VP, New Deals Valuation Actuary

The VP, New Deals Valuation Actuary candidate will be a key member of the Fortitude Life and Annuity Valuation team, which serves the company by leading valuation and financial reporting requirements for US GAAP and statutory accounting for nontraditional reinsurance and acquired businesses. This position will lead the onboarding of new deals into the Actuarial Valuation department and will lead designing, implementing and maintaining appropriate GAAP and statutory valuation practices for all the valuation and financial reporting methodologies for new life insurance and annuity transactions across all of Fortitude’s business lines, including payout annuities, traditional life products, universal life (UL), variable UL, fixed deferred and indexed annuities, variable and index linked annuities and accident & health/LTC. The position will serve as the key thought leader in establishing how GAAP and statutory actuarial valuations will be performed for new deals and will maintain methodologies for existing business. The leader will collaborate with cross-functional teams, including Valuation, Modeling, Finance, Pricing, Legal and Corporate Development.

What You Will Do:

• Drive the actuarial function in developing and implementing effective and accurate actuarial methodology and valuation practices for Fortitude’s reinsurance transactions that are consistent with regulatory requirements, internal accounting policies and business considerations.
• Collaborate with pricing, risk, and finance teams to ensure seamless integration of reserving methodologies into the company’s broader finance models.
• Work closely with business development teams to assess the financial viability of potential transactions and the impact of new life insurance deals on existing reserves. Provide actuarial support during negotiations.
• Serve as key thought leader on valuation methodologies and the primary resource for valuation leads to discuss and research actuarial valuation practices on existing or new business.
• Support Fortitude’s US regulatory monitoring and advocacy initiatives from an actuarial perspective through involvement in NAIC and ACLI discussions. Oversee implementation of new regulatory requirements such as VM-22 implementation and NAIC GOES scenarios.
• Reasonably assure that all valuation activities are consistent with Fortitude’s internal actuarial methodologies and accounting policies as well as external actuarial / financial reporting requirements.
• Maintain library of actuarial regulations and internal valuation methodology documentation.
• Assist in responding to internal and external auditor requests.
• Execute on ad hoc projects.

What You Will Have:

• 8+ years of relevant actuarial experience. 
• Undergraduate degree required (preference for mathematic, actuarial sciences, and other quantitative fields).
• Expert level knowledge of US statutory and GAAP accounting requirements for insurance, deposit contracts and reinsurance, including GAAP LDTI, SFAS 97, AG38, VM-20 (PBR), VM-21 (VA) and VM-22 (Traditional Annuities) with breath across life and annuity products.
• Strong understanding of the financial, accounting and economic aspects of the reinsurance business and reinsurance transactions.
• Project management, detail oriented, and strong organizational skills.
• Fellowship of Society of Actuaries (FSA) or an equivalent designation.
• Excellent mathematical, analytical and problem-solving skills with attention to detail.
• Excellent written and oral communication skills, with ability to influence and build relationships at all levels.
• Proficient with MS Word, Excel, PowerPoint.
• Highly motivated, results- and goal-oriented with the ability to manage multiple projects independently and with a high level of discipline.
• Familiarity with the Bermuda Monetary Authority Economic Balance Sheet principles and Scenario-Based Approach application.

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