Sr Associate, Economic Capital Modeling

Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group.

Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders.

Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry.

The Senior Associate, Economic Capital Modeling will be a member of the Capital Management team, which serves the company by reporting and monitoring capital in alignment of regulatory reporting, strategic planning, and market expansion needs of Fortitude Re. The primary responsibility of the position will be conducting the economic capital stress analysis to support the regulatory capital reported to the Bermuda Monetary Authority (BMA).

The position is expected to work closely with departments across the organization including actuarial, finance, investments and pricing teams. The position will report to the VP, Capital Management & Chief Actuary FIRL.

• Perform movement analysis to monitor and explain the changes in the company’s capital position.
• Provide monthly estimates of regulatory capital based on market conditions and business profile changes.
• Conduct regular internal stress testing to evaluate the capital at risk against key risk factors and CISSA (Commercial Insurer's Solvency Self-Assessment) scenario testing as part of regulatory filing process to the BMA.
• Review quarterly economic reserves produced by the actuarial modeling team.
• Support the quarterly regulatory filings to the BMA as needed.
• Support the production, governance and control framework of the company’s ALM and capital model.
• Develop new functionalities and enhancements to the model as necessary, including improved efficiencies and changes to the regulations and onboarding of new business.
• Support new business activities by evaluating capital requirements for potential acquisitions and reinsurance blocks.
• Provide ad hoc capital analysis and financial projections to support strategic initiatives as necessary.
• Minimal travel is expected (0%-10%).

• Qualified Associate of the Society of Actuaries or equivalent designation.
• 5+ years of insurance experience related to pricing, valuation or risk management, with EBS or Solvency II experience required.
• Proficiency in Python, or similar programming languages (R Studio, C++).
• Experience with database applications and business intelligence tools.
• Experience with AXIS or similar actuarial projection or valuation software.
• Strong analytical skills and ability to adopt a creative approach to solving complex process problems.
• Ability to manage multiple work assignments and meet time commitments.
• Strong oral and written communication skills.

At Fortitude Re, our strength has always come from our people. Our success is…