Kingstone is seeking an experienced Chief Actuary to join our expanding team! We are among the top few fastest growing Personal Lines carriers in New York State, and are currently expanding throughout the Northeast. This position is located in New York.
Competitive salary and benefits
Established in 1886 and still growing
We pride ourselves on delivering excellent service, and make insurance interesting!
The Chief Actuary is responsible for leading the reserving, pricing, product design, financial planning, reporting and analysis, and reinsurance management functions in the company. The Chief Actuary supports the CEO, COO and CFO by providing actuarial advice and counsel in the development of financial plans, financial reporting, achievement of strategic goals, and management of capital. He/she is also part of senior leadership team that establishes the strategic direction for the company.
Reports to COO;
Accountable for profit/loss results; in partnership with other leaders, develops and executes strategic actions to ensure profitability and attainment of organizational goals while anticipating business implications;
Responsible for state/product rate indication process and monitoring and addressing rate adequacy; works with Product Managers to agree on overall rate need and plans to achieve;
Understands all applicable product, pricing, and data reporting regulations and requirements and ensures Kingstone understands and is compliant with same;
Works with Product Managers to understand insurance department protocol; responsible for submitting and gaining approval for filings and filing support;
Leads the regular preparation of loss and expense reserves estimates; establishes a reserving philosophy, gains agreement and manages reserves consistent with it; ensures that reserves are adequate; manages the quarterly process as well as the outside appointed actuary’s periodic reviews;
Owns the initiative to refresh and enhance our product design across all products and all states in order to achieve and maintain a competitive advantage;
Adapts and develops rating methodologies for both existing and new products using advanced techniques such as GLMs and incorporates new variables in pursuit of a competitive advantage;
Understands the competitive landscape and develops a robust process for competitive analysis in order to better position Kingstone in the market;
Develops a deep understanding of catastrophe modeling and leads effort to manage PML/reinsurance cost as well as properly price for catastrophe exposure while optimizing growth and profitability;
Along with CFO, manages the annual planning process including projections of combined ratios at the state and product level, using historical loss cost and expense data;
Monitors, analyzes, and reports on emerging profitability issues and works with Product Managers and other team members to address;
Supports quarterly and annual corporate financial reporting, financial press releases, and investor calls as they relate to loss ratio and reserve adequacy; supports discussions with rating agencies in order to maintain and improve financial strength ratings.
Supports SOX compliance and communication with financial auditors and insurance departments related to periodic company financial and operational audits to ensure proper controls are maintained in the pricing and reserving processes.
Supports introduction of new technologies and system platforms to ensure data integrity is maintained and ability to access and analyze pricing and reserving data is enhanced and made more efficient;
Manages the reporting function for the organization; improves the quality and timeliness with which reports are produced; makes the data warehouse accessible to the management team and analytics organization in order to improve reaction time and productivity across various operational units;
Plays the lead role in attracting, hiring, and retaining top actuarial, predictive modeling and analytical talent; motivates and maintains high employee morale and supports their professional development; and
Advances analytic, predictive modeling and data-based decision making by maintaining and improving capabilities across the company; builds and enhances predictive models frequently by incorporating both internal data and external data sources into a robust predictive model used to improve profitability and efficiency.
Fellow of the Casualty Actuarial Society;
At least 20 years in an actuarial capacity, preferably in personal lines with homeowners experience as well as experience in multifunctional areas (pricing, reserving, data, analytics);
Exceptional communication skills, including ability to develop and present clear and concise analysis and recommendations to senior management; and
Excellent leadership skills; collaborative and able to work directly with a team as well as cross-functionally.
Send resume for consideration. Please DO NOT APPLY unless you meet our qualifications for education, experience, and skill sets.
We thank all applicants; however, only those selected for an interview will be contacted.
About Kingstone Insurance Company
Kingstone Insurance Company is one of the fastest growing carriers in New York. We offer multiple lines of property and casualty insurance, and believe that personal professional service is the proper way to provide the insurance consumer with the right products at fair prices with best in class service. Kingstone is rated “A- Excellent” by A.M. Best, and our stock is traded on Nasdaq under the symbol “KINS”.