Reinsurance Sr Actuary 1

  • Competitive
  • Charlotte, NC, USA
  • Permanent, Full time
  • Wells Fargo US
  • 24 Oct 17 2017-10-24

Reinsurance Sr Actuary 1

Job Description
Wells Fargo Reinsurance (WF RE) is a leader in providing annuity and life reinsurance solutions. We provide surplus relief solutions on life, annuity and longevity business in the U.S. and internationally. We also offer risk transfer solutions on variable and fixed annuity business. These transactions are executed through one of three WF Re operated entities domiciled in Bermuda, Hawaii and Iowa. WF Re is looking for a Senior Actuary that will manage the life surplus relief solutions in force as well as be an integral part of a team researching and structuring new transactions.

Managing in force transactions would include analyzing actual to expected experience, assisting in developing annual budgets, providing quarterly earnings and balance sheet forecasts and resolving any significant issues with quarterly client ceding statements. Our clients provide us with the detailed U.S. statutory and tax reserve calculations. The Senior Actuary's analysis would include trending and tests for reasonableness.

This position requires the Senior Actuary to remain current on developing U.S. statutory regulations (AG 48 and PBR), U.S. GAAP developments and regulatory changes in the relevant jurisdictions WF Re do business. The Senior Actuary will be expected to understand the accounting and regulatory developments and make specific recommendations to help WF Re more efficiently manage their inforce business as well as price new opportunities. Ideally, this individual would have had past experience in financial reporting, reinsurance and valuations.

Essential Functions:

75% - Manage inforce block of surplus relief business. Research mortality and longevity and help develop solutions for regulatory and accounting issues impacting WF Re and our clients. This position will include interacting with other Wells Fargo team members and senior individuals responsible for our performance. We would expect this position to have a good deal of external contact with clients and regulators.

25% - Assist in the review of new transactions.

Team members support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following, and adhering to and if applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit's risk appetite and all risk and compliance program requirements.
Required Qualifications

  • An active Associate of the Society of Actuaries (ASA) designation
  • 5+ years of actuarial experience in one or a combination of the following: pricing, valuation, or business development of life/annuity products

Other Desired Qualifications
  • 4+ years of financial reporting and valuation experience
  • Fellow, Society of Actuaries or career ASA
  • U.S. Statutory/Tax and GAAP accounting experience
  • PBR/AG 48
  • Statutory and GAAP accounting
  • Managed Financial Reporting or Pricing functions for life insurance products
    All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.

    Relevant military experience is considered for veterans and transitioning service men and women.

    Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.