Vice President, Risk Modeling Actuary

Nashville, TN, USA ● New Jersey, USA ● Virtual Req #629
Wednesday, May 17, 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.


Fortitude Re is actively recruiting a VP, Risk Modeling Actuary who will Support the Fortitude Re CRO with the second line risk management by providing hands-on leadership of all model risk-related activities.

The mission of Enterprise Risk Management (ERM) is to ensure that Company has a comprehensive framework for understanding the risks embedded in and across its businesses. This enables the company to manage risks effectively, evaluate current and future risk challenges and opportunities, and enhance shareholder value.


An integral part of the ERM organization is Model Risk Management. The primary objective of this role is to lead and execute the ERM model risk management function. On a day-to-day basis, the role serves to effectively challenge, manage, and mitigate model risks by maintaining model inventory, performing risk assessments, and defining model control standards. Equally important, the company is undergoing rapid change due to new business growth and significant change in Bermuda’s regulatory requirements. Candidates for this role will have the opportunity to lead the company through the necessary maturation of its model risk management framework, while also assisting in management of risks associated with implementation of models for large and diverse blocks of new business.

What You Will Do:

This position is key to supporting a robust risk management framework at Fortitude, in line with industry best practices and expectations of regulatory and other stakeholders. It provides the opportunity to play an impactful role in the design, continuous refinement, and implementation of the model risk management function at a new and growing company. The nature of the role provides diverse opportunities for learning, growth, and expansion of responsibilities.

Responsibilities will include, but are not limited to, the following areas:

  • Leading the Fortitude Re ERM Model Risk Management function
  • Launching the Model Risk Governance Committee and ensuring its continued effectiveness
  • Performing or directing independent model reviews, testing of models, including review of model documentation, evaluate risks and propose review strategies.
  • Performing, directing, or participating in independent model validations as required.
  • Advocating for Model Risk across the organization and ensure alignment of model risk policy implementation
  • Advising first line teams, ERM, and management on regulatory compliance requirements and best practices with respect to effective model risk management
  • Ensuring model risk policies, standards, and procedures are continually refined to align with industry best practice and regulatory requirements
  • Monitoring of model control standards, model risk assessments, and model issue remediation in partnership with responsible teams
  • Developing model risk reporting and documentation to support audit or other outside reviews of model risk management activitie

What You Will Have: 

  • Bachelor’s or advanced degree in Actuarial Science, Data Science, Mathematics, Financial Engineering, Economics, or another analytical field of study is required.
  • Fellow of the Society of Actuaries (FSA) or Associate of the Society of Actuaries (ASA) with a minimum of 7 years experience post-ASA is required.
  • Significant recent experience in actuarial model design, development, implementation, testing and/or validation (or leadership thereof) is required
  • Recent model risk management experience is preferred, but not required.
  • Broad knowledge of life insurance, annuities, non-life insurance, and retirement products is a plus.
  • Experience with various software packages commonly used in actuarial practice is required, such as:
    • Microsoft Office (e.g. Excel, Word, and PowerPoint),
    • actuarial modeling software (e.g. AXIS, ALFA, or Prophet, etc), and
    • programming / database languages (e.g. Python, C++, VBA, SQL, R, or SAS)
What Your Key Skill Sets Are:

As a second line risk management function, ERM works closely with business unit and functional partners in performing its oversight responsibilities. Successful engagement requires individuals to actively partner with internal stakeholders and be highly collaborative, but also be willing to thoughtfully review and challenge their work, to ensure that key risks have been properly considered and mitigated. With that in mind, the following skill sets are being sought for this role.

Effective Communication Skills. Candidates should be able to effectively communicate through diverse verbal and written means. The ability to convey complex information to a variety of audiences, in a clear and easily concise way, is critical. Written communication will vary, including both analytical research memos and highly summarized reports or presentations for executive management.

Strong Collaboration Skills. Candidates must be able to collaborate effectively with others. Success requires independently seeking out and engaging others throughout the company to perform the duties of the role. It also requires one to seek to understand others’ points of view in developing their own views on business problems or risks.

Insurance & Actuarial Knowledge. Candidates must have a strong foundation of technical knowledge pertaining to life insurance and/or annuity products and their inherent risks. Understanding valuation principles is critical. Thus, experience with US Statutory, US GAAP, Bermuda, and/or Solvency II accounting and capital frameworks is important. However, the company will consider candidates with varied backgrounds such as risk management, valuation, modeling, or pricing.

Analytical Skills. Candidates should be inquisitive and active learners that seek to grow their understanding in all they do. The nature of this role involves evaluation of diverse, often complex or incomplete, financial information. Having the ability to independently analyze and draw insightful conclusions from such situations is critical to the role. The nature of this role may also require analytical research of technical and sometimes theoretical matters, where information is lacking and expert judgment is required.

Technology Skills. Actuaries frequently develop models using software tools to calculate actuarial values and/or to measure and price risks. In doing so, they also have to manage large volumes of data in order to perform such calculations and related analysis. Candidates for this role should have well-developed modeling skills with the ability to use / review work in current actuarial software platforms such as AXIS, MG ALFA, or comparable. In addition, candidates should have the ability to develop solutions as needed in programming and/or database languages to perform analyses. Proficiency in one or more of the following is required: Python, VBA, SQL, C, or similar.  Data visualization experience, such as Tableau or Power BI, is also a plus.

What We Offer:
We offer competitive benefits in a fast-paced, dynamic and nimble culture including:
  • 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 Family RK - Risk
  • Job Function AVP
  • Pay Type Salary
Location on Google Maps
  • Nashville, TN, USA
  • New Jersey, USA
  • Virtual