VP, Actuarial

Company Details

 

 

Berkley Product Protection (‘BPP’) is an operating unit of W.R. Berkley Corporation, one of America’s largest commercial lines writers in the United States. This is an exciting opportunity to join a recently re-branded Berkley Product Protection team (previously called Berkley Global Product Recall).  The team consists of product recall and liability specialists and is focused on a sustainable recall offering and its expansion into admitted/non-admitted product liability. We are a collaborative, dedicated, knowledgeable teams and offer unique, tailored liability solutions to higher hazard, more difficult to insure, unique and unusual products-oriented accounts.

 

The company is an equal employment opportunity employer.

Responsibilities

The Vice President-Actuarial, provides strategic direction and leadership for the actuarial function. As a senior member of the leadership team, this executive is responsible for providing expert actuarial guidance in support of pricing and reserving all lines of business for the Company utilizing accepted actuarial and statistical standards, as well as methodologies and knowledge. This role will execute highly complex and strategic projects, while leveraging broad functional expertise and knowledge of Product Recall and Product Liability lines of business to serve as a subject matter expert across the organization and as a key member of the leadership team.

 

• Review, establish and sustain actuarial policies and standards that ensure effective controls and compliance with all applicable statutory, regulatory, professional and corporate standards and regulations.
• Design of loss and pricing models for new and existing products for all lines of business which are used to develop financial projections.
• Provide recommendations to rating methodologies, parameters and tools to improve accuracy of technical pricing reflecting latest market and economic conditions.
• Conduct reserving analysis and make informed reserving recommendations based on the results of the quarterly reserve valuation reviews and actual versus expected results.
• Work with Finance team to make sure that the results of the business are recorded accurately in the ledger each month and quarter with appropriate details.
• Guide profitability studies and develop rate and retention recommendations at appropriate levels.
• Use best practices to develop and ensure appropriateness of highly complex actuarial, statistical analyses and methodologies used across the business to influence decisions while ensuring quality of data used to perform the analyses is appropriate and supports Company business objectives for financial return, profitability and growth.
• Partner with senior team and stakeholders to meet strategic objectives – both near and longer term – and propose solutions and recommendations to drive business decisions.
• Understand, anticipate and contemplate trends in Product Recall and Product Liability (GL and Umbrella) and incorporate them into analysis, modeling and recommendations on pricing and loss ratio design
• Conduct regular rate reviews and make recommendations for change in collaboration with Analytics, Underwriting, Product and other internal stakeholders to ensure adequacy and profitability of existing portfolio
• Drive rate setting in collaboration with Analytics, Underwriting, Product and other internal stakeholders to ensure adequacy and profitability.
• Participate actively in responding to regulatory inquiries for new filings, updated filings, data calls and all other requests for information from regulatory bodies.
• Provide oversight for individual account pricing and structure recommendations at the transactional level, where appropriate.
• Work collaboratively with senior team and corporate resources to ensure risk and return are being appropriately modeled, planned and managed.
• Manage and/or participate on teams that plan, implement and/or contribute on projects with high complexity.
• Encourage advanced analytics capabilities for predictive modeling and segmentation analysis within the business.
• As part of the annual plan, develop initial plan loss ratio recommendations, quantify the impact of underwriting actions and change in business mix, and assist the business in executing on the plan.
• Other strategic initiatives and projects as directed

 

Qualifications

• Bachelor's degree or equivalent with emphasis in Mathematics, Statistics or Actuarial Science.
• Associate or Fellowship Designation from the Casualty Actuarial Society.
• 7-10 years actuarial experience in the Property and Casualty insurance industry.
• Experience in a reserving with liability lines a plus.
• Experience working with foreign currencies a plus.
• Strong written and verbal communication skills.
• Proficiency with MS Office Suite, knowledge of programming languages such as Visual Basic, SQL, R, Python or others.
• Knowledge of Data Visualization software such as Power BI and Tableau a plus.
• Ability to write reports, business correspondence, and create slide presentations.
• Ability to effectively present information and respond to questions from other company disciplines: Finance, Underwriting & Claims.
• Strong attention to details, must produce accurate work products and proactively identify issues to be resolved.

Additional Company Details

We do not accept any unsolicited resumes from external search firms. The company offers a competitive compensation plan and robust benefits package for full time regular employees. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment.