Actuarial Senior Principal

About Westfield Specialty

With a surplus of over $3 billion and an over 170-year history, in 2021 Westfield combined its unprecedented financial strength, a stellar reputation, and ideal market conditions to embark on the opportunity that has become Westfield Specialty.

Unique risks demand unique solutions and the talented team at Westfield Specialty relishes a challenge. We develop creative solutions to protect businesses and recover losses as well as drive growth for everyone in the value chain. Coverage for specialized risks requires creativity, and our team of experts have the knowledge and know-how that only comes from deep expertise. It's that robust combination of stability and boldness that makes Westfield stand above the rest. That's Westfield Specialty - where people make the difference!

The Opportunity

We are seeking an Actuarial Senior Principal to direct the Actuarial Pricing support for Westfield's Financial, Professional, and Cyber Lines. In this role, you will report to Westfield Specialty's Chief Pricing Actuary and interact directly with our business leaders to implement market-leading pricing and analytical capabilities which will directly influence underwriting and strategic decisions.

We are looking for innately curious, detail-oriented, innovative, and highly motivated individuals to join the Actuarial team in our New York, Berkeley Heights, or Chicago office.

What you will do in this role

• Lead the development and advancement of technical pricing models for Financial Lines and Professional Lines coverages, including enhancements to data capture and calibration to target profitability
• Conduct holistic and detailed profitability reviews which inform underwriting and pricing strategies by objectively identifying portfolio trends, highlighting opportunities and remediating underperforming segments
• Monitor and report on pricing metrics including risk-adjusted rate change, actual to technical price, and new vs renewal price comparisons
• Collaborate with underwriting teams to perform timely pricing evaluations for individual large accounts or sophisticated risks
• Leverage accumulation models to monitor systemic loss potential and calibrate systemic loss assumptions into pricing for Cyber and Financial Institutions
• Provide input into business planning by evaluating gross loss ratio and loss trend selections in close collaboration with Finance and Reserving, and regularly evaluate the impact of rate change, loss trend, and underwriting initiatives on planned loss ratios.
• Collaborate with underwriting and product development teams to launch new insurance product offerings by conducting actuarial due diligence and developing requisite pricing structures and regulatory support
• Build and maintain detailed profiles of written exposures which demonstrate portfolio composition and assess aggregations of risk spanning Cyber, D&O, and FI
• Collaborate with other functions to regularly review and improve data quality and promote efficient integration into pricing tools and analytical frameworks
• Develop advanced predictive models leveraging internal and external data to develop greater refinement in pricing and underwriting appetite.

Required Qualifications

• At least 7 years actuarial experience at insurance carrier, broker, or consultancy. Specialty P&C background preferred
• Fellow or Associate of the Casualty Actuarial Society or equivalent professional body.
• Bachelor's degree or equivalent within Actuarial Science, Statistics, or similar technical field
• Extensive P&C experience with emphasis in commercial/specialty lines pricing
• Exceptional skills in Microsoft Excel and experience coding in SQL, VBA, or R/Python
• Strong written and verbal communication skills and an ability to demonstrate credibility with business unit leaders and external partners
• Ability to prioritize competing demands and requests to complete work within required time constraints.
• Self-starter that is energized by independent learning and research

This job description describes the general nature and level of work performed in this role. It is not intended to be an exhaustive list of all duties, skills, responsibilities, knowledge, etc. These may be subject to change and additional functions may be assigned as needed by management.

We are an equal opportunity employer/minority/female/disability/protected veteran.