Berkley

Senior ERM Analyst

Location Name CT, Greenwich
ID
2020-3919
Date Posted
2 months ago(4/6/2020 8:37 AM)
Company
Berkley Re America
Primary Location
US-CT-Greenwich
Category
Risk Management

Company Details

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Berkley is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance.

We have the expertise and resources to utilize our strengths in the present environment, and the flexibility to anticipate, innovate and respond to whatever opportunities and challenges the future may hold.   

Enterprise Risk Management (ERM) Team:

Our key risk management aim is to maximize Berkley’s return on capital over the long term for an acceptable level of risk. This requires regular interaction with senior management both in corporate and our operating companies. The Berkley Enterprise Risk Management (ERM) team comprises catastrophe and ERM professionals responsible for identifying potential risks to Berkley, collating and analyzing data related to those risks, and reporting on risk-related matters. Risks considered by the ERM team encompass insurance, investment, credit and operational risks.

 

 

Responsibilities

The successful candidate will work closely with other ERM team members, other functions and senior management within corporate. The business focus of our ERM team also requires collaboration with colleagues across a range of disciplines in our operating companies.  Key responsibilities include:

  • WRBC Group risk assessment and modeling:
    • Responsible for the Group catastrophe “roll-up” ReMetrica simulation model, including:
  • Updating gross catastrophe exposures in the “roll-up” model for all of the Group’s operating units
  • Updating catastrophe reinsurance in the ”roll-up” model
  • Ensuring new catastrophe reinsurance structures are appropriately modeled
  • Assessment of the Group’s catastrophe reinsurance needs, provide insights into the effectiveness of a range of different possible structures in fulfilling these needs in a cost effective manner, and allocation of Group cat reinsurance technical costs to operating companies
  • Discussion of analysis and results with senior management in corporate including corporate segment EVPs (senior executives each with responsibility for multiple operating companies), and SVP – ceded reinsurance
    • Assisting in the assessment of cyber risk in the Group’s insurance products, including assessment of exposures, scenario modeling and “cyber catastrophe” modeling
    • Assisting in the assessment of climate risk in the Group’s insurance products, investment portfolio, and from an operational risk perspective
    • Collating and analyzing data and industry information to monitor risk
  • WRBC Group capital assessment and management
    • Peer review/update and enhance the Group required capital projection model, including the integration of appropriate stress scenarios
    • Peer review/update the Group capital allocation model and required capital model. This includes discussion of approach and results with Group CFO and Group Corporate Controller
    • Undertake ad hoc risk/reward reviews to support specific strategic decisions
    • Improve existing and develop new capital stress scenarios; develop processes to allow these scenarios to be assessed in a more efficient and timely manner
  • Risk reporting
    • Creating and presenting analyses and reports on specific key risk areas for the Group’s senior management
    • Produce ERM reports for rating agencies, and review terrorism and catastrophe reports
    • Support our international companies in their ERM reporting
    • Assist with/produce internal ERM reports and presentations for the WRBC ERM committee, Presidents’ meetings and Board meetings
    • Assist with the production of, and improvements, to the Group ORSA report
  • Other
    • Work closely with individual operating companies on specific risk related projects

Qualifications

Skills & Experience Required:

  • Experience with a simulation environment, such as ReMetrica or Igloo
  • 5+ years commercial lines (re)insurance experience, ERM experience an advantage
  • STEM/Actuarial undergraduate degree
  • Ability to develop analysis approaches proportionate to the materiality of each risk, and to clearly describe the key assumptions and approximations within that analysis
  • Track record of planning, implementing and documenting work in a methodical and timely manner

Personal Qualities:

  • Strong project management, organizational and documentation skills
  • Strong interpersonal skills, ability to develop relationships with remote operating companies
  • Enthusiastic, proactive and enquiring personality
  • Strong verbal and written communication skills – must be able to express ERM concepts in a way that can be understood by a wide range of insurance and reinsurance practitioners

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