Associate Actuary

Prudential Financial • Newark, NJ

12h

About The Position

For over 150 years, Prudential Financial Inc. (“PFI”) has helped individual and institutional customers grow and protect their wealth. Today, we are one of the world's largest financial services institutions with operations in the United States, Asia, Europe, Latin America, and Africa. We also have one of the most recognized and trusted brand symbols: The Rock ®, an icon of strength, stability, expertise, and innovation. For more information, visit www.prudential.com. Lotus Reinsurance Company Ltd. (“LotusRe”) is a wholly-owned subsidiary of PFI, established to expand PFI’s presence in Bermuda and assume risk from PFI’s US businesses. Gibraltar Reinsurance Company Ltd (“GibRe”) is a sister company focused on the risk from PFI’s Japan business. Both companies are committed to delivering improved economic outcomes for certain products and liabilities, guided by our principles of stakeholder focus and dedication to policyholder outcomes. Prudential Bermuda Reinsurance is looking to fill a newly created Associate Actuary role. What you can expect: Be a key contributor in the regular rate-setting processes for flow business coming into Gibraltar Re and Lotus Re Support decision-making on new transaction opportunities by helping build the pricing capabilities and using that to carry out baseline and sensitivity analysis to determine appropriate transaction structures and prices Collaborate and engage with key stakeholders to ensure appropriate development and application of reserve / capital methodologies, investment and ALM choices, and other assumptions Help create and improve the ability to track actual to expected impacts for new transactions and inforce blocks Enhance actuarial pricing processes to improve efficiency and productivity while following actuarial models’ validation, maintenance and risk management requirements Support corporate model governance process, including model registration and affirmations Contribute to the creation, documentation, and registration of assumptions in collaboration with the assumptions team, along with attributing the impact of any assumption updates

Requirements

• Bachelor’s Degree
• 4+ years of related work experience
• Associate of the Society of Actuaries (ASA) or similar
• Working knowledge and analysis of financial statements (Income Statements, Balance Sheet) and experience with international accounting frameworks and/or reinsurance.
• Demonstrate ability to understand and apply technical aspects of external regulatory, capital and solvency requirements
• Demonstrate ability to perform technical actuarial calculations, analyze and synthesize the results and communicate to others effectively
• Self-motivated and independent with strong analytical, critical thinking, and problem-solving skills; comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to problems and challenges

Nice To Haves

• Experience with ALM
• Familiarity of Bermuda EBS reserve and capital framework

Responsibilities

• Be a key contributor in the regular rate-setting processes for flow business coming into Gibraltar Re and Lotus Re
• Support decision-making on new transaction opportunities by helping build the pricing capabilities and using that to carry out baseline and sensitivity analysis to determine appropriate transaction structures and prices
• Collaborate and engage with key stakeholders to ensure appropriate development and application of reserve / capital methodologies, investment and ALM choices, and other assumptions
• Help create and improve the ability to track actual to expected impacts for new transactions and inforce blocks
• Enhance actuarial pricing processes to improve efficiency and productivity while following actuarial models’ validation, maintenance and risk management requirements
• Support corporate model governance process, including model registration and affirmations
• Contribute to the creation, documentation, and registration of assumptions in collaboration with the assumptions team, along with attributing the impact of any assumption updates

Benefits

• Market competitive base salaries, with a yearly bonus potential at every level
• Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave
• 401(k) plan with company match (up to 4%).
• Company-funded pension plan.
• Wellness Programs including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs.
• Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
• Education Benefit to help finance traditional college enrollment toward obtaining an approved degree and many accredited certificate programs.
• Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period), after one year of service.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees