Senior Analyst, ERM (Hybrid)

At Selective, we don't just insure uniquely, we employ uniqueness.

Selective is a midsized U.S. domestic property and casualty insurance company with a history of strong, consistent financial performance for nearly 100 years. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in Forbes Best Midsize Employers in 2024 and certification as a Great Place to Work in 2024 for the fifth consecutive year.

Employees are empowered and encouraged to Be Uniquely You by being their true, unique selves and contributing their diverse talents, experiences, and perspectives to our shared success. Together, we are a high-performing team working to serve our customers responsibly by helping to mitigate loss, keep them safe, and restore their lives and businesses after an insured loss occurs.

Works closely with AVP, Enterprise Risk Management (ERM) and Chief Risk Officer to identify, measure and report on major risks within the organization. Independently works and develops models to assess and quantify risk, capital management constrains and strategies for insurance, investment, operational and strategic risks Prepares risk metrics and information for senior management used in key decision-making of the organization. Collects and analyzes both internal and industry data to extract risk/return insight, perform financial analysis on certain counter parties and peers, and support ERM unit in preparation for senior management, board, regulator and rating agency presentations. Responsible for the timely, consistent and accurate production of ERM reports for senior management and Executive Risk Committee. Maintains Economic Capital model and assists in updating, testing and documenting the model methodology and processes. All job duties and responsibilities must be carried out in compliance with applicable legal and regulatory requirements.

Note: (For NJ candidates) This role will be located at our future headquarters in Short Hills, N.J. Until the new headquarters is operational, the successful candidate will be offered the ability to work in our Branchville, N.J. location during this interim period.

• Acts as a lead analyst in the update of existing risk and capital models and reports (ERM Risk Scorecards) using internally approved methodologies and processes, providing peer review and oversight to the junior analyst(s). Coordinates inputs from multiple sources while managing tight deadlines and priorities. Consistently oversees refinement and documentation of the process of gathering and analyzing information to achieve better efficiency and accuracy. Reconciles and documents significant changes in modeled results and risk metrics and communicates the underlying drivers to the manager.
• Leads various risk/financial/actuarial studies by utilizing publicly available information from peer companies, rating agency publications and financial databases. Packages the studies into meaningful messages under specified business context and presents to ERM management. The studies may encompass counterparty credit risk, industry U/W cycles, loss reserve and capital management practices, and other emerging risk issues.
• Works with AVP, ERM on overall enhancement of economic capital model by applying advanced statistical, financial and actuarial methodologies to major risks including but not limited to catastrophe risk, insurance underwriting risk, loss reserving risk, investment market risk, credit risk and operational risk. Independently develops portions of the economic capital model and leads testing of parameters for individual risk types and the correlations (dependencies) between risks.
• Under minimal supervision, independently works on applying economic capital modeling results to various applications including but not limited to: capital adequacy assessment, capital allocation for product pricing, capital allocation for risk-adjusted performance management, enterprise risk appetite & limit setting, financial planning, risk transfer evaluation, etc. Test risk and capital impacts given various strategic options in underwriting, investment, reinsurance, etc.
• Assists in tracking and researching regulatory capital framework changes such as ORSA, Solvency II and Basel III. Leads update of all quantitative metrics for ORSA Summary Report and actively participates in ERM management discussion and analysis of enhancements to ORSA.
• Participates in or leads special projects as required utilizing strong analytical skills, knowledge of advanced statistics, insurance financials and organization specific risk appetite and limits.

Knowledge and Requirements

• Advanced Microsoft Office skills a must (Access, Excel, Power Point and Word).
• Strong understanding of insurance accounting (GAAP and Statutory)
• Strong experience with financial/statistical modeling
• Ability to apply advanced statistical, financial and actuarial methodologies with minimum supervision.
• Ability to apply analytical skills to analyze, synthesize and integrate data/information.
• Ability to work across boundaries and collaborate with other areas of the organization.
• Flexibility to adapt to changing work priorities and assignments.
• Work effectively in team environment as well as independently and provide guidance to more junior peers.

Education and Experience

• College degree of finance/math/ accounting/actuarial science/statistics/economics preferred.
• 5+ years of relevant risk management and insurance industry experience
• Individual must have achieved or be in pursuit of one of the following designations:
  • Actuarial ACAS/FCAS designation; a quantitative risk management designation (FRM, PRM, etc); or Chartered Financial Analyst (CFA).

Selective Insurance offers a total rewards package that includes a competitive base salary, incentive plan eligibility at all levels, and a wide array of benefits designed to help you and your family stay healthy, achieve your financial goals, and balance the demands of your work and personal life. These benefits include comprehensive health care plans, retirement savings plan with company match, discounted Employee Stock Purchase Program, tuition assistance and reimbursement programs, and paid time off plans. Additional details about our total rewards package will be provided during the recruiting process.

The actual base salary is based on geographic location, and the range is representative of salaries for this role throughout Selective's footprint. Additional considerations include relevant education, qualifications, experience, skills, performance, and business needs.

Selective is an Equal Employment Opportunity employer. That means we respect and value every individual's unique opinions, beliefs, abilities, and perspectives. We are committed to promoting a welcoming culture that celebrates diverse talent, individual identity, different points of view and experiences - and empowers employees to contribute new ideas that support our continued and growing success. Building a highly engaged team is one of our core strategic imperatives, which we believe is enhanced by diversity, equity, and inclusion. We expect and encourage all employees and all of our business partners to embrace, practice, and monitor the attitudes, values, and goals of acceptance; address biases; and foster diversity of viewpoints and opinions.