VP, Chief Actuary at Merchants Insurance Group

VP, Chief Actuary

Buffalo, NY

Hybrid Work Schedule

Merchants Insurance Group is a leading Property and Casualty Insurer in the Northeast and is looking for an experienced Chief Actuary to join our Officer Leadership team located in Buffalo, NY.

 The Chief Actuary is a member of the Corporate Officer Leadership Team and serves as the head actuary executive responsible for the comprehensive management and oversight of the actuarial function including forecasting and planning, pricing, and ratemaking, reserving and reinsurance. This position interacts extensively with internal colleagues, Executive and Sr. Leadership, Board of Directors, AM Best and our Reinsurers.

Merchants Insurance Group, rated A- (Excellent) with a positive outlook by the A.M. Best Company, is proud to be one of Buffalo Business First’s Best Places to Work in Western New York (2023, 2024), a Fast Track company (2019-2024), and a Top Private Company (2019-2024). Merchants has been granted Ward’s 50 designation as a top-performing property-casualty insurance company for four consecutive years. In October 2024, Newsweek and Statista included Merchants Insurance Group on their first-ever America’s Most Reliable Companies list, which highlights organizations that other companies can feel confident doing business with in 2025. Of 1,500 B2B companies evaluated, Merchants was one of only 300 companies to make the list.

Merchants offers its colleagues a Hybrid work schedule. The Hybrid work schedule requires 8 full days per month in the office, with the option to work the remaining days at home or in the office. This exciting Hybrid Work benefit offers colleagues a flexible work schedule with the ability to remain connected with their Merchants team and colleagues.

Essential Duties and Responsibilities include, but are not limited to:

• Leads the development and compilation of the premium & loss/ALAE forecasting models used in the corporate planning process.
• Interacts with the Senior Leadership Team to establish corporate goals and plans. Serves as a key adviser to enterprise leaders and influences pricing and reserving philosophies and policy development at an organizational level.
• Works directly with pricing actuary and underwriting regarding assumptions, modeled results, and the impacts of new business on the diversification and profitability of overall portfolio.
• Oversees data reporting and the enhancements of the data warehouse 2.0.
• Oversee development and maintenance of state-of-the-art product rating plans. Assures the integrity of rate indications, including the utilization of generally accepted actuarial methodologies and procedures.
• Development of Quarterly loss & LAE reserve levels in accordance with standard actuarial reserving methodologies.
• Presentation of results of quarterly loss & LAE reserve review to Reserve Committee.
• Presentation of results of semi-annual loss & LAE reserve review to Audit Committee.
• Preparation of data to be utilized to price the annual reinsurance renewal. This includes property catastrophe exposure information and property and casualty excess loss information.
• Responsible for the oversight of training, coaching and development of actuarial and data analytics colleagues.

Qualifications & Skills:

• Qualified candidates will have a 4-year degree. Master’s degree preferred.
• Credentialed Fellow of the Casualty Society (FCAS) is required.
• Professional Insurance Education engagement is desired (i.e., ASA or CPCU).
• 15+ years Actuarial experience required.
• Extensive actuarial knowledge to include reserving, reinsurance, pricing, and ratemaking.
• 15+ years management experience building and managing high performing teams.
• Strong analytical and critical thinking skills are required.
• Microsoft Office, reserving software and PowerBI knowledge, as well as the ability to work with internal company systems (WINS, ImageRight, SharePoint, etc.).
• Clear Communicator – verbal and written; Ability and desire to present to large groups.
• Highly Organized; Ability to develop and execute annual plans.

Merchants Insurance Group Pay information:

Merchants Insurance Group offers a competitive pay scale.  The actual compensation will be determined based upon experience and other factors permitted by law.  The pay range for this position is $195,000 – 285,000.

Merchants Insurance Group Benefits:

• Welcoming and positive work environment.
• Flexible work arrangements, including flex scheduling and summer hours.
• Hybrid work schedule. The Hybrid work schedule will require 8 full days per month in the office, with the option to work the remaining days per month at home or in the office.
• Competitive pay scale.
• Generous paid time off package.
• Full Benefits: Health, Dental, Vision, Life Insurance, Short Term Disability, 401(k) employer match amount is 100% up to 6% of your annual contributions. You are immediately 100% vested in the employer match dollars.
• Outstanding company bonus programs.
• Tuition Reimbursement.

And many more exciting company benefits!! EOE