Job Summary: The Senior Actuarial Reserving Analyst position is responsible for assisting in the Company’s actuarial reserving function including reserve analysis, data quality, GAAP and Statutory reporting, monthly results reporting, as well as support for other corporate functions. This position will also be responsible for assisting the Claims department Management Team by providing monthly claims analytics.
Assist the Reserving AVP in the actuarial reserving process. This will include: performing reserve analyses, summarizing the findings of the analyses, interpreting the financial and u/w implications, and communicating the results to Senior Management; peer reviewing the reserve analyses of others; ensuring adherence to AAA/CAS guidance and principles; developing and maintaining formalized reserving processes, controls, and documentation; optimizing the efficiency and capabilities of the Company’s third-party vendor reserving software.
Develop data sources, processes, and controls that ensure the efficient production and maintenance of reliable, complete, balanced, and accurate reserving data;
Assist in the monitoring and reporting of the Company’s carried case and IBNR reserves (at the level of detail required for internal and external reporting), including providing IBNR files needed for financial reporting.
Summarize carried vs. indicated reserve exhibits in time for Senior Management to make timely reserving decisions each quarter; assist in the preparation of material for quarterly Board meetings.
Develop annual expected emergence targets and perform monthly actual versus expected analysis.
Support Claims Leadership with monthly analysis of Claims metrics and other ad hoc requests.
Integrate results from Claims Predictive Analytics models into current reserving analyses; develop Company’s use of predictive modeling methods for reserving analysis.
Assist in ensuring all actuarial financial statement items are determined in accordance with relevant regulatory, statutory, accounting, and actuarial guidance.
Support the maintenance, research, and development of appropriate actuarial models and methods for testing reserve adequacy, reinsurance needs, and other financial and business applications.
Analyze and interpret results of analyses; research business problems that emerge, explain findings, and make recommendations to Senior Management and Business Leaders; implement needed changes to Company strategy and processes.
Perform other duties as assigned by Management.
Education/Training Requirements: Bachelor’s Degree in Mathematics, Actuarial Sciences or related field required. Associate of the Casualty Actuarial Society (ACAS) or near ACAS required.
Experience/Specialized Skills: Minimum five years of actuarial experience with advanced knowledge of actuarial methods and analysis required. Prior reserving experience is required, preferably commercial auto liability. Advanced computer applications skills required (examples include R or similar programming languages, SQL, Power Pivot, advanced Excel). It is assumed the candidate will also be skilled in spreadsheet development, database use, presentation creation, word processing, Internet, e-mail. Predictive analytics or statistical modeling experience highly desirable.
Employer will assist with relocation costs.
About Canal Insurance Company
Canal Insurance Company has specialized in insurance for commercial trucking and specialty transportation operations since 1939. It distributes its products nationwide through select professional general agents. Canal provides comprehensive insurance products and services including auto liability, motor truck cargo, physical damage, trucker's general liability coverages and risk management services. Rated B+ by A.M. Best, Canal Insurance Company is located in Greenville, SC, and continues to grow through the knowledge and commitment of its employees.