POSITION: LIFE Actuarial Co-op (Winter 2022 – New York)
LOCATION: New York, NY
ANTICIPATED START DATE: Winter – 2022
NUMBER OF POSITIONS: 5
APPLICATION DEADLINE: September 21, 2021
Munich Re’s track record as one of the world’s leading reinsurance companies is based on a solid capital foundation, in-depth risk expertise and market know-how. Our data, our technology, and our teams place us in a unique position to lead the change to redefine the nature and impact of reinsurance for the future. We’re investing strategically in our world class talent, offering our employees a diverse and challenging work environment which promotes professional development, innovation, and passion – and rewards high performance.
Our Winter co-op placements provide you with an excellent opportunity to practically apply your classroom and technical training in the reinsurance industry. While with our team, you’ll be; coached by experienced industry professionals, exposed to Munich Re leadership, challenged as a valuable team member and contributor doing meaningful work, and mentored to develop a solid foundation that will help position you as a future leader in the field.
You’ll work closely with other Actuarial Associates and Actuaries within their respective departments, as well as with other key individuals across the organization in our New York OR Atlanta offices.
Note that work placements by department will be assigned closer to the term start date based on a number of factors, not limited to: your interest, skill set, ability to relocate, and internal business needs. Potential departments could include: Corporate Actuarial, Group Reinsurance, Living Benefits Pricing, Individual Life Pricing, Enterprise Risk Management, Financial Reinsurance, or Biometric Research.
Work term responsibilities will vary depending on the department you’re placed. The following are just a couple of examples of potential responsibilities associated with each team:
• Conduct Embedded Value calculation and assist in quarter-end financial reporting;
• Coordinate termination, IBNR, and lapse experience studies.
Individual Life Pricing:
• Prepare and communicate profitability and pricing reports, reinsurance proposals, treaty documentation, and amendments;
• Active involvement with client communications.
Enterprise Risk Management:
• Analyze client and competitor financials to identify potential reinsurance opportunities;
• Assist with all aspects of Enterprise Risk Management; including risk identification, assessment, and reporting – both in the normal course of business as well as for special projects.
• Assist with modeling of Financial Reinsurance transactions;
• Analyze and summarize asset portfolio of insurance companies.
• Assist with developing mortality, morbidity, and lapse assumptions for Life and Living Benefits insurance products;
• Construct and review experience studies.
Group Reinsurance & Living Benefits Pricing:
• Assist in the completion of experience studies to determine best estimate pricing assumptions;
• Prepare and utilize financial analysis models for use in finalizing quarterly Group results.
• Assist with modeling of Living Benefits reinsurance quotes, prepare and communicate profitability and pricing reports
• Analyze last year’s new business block and assist with reviewing new business trend and profitability.
We’re looking for well-rounded individuals who are technically astute, have strong communication skills, and demonstrate the ability to build positive relationships with internal clients. We’re seeking energetic and collaborative professionals who are excited to join our winning team and show promise of becoming a future leader in the reinsurance space.
Specifically, we’re looking for the following qualifications:
• Currently pursuing an Undergraduate or Master’s degree in Actuarial Science, Math, Statistics, Risk Management, or equivalent program – in healthy academic standing;
• Successful completion of one SOA exam (with two or more preferred);
• Excellent communication skills – spoken & written, formal/informal presentation;
• Proven capability to multi-task and successfully self-manage multiple priorities and projects of various significance;
• Exhibits solid organizational skills and rigorous attention to detail/accuracy in a fast-paced environment;
• Demonstrates leadership qualities – clear-thinking, curiosity, integrity, and drive;
• Proficient Microsoft Excel skills;
• Preference for candidates who have relevant work experience (in actuarial, insurance, or financial services desired).
Note that this opportunity is open to current students who are returning to in-class studies upon the completion of the internship.
Please note that only candidates who are selected for interview will be contacted directly.
We thank all candidates for their interest.