Actuary, GFS Longevity Inforce and Risk Management

5 months ago

Toronto, Canada Reinsurance Group of America Full time

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:

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

Responsibilities

Risk Management

US Pension Risk Transfer Reviews Using an in-depth knowledge of the key longevity risk & pension risk transfer risks (longevity, 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 2nd Line of Defense and Risk Assessments Enhance framework for monitoring risk metrics in relation to key risks (longevity, deferred lives, collateral, liquidity) Ensure effective monitoring of risk limits and KRIs, escalating issues with actionable recommendations

Inforce Management

Data, Experience, and Performance Analysis Identify and analyze the impact of longevity and US pension risk transfer transaction data changes and lump-sum elections in the inforce file, and work with clients to establish premium true-up amounts and financial settlement Conduct US pension risk transfer contract value reporting and comment on quarter-over-quarter changes Conduct experience analysis and leverage insights to propose appropriate changes to best estimate assumptions, and comment on income expectations incorporated in the GFS annual Plan Identify and analyze root causes of deviations from Plan and/or original pricing to support communication to executives and senior managements Translate pension plan provision into benefit calculation worksheets Provide actuarial support to the GFS administration team as needed 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

Strategic Projects

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

Leadership and Coaching

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) 7+ years’ experience; at least 4 years post-qualification experience Undergraduate degree in related field Advanced experience in actuarial modelling software such as Prophet and/or AXIS, Excel, coding (Python, VBA, R), and database applications (SQL) Defined benefit expertise, deep knowledge of benefit structures and pension actuarial principles 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, pension risk transfer and valuation work experience Knowledge of IFRS, LDTI, Solvency 2 Advanced modelling and technical skills, including database applications, spreadsheets and statistical programs 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

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