Oliver James Associates Ltd.
Chief Actuary
Oliver James Associates Ltd., Jersey City, New Jersey, United States, 07390
The Role
The ideal candidate will demonstrate leadership, technical expertise, and collaboration across various teams to ensure soundness in decision making, align actuarial work with strategic business goals and the work closely with the executive team to positively influence business results. You have a deep understanding of actuarial science, including pricing, reserving, risk assessment, and reinsurance.Essential Functions:
PricingOversee and guide a skilled team of actuarial professionals to further the development and maintenance of pricing models used as quoting indications for five Business Units: Bind, Excess Casualty, Garage, Inland Marine and Primary Casualty.Analyse internal claim data and updating pricing models to reflect dynamic loss costs and inflationary trends.Work closely with the Business Units and Claims professionals to understand existing and new factors contributing to liability exposures to refine pricing modelsTake a proactive approach to risk management and pricing strategy, staying current with industry trends and developments to incorporate into pricing recommendations.Identify classes of risks where price increases are unlikely to be sufficient to achieve an appropriate return on capital and advise the Business Units so they may take appropriate actions in response.Present and discuss pricing trends with the Business Units and other members of senior management to reinforce data driven decision makingSuccessfully support the renewal of reinsurance treaties ensuring that pricing models and risk assessments align with reinsurance agreementsReservingUse sound, conservative actuarial methodologies, both on a direct and net-of-reinsurance basis, each quarter to ensure that loss and LAE reserves are establishedAdjust reserve positions and methods as needed by conducting frequent assessments of actual versus expected claim developmentWork closely with Business Units and Claims professionals to identify factors influencing Incurred But Not Reported (IBNR) liabilitiesStay updated on market trends and industry developments that impact claim patterns and reserve selectionsProvide timely loss and LAE reserve data to the Finance Unit for statutory, GAAP reporting, and budgeting/forecastingPresent loss reserve trends and developments to the Executive Leadership Team, the Board, the Audit Committee, and other relevant stakeholdersSkills, Knowledge & Ability:
In-depth knowledge of generally accepted actuarial principles and practices for property and casualty loss reserving and product pricingStrong analytical and problem-solving skills to effectively interpret complex data and develop sound recommendationsExpert actuarial background in property and casualty product pricing.Excellent verbal and written communication skills, facilitating clear and effective interactions with diverse audiencesConfidently engage with all levels of the organisation and external stakeholders, including senior executives, auditors, independent actuaries, underwriters, re-insurers, Board members, and A.M. Best Company.Requirements:
Bachelor's Degree:
Required, preferably in Actuarial Science, Mathematics, Statistics, or a related field. A post-graduate degree is advantageous.Professional Designations:
Fellow of the Casualty Actuarial Society (FCAS) and Member of the American Academy of Actuaries (MAAA) preferred.Experience:
A minimum of fifteen years of actuarial experience in loss reserving and pricing within the commercial property and casualty insurance sector or at an actuarial consulting firm, with a strong preference for experience in excess and surplus lines.
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The ideal candidate will demonstrate leadership, technical expertise, and collaboration across various teams to ensure soundness in decision making, align actuarial work with strategic business goals and the work closely with the executive team to positively influence business results. You have a deep understanding of actuarial science, including pricing, reserving, risk assessment, and reinsurance.Essential Functions:
PricingOversee and guide a skilled team of actuarial professionals to further the development and maintenance of pricing models used as quoting indications for five Business Units: Bind, Excess Casualty, Garage, Inland Marine and Primary Casualty.Analyse internal claim data and updating pricing models to reflect dynamic loss costs and inflationary trends.Work closely with the Business Units and Claims professionals to understand existing and new factors contributing to liability exposures to refine pricing modelsTake a proactive approach to risk management and pricing strategy, staying current with industry trends and developments to incorporate into pricing recommendations.Identify classes of risks where price increases are unlikely to be sufficient to achieve an appropriate return on capital and advise the Business Units so they may take appropriate actions in response.Present and discuss pricing trends with the Business Units and other members of senior management to reinforce data driven decision makingSuccessfully support the renewal of reinsurance treaties ensuring that pricing models and risk assessments align with reinsurance agreementsReservingUse sound, conservative actuarial methodologies, both on a direct and net-of-reinsurance basis, each quarter to ensure that loss and LAE reserves are establishedAdjust reserve positions and methods as needed by conducting frequent assessments of actual versus expected claim developmentWork closely with Business Units and Claims professionals to identify factors influencing Incurred But Not Reported (IBNR) liabilitiesStay updated on market trends and industry developments that impact claim patterns and reserve selectionsProvide timely loss and LAE reserve data to the Finance Unit for statutory, GAAP reporting, and budgeting/forecastingPresent loss reserve trends and developments to the Executive Leadership Team, the Board, the Audit Committee, and other relevant stakeholdersSkills, Knowledge & Ability:
In-depth knowledge of generally accepted actuarial principles and practices for property and casualty loss reserving and product pricingStrong analytical and problem-solving skills to effectively interpret complex data and develop sound recommendationsExpert actuarial background in property and casualty product pricing.Excellent verbal and written communication skills, facilitating clear and effective interactions with diverse audiencesConfidently engage with all levels of the organisation and external stakeholders, including senior executives, auditors, independent actuaries, underwriters, re-insurers, Board members, and A.M. Best Company.Requirements:
Bachelor's Degree:
Required, preferably in Actuarial Science, Mathematics, Statistics, or a related field. A post-graduate degree is advantageous.Professional Designations:
Fellow of the Casualty Actuarial Society (FCAS) and Member of the American Academy of Actuaries (MAAA) preferred.Experience:
A minimum of fifteen years of actuarial experience in loss reserving and pricing within the commercial property and casualty insurance sector or at an actuarial consulting firm, with a strong preference for experience in excess and surplus lines.
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