinate and contribute to the continuous development and implementation of the risk management framework.

Qualifications:

  • FSA required
  • 10+ years of experience in a variety of pricing or risk management related positions, with emphasis on asset modeling experience in an MCEV/Solvency II environment
  • Pricing or risk management related positions, covering a combination of life, market, credit, operational risk expertise
  • Experience with complex reinsurance and capital markets transactions e.g., EV securitization, acquisition funding, strategic tax planning, balance sheet management, earnings volatility management, etc.
  • Expertise in stochastic modeling of biometric and asset risk
  • Expertise in IFRS, US GAAP & US Statutory accounting regimes or demonstrated ability to pick up accounting concepts quickly

Our Benefits

  • Comprehensive Medical Plans
  • PTO and Family Leave
  • Retirement Savings Plans
  • Dental and Vision Plans
  • Life and Disability insurance
  • Employee Assistance Program
  • Adoption Assistance
  • Wellness Programs - Calm, WW, SoFI, Virgin Pulse
  • Commuter Benefits
  • FSA and HSA Plans
  • Hospital Indemnity, Critical Illness and Accident Plans

At Munich Re US, we see Diversity 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.

About Munich Re

Together, we engage with everything we have and are, to help humankind act braver and better.

As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance.  By turning uncertainty into manageable risk, we enable fundamental change.  We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions.  We dare to think big and are continuously innovating on behalf of our clients.

For New York City based employees, the base salary range anticipated for this position is $261,596 - $289,132, plus an opportunity for an annual company bonus based upon a percentage of eligible pay.

The salary estimate displayed represents the typical salary range for candidates hired in this position. 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.

Please note that only candidates who are selected for interview will be contacted directly. We thank all candidates for their interest.

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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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