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Fortitude Re

VP, L&A Risk

Salary$185k – $200k
LocationRemote-US, US-Jersey City, US-Nashville, Remote
Work moderemote
Typefull-time
DepartmentL&A Risk
Company size1,001–5,000 people
First seen1w ago
Last seen18h ago
About the company
Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders. Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry. Click here for more information about Fortitude Re.
About the role
The VP, Life & Annuity Risk is part of Fortitude Re’s independent Enterprise Risk Management organization. This role supports the Life & Annuity Risk and Model Risk Management Teams in second line risk oversight of a $100bn long-term reinsurance business and the ALM models that at the intersection of business strategy, reserving and capital.
The ERM organization’s goal is to ensure Fortitude Re has a comprehensive framework for understanding the risks across its lines of business — enabling the company to manage risk effectively, evaluate current and emerging risk challenges and opportunities, and enhance shareholder value.
Candidates will have the opportunity to shape Fortitude Re’s evolving risk management framework while helping manage the risks associated with implementing models for large and diverse blocks of new business.
This position will report to the L&A Risk Officer, with an indirect reporting relationship to the Model Risk Officer. As the ALM modeling infrastructure at Fortitude continues to mature, this position may move to report directly to the Model Risk Officer.
This role will be based remotely with a minimum of 30% travel expected to our Nashville, TN and Jersey City, NJ offices.
What You Will Do:
Risk Oversight & Business Support
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Contribute to a robust risk management program that integrates with business partners to provide pragmatic oversight, challenge, and review.
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Challenge first-line risk identification and reporting across life, health, and annuity businesses; keep ERM leadership informed of material risks and policy compliance.
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Lead ERM support for Bermuda EBS activities, including financial reporting and attributions, new deal integration, model updates, management of topsides & simplifications, and regulatory examinations/reviews.
Model Risk Management
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Oversee and manage ERM support for all ALM-related models to ensure proper usage given limitations, consistency and appropriateness of methodology across models, and compliance with model risk management standards.
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Support broader model risk and operational risk functions under the direction of the Model Risk Officer.
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Ensure model risk policies, standards, and procedures are met to comply with internal governance and regulatory requirements for ALM-related models.
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Provide input to the MRO on the Model Governance Committee with regard to model risk matters, and develop model risk reporting and documentation to support audit or other external reviews.
People Management
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Manage an actuarial student and any other direct team members; manage timeline, sequencing and resources for model reviews which include tactical and SME support from other ERM team members.
What You Will Have:
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10+ years of related experience with long-term insurance liabilities.
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Strong Life & Annuity and financial modeling experience; ideally a credentialed actuary or someone with deep expertise in insurance ALM projections.
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Deep knowledge of life and annuity insurance/reinsurance, ALM, and capital frameworks.
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Working knowledge of the Bermuda EBS reserve and capital framework.
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Strong understanding of market, credit, and insurance risks affecting long-term liabilities.
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Strong analytical skills with the ability to independently hold and defend a risk position.
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Experience using economic capital models for business decisions and solvency monitoring.
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Experience managing multiple stakeholders, including subsidiary/parent relationships.
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Experience with various software packages commonly used in actuarial practice such as Microsoft Office (e.g., Excel, PowerPoint), Actuarial projections (e.g., AXIS, SLOPE, Prophet), programming languages (e.g., Julia, Python, C++).
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Collaborative skills and gravitas to manage risk issues across long-term businesses.
#LI-Remote
Benefits
The base salary range for this role is listed below and will be commensurate with candidate experience. Pay ranges for candidates may differ based on the cost of labor in that location. In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package.
Base Salary Range
$185,000—$200,000 USD
At Fortitude Re, our strength has always come from our people. Our success is deeply rooted in our ability to embrace the unique attributes, perspectives and experiences of every individual within our company. Fostering a culture of inclusion and belonging where everyone—regardless of background, race, religion, sexual orientation or gender identity—feels valued and respected is a foundation of our culture.
Legal
We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law.
To all recruitment agencies: Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees. Fortitude Re is not responsible for any fees related to unsolicited resumes.
Check us out on YouTube: About Fortitude Re (youtube.com)
By submitting your application, you agree that Fortitude Re may collect your personal data for recruiting purposes. For more on how we handle your personal data, please review our Applicant Privacy Notice. Concerned about recruitment fraud? Learn how to verify Fortitude Re’s recruitment process: Recruitment Fraud Notice
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