The Reserving Actuary is a newly created role that will oversee the organizations internal actuarial reserving operation. The role will report directly to the Chief Financial Officer. The individual will be responsible for establishing internal systems and processes for the evaluation of loss reserves and will participate in decisions affecting the company’s insurance operations and financial performance.
Coverys has historically outsourced its reserve analysis and accordingly does not have an established reserving process or related technology. The existing (outsourced) process serves to satisfy the Company’s annual statutory reporting obligations but does not support quarterly reporting or provide management with the analysis needed to support business segment reporting. The Reserving Actuary will be responsible for establishing reserving systems and processes and for managing the Company’s transition to an internal capability.
The position will be based in the Company’s Boston office location.
Conduct quarterly loss reserve analyses for core business segments across the organization
Advise senior management on risk/uncertainties associated with loss reserves
Partner with Chief Underwriting Officer, Vice President of Actuarial (pricing Actuary)and the head of Claims to provide guidance to senior management on emerging business trends
Issue Statement of Actuarial Opinion on held loss reserves in line with regulatory reporting requirements (or coordinate the same with external actuarial consulting firm).
Coordinate with external auditors and regulatory examiners to facilitate their independent evaluation of loss reserves
Establish and conduct quarterly Loss Reserve Committee meetings
Collaborate with colleagues across the organization on:
Regulatory & Rating Agency Matters
Financial Reporting Matters
Enterprise Risk and Capital Modeling/Management Matters
Identify and pursue research opportunities to develop advanced loss reserving techniques and establish best practices within the industry
Conduct Ad-Hoc analyses as directed by senior management
Participate in development/maintenance of Company’s Loss Data Warehouse capabilities
Preparation of actuarial related exhibits in the Company’s statutory financial statements (yellow books).
10-20 years’ experience as property/casualty actuary at a major insurance company or well-regarded actuarial consulting firm
Fellow of the Casualty Actuarial Society
Member of the American Academy of Actuaries
Broad understanding of the Medical Professional Liability insurance business and the challenges in estimating loss reserves
Broad understanding of financial reporting for insurance companies
Strong organizational and communication skills. Ability to confidently present to senior management/Board of Directors, influence outcomes, and maintain strong professional relationships across the Company
Demonstrated success leading and driving transformational work across an organization
Coverys is an equal-opportunity employer. Coverys’ job openings are open to all without regard to race, color, national origin, gender, gender identity, religion, age, height, weight, disability, political beliefs, sexual orientation, marital status, family status, or veteran status.
Coverys is a nationally recognized medical professional liability insurer and a leader in helping the medical community address the challenges of healthcare delivery in today’s rapidly changing landscape.
In a world of distractions, Coverys is committed to helping healthcare providers and administrators focus on what matters most—providing superior patient care and improving the health of their communities.
That’s why we deliver state-of-the-art solutions to help our clients and insureds succeed, including:
* A range of flexible coverage options—from traditional first dollar coverage to reinsurance and alternative risk solutions, such as: captives, risk retention groups, loss portfolio transfer, slip coverage, and more
* Best-in-class resources and education to help mitigate risk and improve patient care
* Advanced analytics that uncover the root causes of risk and are used to develop actionable insights to reduce risk
* Superior claims defense and support
* Unique support programs to assist healthcare providers who are experiencing a claim, adverse event, or burnout
* Experience and Strength
A long track record of success and financial strength ensures Coverys wi...ll be here when you need us most.
* 40+ years of experience protecting and defending the healthcare community
* Coverys’ underwriting companies are rated “A” (Excellent) by A.M. Best