What are the responsibilities and job description for the Chief Actuary position at Old Republic Specialty Insurance Underwriters?
Title: Chief Actuary
Reports To: President, ORSIU
Department: Actuary
Location/Schedule: Yardley, PA/ Hybrid
Classification: Full-Time /Exempt
Who We Are:
Old Republic International Corporation (ORI), which traces its beginning to 1923, is a Fortune 500 company and one of the nation’s 50 largest shareholder-owned insurance organizations. Our subsidiaries actively market, underwrite and provide risk management services for a wide variety of coverages, mostly in the general and title insurance fields.
Old Republic Specialty Insurance Underwriters (ORSIU) is part of Old Republic International Corporation. We offer insurance and reinsurance spanning most lines of business, and partner with specialists who are committed to providing the highest levels of service with the products necessary to meet the unique needs of the Alternative Risks, Specialty Programs and Excess Casualty marketplace.
Our Mission is to provide quality insurance security and related services to businesses, individuals and public institutions, and be a dependable long-term steward of the trust that policyholders, shareholders and other important stakeholders place in us.
Position Overview:
The Chief Actuary will integrate a variety of actuarial issues and insurance principles in support of the account pricing and underwriting functions for Property, General Liability, Auto, Professional Liability, and Workers Compensation lines of coverage. This position will be responsible for a wide range of projects in support of these lines of coverage and will need to execute sound judgment in the selection of key project assumptions.
Essential Job Functions:
- Manage and lead the Company's Actuarial Pricing team, clarify job responsibilities and performance expectations, establish goals and job competencies, identify skill gaps, create development plans, coach and mentor on a continuous basis and provide performance evaluations.
- Design, implement and oversee a continuous process of rate and price monitoring to ensure actuarial soundness in the rates and prices charges.
- Perform pricing analyses supporting the pricing strategy for the lines of business.
- Producing adequacy reports and conduct studies for frequency and severity for multiple lines of business.
- Prepare exhibits as requested that assist the underwriting or claims teams in their decision making.
- Produce monthly/quarterly/annual reports and investigate methods for increasing the efficiency of producing reports.
- Complete policy year profitability studies for the various lines of coverage.
- Support profitability analysis and effectively communicate results including methods, trends, selection and insights to management.
- Select appropriate ultimate loss ratios.
- Develop the pricing for new products and rating plans.
- Review quarterly reserve analysis.
- Coordinate with other inter-company actuaries to facilitate understanding of pricing and profitability of business segment.
- Leadership and Team Management:
- Provide strategic direction and leadership to the Actuary team, setting clear goals, and performance expectations.
- Foster a culture of continuous improvement and innovation, encouraging collaboration and teamwork across departments.
- Mentor and develop team members to enhance skills and knowledge. Provide appropriate learning opportunities and knowledge transfer as needed.
- Lead cross-functional project teams to help ensure timely delivery of initiatives.
Qualifications:
- 10 or more years of property and casualty actuarial experience.
- Strong computer skills in Microsoft Access and Excel.
- Demonstrated success managing projects with minimal supervision will be needed.
- Ability to effectively communicate with contacts outside of the actuarial field is required.
- BS in Actuarial Science, Mathematics, or related field is required.
- Completed CAS or on track to complete the CAS.
ORI is an Equal Opportunity Employer. ORI provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.