VP, L&A Risk

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 in our Jersey City, NJ office on a hybrid basis with 30% travel expected to our Nashville, TN office.

What You Will Do:

Risk Oversight & Business Support

• Contribute to a robust risk management program that integrates with business partners to provide pragmatic oversight, challenge, and review.
• Challenge first-line risk identification and reporting across life, health, and annuity businesses; keep ERM leadership informed of material risks and policy compliance.
• 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

• 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.
• Support broader model risk and operational risk functions under the direction of the Model Risk Officer.
• Ensure model risk policies, standards, and procedures are met to comply with internal governance and regulatory requirements for ALM-related models.
• 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

• 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:

• 10+ years of related experience with long-term insurance liabilities.
• Strong Life & Annuity and financial modeling experience; ideally a credentialed actuary or someone with deep expertise in insurance ALM projections.
• Deep knowledge of life and annuity insurance/reinsurance, ALM, and capital frameworks.
• Working knowledge of the Bermuda EBS reserve and capital framework.
• Strong understanding of market, credit, and insurance risks affecting long-term liabilities.
• Strong analytical skills with the ability to independently hold and defend a risk position.
• Experience using economic capital models for business decisions and solvency monitoring.
• Experience managing multiple stakeholders, including subsidiary/parent relationships.
• 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++).
• Collaborative skills and gravitas to manage risk issues across long-term businesses.

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