Senior Actuarial Associate, Economic Capital Modeling Nova BDA

Bermuda Req #628
Tuesday, May 16, 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 Senior Actuarial Associate, Economic Capital Modeling Nova BDA 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 be located in the Fortitude Re office in Bermuda. Minimal travel is expected (0%-10%).
What You Will Do:
• 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.
What You Will Have:
• 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.

The base salary range for this role is $142,000-$186,000 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:
  • Actuarial exam support through our Actuarial Development Program
  • Actuarial Program Rotation
  • Unlimited PTO policy
  • 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 Function Sr Associate
  • Pay Type Salary
Location on Google Maps
  • Bermuda