Operational Risk Manager Jobs in Iowa (NOW HIRING)

UFG is looking for an experienced P&C capital modeling professional charged with advancing our capital modeling, solvency assessment and stress testing framework.  As a member of the risk office, this position collaborates closely across all functions including underwriting, actuarial, finance, catastrophe modeling, and investment management.

This position is a hands-on actuarial and financial modeling role with highly influential access to primary decision makers regarding capital management, reinsurance programs, and other corporate development activities requiring risk assessment and capital deployment.  This is a challenging role requiring strong technical ability, financial business acumen and excellent communication skills.  The Director - Corporate Risk Analysis will be involved in key strategic initiatives to assist in evaluating optimal outcomes of varied growth opportunities and capital management.

Essential Duties and Responsibilities: 

• Develop, manage, and maintain the corporate economic capital model (ECM). Work with internal and external parties leveraging model results to assist with strategic decision making for UFG.  Effectively present findings and proposals to senior leadership.
• Evaluate capital adequacy based on a realistic representation of UFG’s existing and proposed risk profile and support internal, regulatory and rating agency capital evaluation and stress testing.
• Perform optimization analysis of corporate reinsurance programs and recommend purchasing decisions supported by underwriting and financial analytics.
• Advise senior leaders with clear and insightful reports and presentations on portfolio management efforts through ECM applications and modeling of industry exposures. Recommend strategies for portfolio optimization and strategic corporate analysis.
• Evaluate impact of business strategies, including catastrophe management, on overall capital requirements and engage with business and finance partners to optimize capital deployment.
• Maintain a thorough understanding of regulatory and rating agency capital adequacy measures and engage with finance to monitor and optimize the external view of capital adequacy.
• Support the corporate forecasting process to ensure all known information is incorporated into a rigorous projection. Develop the company’s capabilities to measure and project capital adequacy. 
• Develop and implement a capital allocation framework to appraise underwriting performance on a risk-adjusted basis and produce required underwriting returns aligned with corporate targets.
• In collaboration with the Enterprise Risk Manager, develop underwriting, investment, operational, and emerging risk scenarios for use in strategic planning and the Own Risk and Solvency Assessment (ORSA).
• Maintain model documentation and adhere to corporate model governance standards including responsibility for maintaining proper controls and audit support
• Perform analytical studies and maintain familiarity with current industry/trade developments to support robust parameterization and enhanced model designs.
• May perform ad hoc special analyses and reinsurance pricing as needed

Job Specifications: 

Education: 

• Bachelor’s degree in actuarial science, risk management, finance, mathematics, statistics, or related field.
• Advanced degrees in related fields are preferred.

Certifications/Designations: 

• Fellow or Associate of the Casualty Actuarial Society (FCAS/ACAS) designation or related field equivalent
• Commitment to continuing education to maintain current risk management and modeling best practices and newly developed capabilities

Experience: 

• 8+ years relevant experience in P&C economic capital modeling
• Strong understanding of corporate forecasting, statutory and GAAP accounting, capital adequacy evaluation, property catastrophe modeling, reinsurance pricing
• Experience in risk quantification, financial modeling and regulatory stress testing (e.g., ORSA, AM Best, NAIC).

Skills & Knowledge: 

Skills: 

• Strong technical, analytical and communication skills including effective presentation to a broad audience
• The ability to translate mathematical model outcomes into strategic advice

Knowledge: 

• Fluency in multiple computer languages and ability to learn new applications as needed.
• Familiarity with MetaRisk or similar capital modeling software.

Working Conditions: 

• General Office Environment.
• Position is Remote but may be located in our Cedar Rapids Home Office or regional offices if desired.

Pay Transparency Statement:

UFG Insurance is committed to fair and equitable compensation practices. The base salary range for this position is $155,000 - $200,000 annually, which represents the typical range for new hires in this role. Individual pay within this range will be determined based on a variety of factors, including relevant experience, education, certifications, skills, internal equity, geography and market data. 

In addition to base salary, UFG Insurance offers a comprehensive total rewards package that includes:

• Annual incentive compensation
• Medical, dental, vision & life insurance
• Accident, critical Illness & short-term disability insurance
• Retirement plans with employer contributions
• Generous time-off program
• Programs designed to support the employee well-being and financial security.

This pay range disclosure is provided in accordance with applicable state and local pay transparency laws.