EVP, Head of Annuity Solutions

Hannover Life Reassurance Company of America (Hannover Re) is currently seeking talented candidates for our open EVP, Head of Annuity Solutions position. This is a Full-Time role within the Annuity Solutions department. Please see below for more information regarding the essential functions of this position, required qualifications, and how to apply.

You can look forward to

Job Summary: This position is responsible for the comprehensive management of the Annuity Solutions business for HLR America. The primary responsibility is driving the business, aligning the business unit’s goals with Hannover Re’s strategic initiatives and key performance metrics. Management of the business unit also includes oversight of in-force profitability and financial reporting, risk analysis and monitoring, experience studies, and client relationship management; all with respect to Annuity Solutions business. The expectation of the EVP, Head of Annuity Solutions role is that they will lead by example and empower the teams that perform these various initiatives.

The secondary responsibility of the EVP, Head of Annuity Solutions is a seat on the HLR America Operational Council (OC) and a seat on the HLR America Risk Committee (RC). The OC meets monthly to discuss company-wide strategic initiatives with the President & CEO and the other EVPs of HLR America, discussing important initiatives and making decisions that impact the entire organization. The RC also meets monthly, to review and vote, when necessary, items that impact HLR America considering the RC’s scope against a defined systems of risk limits and thresholds.        

Essential Functions:

(45%) New Business and Client Relationship Management:

• Define and drive the new business strategy to write reinsurance solutions in the U.S. annuity and retirement market for HLR America.  
• Create and/or oversee the innovation of new reinsurance solutions for U.S. annuity and retirement business, evolving to changing markets, demands and regulations.
• Direct and/or lead discussions, presentations and/or treaty negotiations with existing clients and prospective clients.
• Create and maintain guides for marketing, pricing, modelling, research and general governance for Annuity Solutions staff, ensuring proper collaboration with local and international departments such as Global Longevity, Investment & Collateral
• Management, Risk Management, etc. are incorporated into applicable processes.
• Review due diligence for all Annuity Solutions transactions, with ultimate responsibility of providing approval(s) for any underwriting action(s).
• Prioritize and direct initiatives to contribute to the business unit and company’s immediate and longer-term performance metrics.  

(25%) Management and Development of Staff:

• Member of HLR America’s Operational Council  
• Member of HLR America’s Risk Committee
• Lead and manage the Annuity Solutions team, including an Executive Assistant, a Marketing Actuary, Research & Development (3), and a staff of Pricing Actuaries (9). Staff size will vary with business demands.
• Be an active leader, creating a feedback culture and an environment where expectations and development goals are clearly communicated.  
• Build a collaborative, yet goal-oriented team that drives new business results and embodies the we-spirit of Hannover Re.
• Connect and cooperate with various stakeholders throughout the Hannover Re organization to ensure Annuity Solutions business is fully understood by the respective departments that need to review or manage it, and facilitate collaboration with other business centers, departments and teams to transfer knowledge around Hannover Re. 

You come equipped with

(25%) In-force Management and Financial Reporting:

• Review quarterly financials, Forecast and Financial Plan(s) for Annuity Solutions; produced by Financial Reporting & Valuation, the EVP having authority to sign off on results and agreeing deviations from expected.
• Provide semi-annual write-ups and presenting at HLR America Board of Director meetings (in person), providing strategic insight.
• Presenting to other stakeholders, such as rating agencies, auditors, and various regulatory bodies, as needed and as requested basis.
• Coordinate and review risk monitoring metrics for annuity business with HLR America Risk Management and Group Risk Management.
• Support coordination of policyholder behavior and longevity experience studies with HLR America Data Analytics and Global Longevity. 

(5%) Ad-hoc projects / Other:

• Participate or direct participation in industry groups, such as the ACLI or American Academy of Actuaries, to stay current with industry trends and regulatory changes.
• Assist with ad-hoc projects or other duties, as assigned and as needed.

Competencies:

• Strategic Mindset
• Action oriented
• Directs Work
• Decision quality
• Manages Ambiguity

Essential Knowledge, Skills, and Abilities:

• Bachelor’s degree in Actuarial Science, Statistics, Mathematics, Finance, Economics or similar
• Professional credential such as Fellow of the Society of Actuaries, Chartered Financial Analyst with relevant experience, or an MBA with relevant experience
• 15+ years of experience in the insurance or reinsurance industry
• Management or leadership experience with actuaries or data scientists
• Deep understanding of reinsurance structures and considerations
• Strategic communication skills with ability to communicate complex concepts to a variety of stakeholders  
• Ability to organize and prioritize competing initiatives, directing staff and others to move multiple priorities forward

Desired Knowledge, Skills, and Abilities:

• Knowledge of U.S. annuities, U.S. PRT and U.S. Retirement market
• Experience or background with various accounting frameworks: Solvency II, U.S. Statutory and GAAP, IFRS
• Knowledge of annuity-based statutory reserve frameworks: CARVM, AG33, AG35, AG43, or preliminary VM22
• Knowledge or experience with policyholder behavior or longevity experience studies
• Knowledge or experience with asset intensive reinsurance 

Travel:

• Significant travel to Orlando office for various onsite staff, business unit and management meetings. Frequent travel to actuarial and insurance industry conferences and client visits. Occasional international travel to Hannover Re Group meetings. Travel or Orlando based meetings may be up to 25% of working time. 

Compensation (Inclusive of Base + Bonus):

• $450,000 - $580,000

Benefits Include:
- Comprehensive medical, dental, and vision
- Paid Time Off (PTO)
- Company provided life insurance and disability benefits
- 401(k) and profit sharing
- Additional ancillary benefits available

Hannover Life Reassurance Company of America (Hannover Re) seeks to attract the best-qualified candidates who support the mission, vision and values of the company and those who respect and promote excellence through diversity. We are committed to providing equal employment opportunities (EEO) to all employees and applicants without regard to race, color, creed, religion, sex, age, national origin, citizenship, sexual orientation, gender identity and expression, physical or mental disability, marital, familial or parental status, genetic information, military status, veteran status or any other legally protected classification. The company complies with all applicable state and local laws governing nondiscrimination in employment and prohibits unlawful harassment based on any of the aforementioned protected classes at every location in which the company operates. This applies to all terms, conditions and privileges of employment including but not limited to: hiring, assessments, probation, placement, benefits, promotion, demotion, termination, layoff, recall, transfer, leave of absence, compensation, training and development, social and recreational programs, educational assistance and retirement.

We are committed to making our application process and workplace accessible for individuals with disabilities. Upon request, Hannover Re will reasonably accommodate applicants so they can participate in the application process unless doing so would create an undue hardship to Hannover Re, or a threat to these individuals, others in the workplace or the company as a whole. To request an accommodation, email View email address on jobs.hannover-re.com. Please allow for 24 hours to process your request.

We will accept applications until a candidate has been identified and selected to fill this position.