Associate Actuary, Collateral Risk Management - Toronto, Canada - Reinsurance Group of America (RGA)

Description

Position Overview

Global Financial Solutions (GFS) accounts for over 50% of RGA's consolidated income. The Longevity line of business is one of RGA's fastest growing lines of business. The GFS Longevity Risk Management team is responsible for the effective inforce and risk management of longevity risk assumed globally, which represents over $70 billion in benefit obligations. The incumbent will be a key player in ensuring that the longevity line of business continues to be a key part of the long-term success of GFS and RGA.

The incumbent is responsible for:

• Driving efficiencies in longevity and collateral systems and processes
• Effective risk and inforce management of globally assumed products with longevity risk
• Leveraging the value in the inforce, through actionable analytics and business insights
• Supporting new business growth

Responsibilities

Inforce Management

• Collateral Management
• Maintain, enhance and develop collateral models in order to estimate current and ongoing collateral needs
• Gain in-depth knowledge of the collateral provisions in order to ensure compliance with the treaty requirements and oversee cures, as needed
• Analyze sensitivity runs with respect to the potential variability of GFS collateral needs, including detailed explanations of any period-over-period changes
• Retrocession management
• Manage external retrocession arrangements, providing required reporting to retro partners, ensuring compliance with treaty terms
• Support implementation of new retrocession agreements, as needed
• Data, Experience and Performance Analysis
• • Identify and analyze the impact of data changes in the inforce file, and work with clients to establish revised premium and financial settlement
  • Conduct experience analysis and leverage insights to propose appropriate changes to best estimate assumptions, and comment on income expectations incorporated in GFS annual Plan
  • Develop performance and trend metrics from inforce experience studies

Strategic Projects

• Using an in-depth knowledge of applicable capital regimes, support initiatives to manage longevity capital requirements and risk limits
• Actively participate in cross-functional collateral optimization and system initiatives
• Drive innovation in inforce Longevity processes in order to achieve scalability and improve controls through database and cloud technology to structure centralized storage for longevity in force and risk management processes
• Effectively utilize visualization tools to improve reporting of inforce Longevity business metrics and analytics

Risk Management

• New Business Reviews
• Using an in-depth knowledge of the key longevity risk & pension risk transfer risks (longevity, collateral, deferred lives) and processes, conduct a comprehensive assessment of risk characteristics for proposed new transactions
• Review the risk analysis and treaty documents for new or amended transactions, highlighting any potential areas of heightened risk, providing feedback/recommendations to support deal teams in treaty negotiations and to mitigate risk, escalating as necessary
• Maintain and enhance inforce guidelines outlining acceptable terms, negotiation options and escalation points for new longevity transactions
• 2 nd Line of Defense and Risk Assessments
• Enhance framework for monitoring risk metrics in relation to key risk (longevity, deferred lives, collateral, liquidity)
• Ensure effective monitoring of risk limits and KRIs, escalating issues with actionable recommendations

Leadership and Coaching

• Manage junior staff and co-op student performance to support department goals and objectives
• Support development of junior staff and drive team engagement
• Support Longevity team in hiring process for co-op students

Requirements

• Fellowship in a recognized actuarial organization preferred (FSA, FIA, FCAS, FIAA)
• Chartered Financial Analyst (CFA) or demonstrated knowledge of investments and capital markets
• 7+ years' experience; at least 4 years post-qualification experience
• Undergraduate degree in related field
• Experience in actuarial modelling software such as Prophet and/or AXIS
• Advanced knowledge of life, health, and/or annuity products
• Advanced written and verbal communication skills, whereby complex and technical information can be conveyed in a way that is meaningful by all stakeholders, including senior management
• Advanced interpersonal skills, demonstrating the ability to work effectively with different stakeholders and disciplines across the company, including local offices, pricing, finance, treasury, valuation, investments, administration as well as external customers
• Effective project management skills
• Ability to work independently as well as within a team environment
• Strong service and result orientation and a drive to make a difference.
• Ability to operate at both strategic and detailed levels, anticipate future needs, be proactive and adjust to constant change

Preferred:

• Previous reinsurance and valuation work experience
• Knowledge of IFRS, LDTI, Solvency 2
• Advanced modelling and technical skills, including database applications, spreadsheets and statistical programs
• Knowledge of Treasury, Trade Operations, Trust Management
• Experience with GFS lines of business
• Experience with people management and the ability to lead/influence people who may not have a direct reporting relationship

Company Overview

Reinsurance Group of America, Incorporated (NYSE: RGA) is one of the largest global life and health reinsurance companies. With headquarters in St. Louis, Missouri, RGA supports clients and partners around the world through innovative approaches and customized solutions.

Founded in 1973, RGA celebrated its 50th anniversary in 2023.

• We are the only global reinsurance company to focus primarily on life- and health-related reinsurance solutions.
• Our core products and services include life reinsurance, living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting, and product development.
• RGA ranks #257 on the 2024 Fortune 500 list. The list ranks U.S.-based companies by total revenue.
• RGA has been named to Fortune magazine's 2023 and 2024 lists of the World's Most Admired Companies.
• RGA in Canada has been selected as one of Greater Toronto's Top Employers for 2024
• RGA has approximately $3.5 trillion of life reinsurance in force and assets of $87.4 billion as of September 30, 2023.

RGA aims to evolve RGA workplaces and the communities in which RGA has a presence, into more diverse, equitable and inclusive environments. We will create a culture where individuals are valued, feel a sense of belonging, and are respected for their differences - a workplace where all employees are encouraged and supported to reach their full potential.

Our individual, social, economic, and cultural identities shape and influence our experiences and perspectives. Therefore, to do our best work RGA will ensure diversity in our workforce across the various dimensions of social, interpersonal, and cultural identity - and by practicing inclusivity in how we work with one another. Inclusion in our workplace is a step towards our purpose of making financial protection accessible to all .

Flexible Working Environment

RGA supports hybrid and flexible ways of working and would welcome a discussion on how it can balance what is important to you with business requirements during the recruitment process.

Visit our Annual Review site, , to find out more about us.

RGA offers an array of benefits, including flexible plans.

Pay is based on a number of factors, including market, a candidate's skills, and experience commensurate with a role, etc. salary range: $110,305 - $137,880 + bonus.