Assistant Vice President & Actuary, Nova Life & Annuity (L&A) Valuation

Jersey City, NJ, USA ● Nashville, TN, USA Req #612
Friday, May 5, 2023

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 $55 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.   Click here for more information about Fortitude Re.


The Assistant Vice President & Actuary, Nova Life & Annuity (L&A) Valuation candidate will be a key member of the Fortitude Life and Annuity Valuation team, which serves the company by supporting valuation and financial reporting requirements for US GAAP and statutory accounting for nontraditional reinsurance and acquired businesses. This position will report to the VP, Nova Life & Annuity (L&A) Valuation and will be responsible for performing the valuation and financial reporting of the new $28 Bn Nova (Lincoln Financial) reinsurance transaction, which includes universal life with secondary guarantees, life/LTC combo products, fixed deferred and indexed annuities, and payout annuity contracts. The AVP candidate will align the business lines financial reporting to corporate and accounting policies, governance, and control framework and procedures. The AVP will work closely with the finance and controllership team, accounting policy and internal controls, and the actuarial consolidation and financial reporting team.

The position can be located in either the Fortitude Re Nashville, TN or Jersey City, NJ office on a hybrid schedule with minimal travel expected (0%-15%). 

What You Will Do:

  • Perform the valuation (US GAAP, statutory and tax) requirements for Fortitude’s Nova reinsurance transaction, while aligning to corporate and accounting policies, control framework and procedures, and performing periodic valuation of these blocks.
  • Perform the periodic US GAAP, Statutory, and Tax valuation and financial reporting for Fortitude Re’s Nova businesses.  Products include ULSG, UL/LTC Combo product, Fixed Deferred and Indexed Annuities, and Payout Annuities.
  • Supervise directly a team who will support the valuation work and financial reporting.
  • May supervise directly or indirectly a team member who will support the valuation work and financial reporting.
  • Support US statutory blue book reporting requirements.
  • Ensure that all valuation activities follow Fortitude Re’s Control Framework.
  • Perform analytics and prepare analysis of financial results.
  • Work with the Modeling team to manage and execute the building/maintenance of our Fortitude Valuation Systems (FVS) AXIS models, which entails coding, testing and input updates through change management processes.
  • Develop audit tools to validate reserve calculations.
  • Assist in process improvement efforts, particularly automation using Alteryx and Tableau platforms.
  • Assist in responding to internal and external auditor requests.
  • Execute on ad hoc projects.

What You Will Have:

  • 5+ years of experience, ideally dealing with valuation and financial reporting.
  • Undergraduate degree required (preference for mathematics, actuarial sciences, and other quantitative fields).
  • Project management, detail oriented, and strong organizational skills.
  • Associateship of the Society of Actuaries (ASA), Fellowship of Society of Actuaries (FSA) or an equivalent designation.
  • Excellent mathematical, analytical and problem-solving skills with attention to detail.
  • Mathematical and actuarial knowledge, computer and actuarial software skills, analytical.
  • Problem solving and a basic business sense of financial, accounting and economics aspects of business.
  • Proficient with MS Word, Excel, and SQL. 
  • AXIS experience strongly recommended and/or experience with other valuation platforms.
  • Significant technical experience and expert-level US statutory and US GAAP valuation knowledge.
  • Experience with data structures and handling.
  • Excellent written and oral communication skills.
  • Highly motivated, results- and goal-oriented with the ability to manage multiple projects. independently and with a high level of discipline.

The base salary range for this role is $181,894.00 - $227,266.00 and will be commensurate with candidate experience. Pay ranges for candidates may differ based on the cost of labor in that location. In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package. 

What We Offer:
We offer competitive benefits in a fast-paced, dynamic and nimble culture including:
  • Unlimited PTO policy
  • Actuarial exam support through our Actuarial Development Program
  • Up to 11 paid company holidays
  • Up to 16 hours per year of paid volunteer time 
  • Competitive 401(k) plan
  • Paid parental leave
  • Tuition reimbursement
  • Health, vision, dental, and life insurance with additional access to health and wellness programs
  • Flexible working environment
At Fortitude Re, 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. 

We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law.

To all recruitment agencies
:  Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees.   Fortitude Re is not responsible for any fees related to unsolicited resumes.

Other details

  • Job Family AC - Actuarial
  • Job Function AVP
  • Pay Type Salary
Location on Google Maps
  • Jersey City, NJ, USA
  • Nashville, TN, USA