Hedging & ALM Associate

Hedging & ALM Associate

Milliman FRM LLC is seeking a Hedging & ALM Associate to join its Capital Markets Group in Chicago. This position focuses on the design, execution, and monitoring of hedging and ALM programs for insurance and reinsurance clients.

The Hedging & ALM Associate will be a member of the Capital Markets Group and work on developing and implementing strategies that align asset portfolios with liability profiles. The role spans multiple markets, including interest rate, equity, FX, and credit, and combines market execution support with quantitative analysis to measure program effectiveness and manage asset-liability risk.

The Hedging & ALM Associate will support the design, execution, and monitoring of hedging and ALM programs for insurance and reinsurance clients. The role provides quantitative and actuarial analysis to assess asset-liability risk, evaluate hedge effectiveness, and inform investment and risk management decisions.

• Support the development, implementation and execution of trading strategies to hedge interest rate, equity, FX, and credit risks.
• Perform asset-liability modeling to assess exposures, hedge performance, and residual risk.
• Collaborate with and assist traders in the execution and management of derivative positions in global markets.
• Analyze market data, economic trends, and portfolio risk metrics to support hedging and ALM decisions.
• Build and maintain valuation, risk measurement, and scenario-testing models.
• Conduct P&L attribution and prepare reports summarizing program performance and recommendations.
• Conduct regulatory and capital analysis related to ALM and hedging strategies (e.g., NAIC RBC, Bermuda EBS).
• Maintain up-to-date documentation of processes and procedures.

The ideal candidate should meet the following requirements :

Desired :

Candidates hired into this role will be required to work in-person in the Milliman office in Chicago, IL on a weekly basis, but flexible work arrangements will be considered.

The salary range for this role is $85,100 - $140,500 depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

We offer a comprehensive benefits package designed to support employees' health, financial security, and well-being. Benefits include :

Equal Opportunity Employer / Protected Veterans / Individuals with Disabilities