Munich Re Specialty - North America
Associate Actuary - Insurance Programs
Munich Re Specialty - North America, Chicago, Illinois, United States, 60290
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Associate Actuary - Insurance Programs
role at
Munich Re Specialty - North America .
The Company Munich Re Specialty - North America is a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk‑management expertise to our partners and customers. With the financial strength and global resources of an A+ (A.M. Best) rated organization, we offer 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.
The Opportunity We are hiring an Associate Actuary to provide actuarial pricing and rating support for Munich Re Specialty‑North America (MRSNA). Your work will help the Insurance Program business achieve its goals by analyzing, evaluating, modeling, and rating potential competitive solutions for clients, as well as supporting rate filings. This role supports profitable growth across existing and new programs in alignment with Munich Re Group’s multi‑year strategy.
Responsibilities
Partner with the business unit as a trusted advisor to drive pricing excellence for Insurance Programs.
Prepare and complete pricing analyses, including the development of rates, ultimate loss projections, and trend studies with some guidance; communicate results to stakeholders.
Participate in development and update of actuarial models and databases through formula development, research on methodologies, and collaboration on technical teams.
Support result monitoring, pricing, and portfolio management projects that help underwriters and management understand and steer business; document and communicate assumptions, results, and alternatives.
Identify data issues requiring specialized actuarial attention.
Support the DOI state filing process by developing/revising rating plans, conducting competitive analyses, providing actuarial filing support, and responding to objections.
Provide actuarial insight and expertise on actuarial assumptions and parameters as a participant on a Market Research Analysis and Parameters (MRAP) line‑of‑business group.
Participate in training of others (underwriters, client managers, risk analysts, accountants, and actuaries) regarding actuarial analyses and methodologies.
Pursue formal education via Casualty Actuarial Society (CAS) exams.
Qualifications
Bachelor’s Degree in Mathematics, Actuarial Science, Economics, Business or a related field.
Passed at least four (4) Casualty Actuarial Society exams.
At least three (3) years of insurance/reinsurance and actuarial pricing experience.
Good technical actuarial skills.
Understanding and ability to discuss and apply existing and new actuarial concepts/techniques involving exposure adjustments, trend, loss development, exposure rating, etc., with some assistance/guidance.
Proficient computer skills in MS Office Suite, including Power BI, for ratemaking, pricing, modeling, and data analysis.
Experience in using R, Python, SAS or other statistical software in insurance pricing applications is preferred.
Excellent oral and written communication skills.
Strong judgment and problem‑solving skills to address complex high‑profile issues.
Excellent time‑management and organizational skills, including the ability to manage conflicting priorities and complete multiple tasks and projects.
Salary and Bonus The base salary range for this position is
$99,700 - $166,100 , plus opportunity for a company bonus based on a percentage of eligible pay. The salary estimate is adjusted to reflect varying market conditions across different locations, with the higher end being more aligned with the NYC market. Candidates will typically start in the lower half of the range.
Benefits
Health insurance plans (PPO or High Deductible)
Prescription drug coverage (included in your health plan)
Vision and dental insurance plans
Basic life insurance equal to 1x annual salary and AD&D coverage equal to 1x annual salary
Short‑ and long‑term disability coverage
Supplemental life and AD&D plans available for purchase for yourself and dependents
Additional Benefits
Robust 401(k) plan with up to a 5% employer match
100% company‑funded retirement savings plan
Paid time off beginning with 24 days per year, increasing with milestone service anniversaries
Eligibility for a yearly bonus as a Munich Re employee
Health and wellness programs at no cost
Paid time off for eligible family care needs
Tuition assistance and educational achievement bonuses
Corporate matching gifts program for charitable donations
Paid time off to volunteer in the community
We are an equal‑opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
#J-18808-Ljbffr
Associate Actuary - Insurance Programs
role at
Munich Re Specialty - North America .
The Company Munich Re Specialty - North America is a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk‑management expertise to our partners and customers. With the financial strength and global resources of an A+ (A.M. Best) rated organization, we offer 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.
The Opportunity We are hiring an Associate Actuary to provide actuarial pricing and rating support for Munich Re Specialty‑North America (MRSNA). Your work will help the Insurance Program business achieve its goals by analyzing, evaluating, modeling, and rating potential competitive solutions for clients, as well as supporting rate filings. This role supports profitable growth across existing and new programs in alignment with Munich Re Group’s multi‑year strategy.
Responsibilities
Partner with the business unit as a trusted advisor to drive pricing excellence for Insurance Programs.
Prepare and complete pricing analyses, including the development of rates, ultimate loss projections, and trend studies with some guidance; communicate results to stakeholders.
Participate in development and update of actuarial models and databases through formula development, research on methodologies, and collaboration on technical teams.
Support result monitoring, pricing, and portfolio management projects that help underwriters and management understand and steer business; document and communicate assumptions, results, and alternatives.
Identify data issues requiring specialized actuarial attention.
Support the DOI state filing process by developing/revising rating plans, conducting competitive analyses, providing actuarial filing support, and responding to objections.
Provide actuarial insight and expertise on actuarial assumptions and parameters as a participant on a Market Research Analysis and Parameters (MRAP) line‑of‑business group.
Participate in training of others (underwriters, client managers, risk analysts, accountants, and actuaries) regarding actuarial analyses and methodologies.
Pursue formal education via Casualty Actuarial Society (CAS) exams.
Qualifications
Bachelor’s Degree in Mathematics, Actuarial Science, Economics, Business or a related field.
Passed at least four (4) Casualty Actuarial Society exams.
At least three (3) years of insurance/reinsurance and actuarial pricing experience.
Good technical actuarial skills.
Understanding and ability to discuss and apply existing and new actuarial concepts/techniques involving exposure adjustments, trend, loss development, exposure rating, etc., with some assistance/guidance.
Proficient computer skills in MS Office Suite, including Power BI, for ratemaking, pricing, modeling, and data analysis.
Experience in using R, Python, SAS or other statistical software in insurance pricing applications is preferred.
Excellent oral and written communication skills.
Strong judgment and problem‑solving skills to address complex high‑profile issues.
Excellent time‑management and organizational skills, including the ability to manage conflicting priorities and complete multiple tasks and projects.
Salary and Bonus The base salary range for this position is
$99,700 - $166,100 , plus opportunity for a company bonus based on a percentage of eligible pay. The salary estimate is adjusted to reflect varying market conditions across different locations, with the higher end being more aligned with the NYC market. Candidates will typically start in the lower half of the range.
Benefits
Health insurance plans (PPO or High Deductible)
Prescription drug coverage (included in your health plan)
Vision and dental insurance plans
Basic life insurance equal to 1x annual salary and AD&D coverage equal to 1x annual salary
Short‑ and long‑term disability coverage
Supplemental life and AD&D plans available for purchase for yourself and dependents
Additional Benefits
Robust 401(k) plan with up to a 5% employer match
100% company‑funded retirement savings plan
Paid time off beginning with 24 days per year, increasing with milestone service anniversaries
Eligibility for a yearly bonus as a Munich Re employee
Health and wellness programs at no cost
Paid time off for eligible family care needs
Tuition assistance and educational achievement bonuses
Corporate matching gifts program for charitable donations
Paid time off to volunteer in the community
We are an equal‑opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
#J-18808-Ljbffr