Associate Actuary

Prudential Financial • Newark, NJ

1d • Hybrid

About The Position

Prudential Financial Inc.’s (PFI) Bermuda Reinsurance team is seeking a skilled and highly motivated individual to fill an Associate Actuary role that will be based in the U.S. The associate actuary will be a key contributor in maintaining and updating the Bermuda models in accordance with the Bermuda Monetary Authority’s regulatory rules and Bermuda accounting frameworks. The current employee work arrangement for this position is Hybrid and requires your on-site presence on a reoccurring basis as determined by your business. Your manager will provide additional details relative to the specific number of days you are expected to be on-site.

Requirements

• Bachelor’s Degree
• 4+ years of related work experience
• Associate of the Society of Actuaries (ASA), or progress towards ASA
• Working knowledge of life insurance cashflow modelling, asset-liability modelling and experience working with software such as GGY Axis is preferred.
• Able 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

• Previous exposure to a variety of asset classes and derivatives
• Familiarity with the Bermuda EBS reserving and capital framework.

Responsibilities

• Refine existing models and build up tools for reserves and capital for annual statements, capital calculations and management reports
• Perform model testing, validation and documentation for all model updates and enhancements, primarily on the new ALM 2.0 model.
• Support implementation and testing of new reinsurance transactions in the model.
• Preparation of documents and testing for model registration and model affirmations
• Enhance actuarial processes to improve efficiency and productivity to be following actuarial models’ validation, maintenance and risk management requirements
• Collaborate and engage with key stakeholders to ensure appropriate development and application of reserve / capital methodologies, investment and ALM choices, and other assumptions.

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.
• Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 501-1,000 employees