Reinsurance Actuarial Analyst

Responsible for quantifying the risk levels being assumed by Grinnell Mutual Re in property-casualty reinsurance contracts. Develops risk-adjusted premiums through technical analysis of loss experience and exposure-based methods for reinsurance contracts across both the farm mutual and brokered account space. Involves pricing a large variety of contracts such as Excess Per Risk (property and casualty), Catastrophe, Quota Share, and Aggregate contracts.  Provides in-depth analytical analysis on a variety of business problems.

This position qualifies for our flexible workplace options. Work at our Grinnell, Iowa, headquarters or from a home office in any of the following states: Alabama, Arizona, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Maine, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Virginia, Wisconsin, and Wyoming. Please note that candidates must be eligible to work in the U.S. without Grinnell Mutual sponsorship.

• Tests and validates assumptions underlying pricing models.

• Conducts profit margin analysis to achieve risk-adjusted target rates of return.

• Helps develop actuarial models to assist in pricing reinsurance contracts.

• Extracts, manipulates, and analyzes large databases for trends and insights into the performance of the business.

• Prices treaty reinsurance for property-casualty business and provides actuarial support to underwriters in pricing risks for a range of classes, including casualty, property, multiline, and specialty lines.

• Determines optimal reinsurance structures given client risk profile and underwriting strategy.

• Contributes to the maintenance of pricing tools on an annual basis and recommends innovative solutions to improve pricing model sophistication. Works with underwriters, brokers, and other actuaries in the division for enhancing and developing new pricing tools as required.

• Completes peer review of assumptions, models, results, and reporting.

• Identifies trends in portfolio performance and recommends appropriate actions.

• Monitors and analyzes developments in actuarial techniques, laws, and regulations applicable to company operations, and competitive developments in the marketplace.

• Aligns the pricing process with improved capture and modeling of policy exposures to assess aggregations of risk and better inform the technical rating process.

• Conducts detailed segmental reviews within classes of business to objectively assess profitability; providing evidence-based conclusions and recommendations for strategic changes, underwriting actions, and portfolio optimization.

• Supports the creation of systems specifications, contracts, commission structures, and other actuarial aspects of product development.

• Assists in preparing and reviewing treaties and amendments, which includes collaboration with the Legal division.

• Presents analyses in clear terms appropriate to the audience. May include internal and external groups, customers, senior leaders, and board members. Presentations may be to educate, influence, or support recommended changes and market trends.

• Represents Grinnell Mutual and the reinsurance division in a professional manner at both internal and external meetings as requested. Occasional travel (day and overnight) is occasionally required.

• Advises farm mutuals on the design and modernization of their personal property rating plans.

• Responsible for recommendations related to pricing risks taken by the company to maintain long-term profitability.

• Responsible for reporting business expenses in a timely manner through an expense account for any work-related travel.

• Uses independent judgment to determine appropriate techniques and assumptions for pricing reinsurance contracts.

• Responsible for the selection of parameters needed to populate pricing models by evaluating all available, relevant information.

• Performs other duties as assigned.