Associate Actuary - Pension Risk Transfer

  • Company: Prudential
  • Location: Newark, New Jersey
  • Posted: December 05, 2017
  • Reference ID: INT000ED
The Associate Actuary will act as a point of contact for actuarial and general transaction activities in support of Prudential's Longevity Risk Transfer (LRT) efforts, which is the international component of Prudential’s rapidly growing Pension Risk Transfer business.

This individual will be actively engaged in live non-U.S. Reinsurance transactions supporting the transaction lead. In particular, she/he will aid the business team’s preparation for discussions with market intermediaries and counterparties on certain live transaction opportunities focusing on benefits, data, and liability modeling, and will also participate in transaction closing and on-boarding activities. The successful candidate will support the team’s efforts to achieve aggressive business growth while maintaining an appropriately controlled operating environment.

Position responsibilities include:

  • Provide an analysis and concise summary of pension plan provisions and proposed benefit structure as part of the pre-sales process, identifying any new or unusual risks as well as specific benefit and transaction features that present pricing, on boarding or implementation challenges
  • Review client Request For Quotations(RFQ) documents alongside the transaction lead and ensure that the Business, Underwriting, Pricing and Administration teams interpret these documents correctly and consistently
  • Analyze raw data files and run the transaction data query process for purposes of constructing a reinsurance transaction benefits model
  • Reconcile pension benefit modeling with our counterparties
  • Work with the Pricing team to independently replicate Pension and Annuity cash flows using the Best Estimate assumptions along with all reserving and capital scenarios in order to validate the liabilities used in our pricing models
  • Provide review of Term Sheets and draft/review legal document language relating to the benefits characteristics that underlie our premiums and fees
  • Actively engage as a member of the transaction team from initial evaluation and quotation, through the on-boarding process
  • Participate in general business transaction support activities

  • Bachelor's Degree
  • Minimum 3 years of work experience in Retirement and/ or Insurance, preferably in an actuarial capacity
  • 4 Actuarial Exams desired
  • Experience with pension plans a plus
  • Strong communication skills and ability to articulate technical actuarial concepts Demonstrate significant analytical skills
  • Ability to work independently and also to collaborate with multiple teams on complex transactions
  • ProVal knowledge desired
  • Strong Microsoft Excel skills

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