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POSITION TITLE : Chief Actuary

DEPARTMENT : Corporate

REPORTS TO : President and CEO

EEO / FLSA CATEGORY : Executive, Exempt

DIRECT REPORTS : 7

PREFERRED LOCATIONS : Alpharetta (GA), Chapel Hill (NC), Chicago (IL), Hartford (CT), Jersey City (NJ)

POSITION SUMMARY

The Chief Actuary (CA), a member of the Executive Leadership Team (ELT), is responsible for all actuarial pricing and loss reserving functions within IFG Companies. In overseeing the pricing area, the CA leads a team of experienced professionals who analyze and monitor loss cost trends by peril to establish recommended pricing levels for incoming submissions based on line of business, class codes, geographic and other considerations including general, class-specific and social inflation. IFG Companies' underwriters employ these pricing recommendations as important guides in developing quotes for individual risks.

In overseeing the loss reserving area, the CA works with the Director of Actuarial Services to establish loss and loss adjustment expense (LAE) reserves reported in IFG Companies' financial statements each quarter. The CA will use sound judgment and appropriate reserving methodologies that comply with generally accepted actuarial principles and practices when establishing loss and LAE reserves. IFG Companies' loss and LAE reserves have historically proven to be conservative and yield favorable development. The CA is expected to continue IFG Companies' practice of conservative loss reserving, in light of the parameter risks inherent in its core business of excess and surplus lines insurance.

POSITION RESPONSIBILITIES INCLUDING

Actuarial Pricing Unit

• Overseeing and guiding a skilled team of actuarial professionals to further the development and maintenance of pricing models used as quoting indications for IFG Companies' five Business Units : Bind, Excess Casualty, Garage, Inland Marine and Primary Casualty.
• Frequently analyzing internal claim data and updating pricing models to reflect dynamic loss costs and inflationary trends.
• Working closely with the Business Units and Claims professionals to understand existing and new factors contributing to liability exposures that should be considered in pricing models.
• Keeping current with industry developments that may provide insight into market and claim trends that should be incorporated into pricing recommendations.
• Identifying classes of risks where price increases are unlikely to be sufficient to achieve an appropriate return on capital and advising the Business Units so they may take appropriate actions in response.
• Presenting and discussing pricing trends with the Business Units and other members of senior management, when appropriate or requested.
• Mentoring and coaching the pricing team to foster professional growth and ensure the Unit maintains strong technical skills to support its pricing responsibilities.
• Coordinating reinsurance renewals including data requests and evaluating the financial implications of firm order terms on IFG Companies' financial projections.
• Presenting and discussing pricing trends and other actuarial matters with IFG Companies' reinsurers to support successful treaty renewals.
• Performing and presenting ad hoc pricing studies, as warranted or requested.
• Managing resources prudently and effectively.

Loss Reserving Unit

Other

KNOWLEDGE / SKILLS / ABILITIES

EDUCATION / EXPERIENCE / CERTIFICATIONS

PHYSICAL DEMANDS

BENEFITS

IFG Companies is an equal opportunity employer committed to a diverse workforce.

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