Personal Lines Actuary, Berkley Insurance Company
Berkley Insurance Company, a wholly owned subsidiary of W. R. Berkley Corporation, is hiring a personal lines actuary. Reporting to the Senior Vice President and Chief Actuary for the high net worth personal lines business, the Actuary will be responsible for completing Rate Reviews and Actuarial Indications, completing regular estimates of adequate loss and expense reserves, participating in company’s planning processes, and providing tools and analysis in support of pricing personal lines products. The Actuary will work on pricing for new products and new geographies.
W. R. Berkley Corporation is listed on the New York Stock Exchange and has become a well-respected Fortune 500 Company. The Company is made up of dedicated, detail-oriented people committed to delivering the highest quality insurance products and services to specialized markets worldwide.
- Adapts and develops rating methodologies for both existing and new company products using advanced techniques to incorporate new variables, etc., in pursuit of a competitive advantage and creation of economic profit opportunities. Performs competitor data and pricing reviews.
- Identifies, retrieves, and prepares data in support of actuarial analysis through SQL, SAS, and other data sources. Includes internal data (exposure, premium, loss, claims, price, etc.) and various forms of external data.
- Ensures the accuracy and suitability of data for the business need at hand. Reviews data, performs preliminary analysis and interprets data through Excel or other analytics platforms and presents recommendations.
- Leads the completion of Rate Reviews, Ratemaking, and Actuarial Indications including support of forecasting investment rates of return, underwriting expense provisions, frequency /severity and exposure trends. Innovates and improves both accuracy and efficiency in the processes.
- Works on the regular preparation of adequate loss and expense reserves estimates, including any financial information pertaining to reserves needed by the Financial Department, company management, or corporate including but not limited to Schedule P.
- Works on the actuarial component of the company’s planning processes (Loss and LAE ratios).
- Identifies segments with profitable growth potential; identifies underperforming segments and proposes corrective actions to improve profitability.
- Participates in enterprise risk management initiatives, including support for catastrophe management, economic capital modeling, internal rate of return studies, etc. Provides innovation and leadership when applicable.
- Helps build and develop profitability monitoring reports. Responsible for maintaining monthly / quarterly updates.
- Works with external consultants on a regular basis in developing new products and pricing for new geographies