Associate Actuary, Bermuda Reporting, PII (Virtual)
Job Classification:Actuarial - Actuarial
For more than 140 years, Prudential Financial Inc. (“PFI”) has helped individual and institutional customers grow and protect their wealth. Today, we are one of the world's largest financial services institutions with operations in the United States, Asia, Europe, Latin America, and Africa. We also have one of the most recognized and trusted brand symbols: The Rock ®, an icon of strength, stability, expertise, and innovation. For more information, visit [Register to View] .
Gibraltar Reinsurance Company Ltd. (“Gib Re”) was established in Bermuda as a wholly-owned subsidiary of PFI. Gib Re has primarily assumed both existing and new businesses from Japanese affiliate companies to gain the enterprise capital efficiency by allowing reserve levels to be managed closer to an economic basis, while balancing financial soundness and protecting policyholder interests.
Prudential International Insurance is looking to fill an 9P Associate Actuary role that will be part of the Gib Re Reporting team and will report to the Team Lead for the valuation and reporting for Gib Re.
This position will be a member of the Gib Re valuation and reporting team, which is responsible for calculating actuarial items and preparing annual Bermuda statutory financial statements (SFS), Bermuda Monetary Authority (BMA) Economic Balance Sheet (EBS), Bermuda Solvency Capital Requirement (BSCR), various capital calculations and risk assessments, tax reserve reporting and Prudential quarterly management reporting of Gib Re. The team will also have responsibility for forecasting and stress testing of reserve and capital requirements for Bermuda frameworks. This individual will also have the opportunity support various reinsurance transaction analysis and pricing with Gib Re.
Bermuda’s reporting frameworks are principles based, and the reporting will have similarities to US GAAP Fair Value and other international frameworks such as Solvency II, providing excellent development opportunities.
The position will provide the associate with the opportunity to gain a broad experience across a range of actuarial disciplines and collaborate across actuarial and non-actuarial teams, including Finance, Treasury, Global Portfolio Management, Audit and Risk Management.
- A key contributor in managing and maintaining the Bermuda reporting function in accordance with BMA regulatory rules and Bermuda accounting frameworks
- Refine existing models and build up tools for reserves and capital for annual statements, capital calculations and management reports
- Perform source of earnings analysis and help stakeholders understand change in capital level
- Work with the Team Lead and non-actuarial partners to complete annual Bermuda filing (SFS, EBS, and BSCR) and support the approved actuary’s opinion and audited financial statements
- Review and validate the liability cash flows for EBS/BSCR/US GAAP Fair Value
- Responsible for creation of quarterly valuation results for Gib Re
- Responsible for forecasting and stress testing results for Gib Re
- Preparation of documents and testing for model registration and model affirmations
- Enhance actuarial processes to improve efficiency and productivity to be following actuarial models’ validation, maintenance and risk management requirements
- Contribute to creation, documentation and registration of assumptions in collaboration with the assumptions team
- Perform cash settlement review processes
- Collaborate and engage with key stakeholders: Gibraltar Re actuarial team, BU actuarial teams, Finance and Controllers, Modelling, Treasury, audit (internal and external), risk management, assumptions
- Support future Bermuda reinsurance transaction related projects
- Bachelor’s Degree Required
- 3+ years of related work experience – some prior valuation and financial reporting experience preferred.
- Experience with international accounting frameworks and/or reinsurance is a strong plus
- Associate of the Society of Actuaries (ASA) preferred but not required
- Japanese – Japanese-Language Proficiency Test 1 (JLPT1) or equivalent required
- Dedication to completing work in a timely fashion and with high-quality results
- Excellent verbal and written communication/presentation skills
- Highly organized, collaborative and adept at managing multiple, competing priorities
- Open to remote/virtual location outside of commutable Newark, NJ location.
*Note: Prudential is required by Colorado law to include the salary range for this role when hiring a Colorado resident. Salary range specific to Colorado: ($108,000 to $153,400) + discretionary incentive bonus + benefits. Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance. In addition, employees are eligible for standard benefits package including paid time off, medical, dental and retirement.-
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.
We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit [Register to View] to learn more about our values, our history and our brand.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status , medical condition or any other characteristic protected by law.
The Prudential Insurance Company of America, Newark, NJ and its affiliates.
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