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Actuarial Director, Lexington Property

Company: National Union Fire Insurance Co of Pittsburgh
Location: New York
Posted on: November 22, 2021

Job Description:

Who we are

American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security.

Get to know the business

General Insurance is a leading provider of insurance products and services for commercial and personal insurance customers. It includes one of the world's most far-reaching property casualty networks. General Insurance offers a broad range of products to customers through a diversified, multichannel distribution network.

As an actuary at AIG, you will be challenged and encouraged to reach your greatest potential. Every day will bring new opportunities to stretch your analytical and problem- solving skills as you improve how we predict and mitigate risk. Our Financial Actuaries are on the frontlines, quantifying risk, pricing insurance and reserving losses for AIG's major regulated and rated insurance operating companies globally. Portfolio Analytics and Pricing Actuaries support AIG's businesses and are responsible for technical pricing, product development analytics and performance measurement. They collaborate with Marketing, Operations and Financial Management.

About the role

We are seeking an actuarial professional with industry expertise to lead the Lexington Property pricing team. The Actuarial Director will partner with the business and support teams on strategy, risk selection, pricing, and portfolio construction. They will also partner with other pricing actuaries in implementing best practices analytical techniques, catastrophe modelers to incorporate results into pricing and quantify portfolio risk, and reserving actuaries in assessing the impact of loss trends and claims emergence. The Actuarial Director will report into the Head of Actuarial, Lexington.

What you need to know:

  • Responsible for the success of the Lexington Property pricing team in meeting their goals and objectives, including staff development and project prioritization.
  • Supervise the pricing of large property risks & facilities, accurately interpret and effectively communicate the results, review of the parameters in the pricing systems, manage projects to improve the pricing systems, and monitor underwriter adherence to pricing procedures and methodologies
  • Work closely with underwriting to develop pricing and underwriting strategies and identify pockets of opportunity for profitable growth as well as profitability-challenged areas.
  • Coordinate pricing, planning, and accumulation management efforts with cat modeling team to ensure adequate risk-adjusted returns contemplating expected loss, reinsurance costs, and increased capital needs associated with cat-prone business
  • Develop analytical tools to help underwriters assess the risks posed by insureds, aligning the pricing framework across the different underwriting platforms and business classes written in Lexington's property operations.
  • Work closely with reserving actuaries to understand sources of reserve development and ensure appropriate recognition of pricing and underwriting actions impacting those estimates. Ensure underwriters are informed of and considering trends observed in analyses.
  • Provide recommendations to rating methodologies, parameters and tools to improve accuracy of technical pricing reflecting latest market and economic conditions and product offerings.
  • Organize proper training and support for pricing tools and strategies for underwriters.
  • Monitor trends, relevant industry dynamics, & catastrophe model enhancements; effectively communicate impact to underwriters and actuarial management.
  • Ensure that all pricing and other actuarial requests are managed and completed in a timely and professional manner, monitoring adherence to appropriate procedures and methodologies.
    What we're looking for:

    The candidate should possess strong technical and business expertise with the ability to build sustainable, collaborative relationships, influence business stakeholders, and lead, motivate and gain commitment from key constituents.

    Additional requirements include:
    • Fellow or Associate of the Casualty Actuarial Society with at least 10 years of commercial lines actuarial experience, preferably with significant commercial property pricing experience.
    • Experience leading a team, with the capacity to enforce accountability and learn the strengths and development opportunities of the team to put people in a position to succeed while fostering a culture that promotes collaboration, diversity and inclusion
    • Exceptional communication skills, including ability to develop and present clear and concise analysis and recommendations to senior management.
    • Ability to dive into technical and execution level details, do hands-on work, connect the dots while thinking strategically and serve as strong thought partner of cross functional leaders.
    • Willing and able to continuously learn and adapt in a dynamic and fast changing environment.
    • Comprehensive awareness of the business, regulatory environment, competitors, market cycle, technology and legislative trends.
    • Not afraid to take charge of a situation and can overcome resistance to change, taking unpopular stands when necessary.
    • Timeliness and attention to detail.
      A look at our benefits

      At AIG, we have a 100-year legacy of working to make the world a better place. And that begins with our employees. We're proud to offer a range of employee benefits and resources that help you protect what matters most - your health care, savings, financial protection, and wellbeing. We provide a variety of leaves for personal, health, family, and military needs. For example, the "Giving Back" program allows you to take up to 16 hours a year to volunteer in your community.

      We also believe in fostering our employees' development and offer a range of learning opportunities for employees to hone their professional skills to position themselves for the next steps of their careers. AIG also has a tuition reimbursement program for eligible employees to enhance their education, skills, and knowledge in areas that relate to their current position or future positions to which they may transfer or progress.

      We are an Equal Opportunity Employer

      It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories. At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.

      It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.

      At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.

      To learn more please visit:

      AIG is committed to working with and providing reasonable accommodations to job applicants and employees with physical or mental disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to complete any part of the application or hiring process, please send an email to . Reasonable accommodations will be determined on a case-by-case basis.

      In order to work from or visit an AIG office, and in accordance with the terms and conditions of AIG's COVID-19 vaccination policy, individuals hired into this position will be required to attest that they have been fully vaccinated and agree to have their vaccination status and proof of vaccination confidentially stored by AIG. Exemptions may be considered on a case by case basis.
      Functional Area:
      AC - Actuarial

      Estimated Travel Percentage (%): Up to 25%

      Relocation Provided: No

      National Union Fire Insurance Co of Pittsburgh, PA

Keywords: National Union Fire Insurance Co of Pittsburgh, New York , Actuarial Director, Lexington Property, Executive , New York, New York

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