Pricing Actuary

Hybrid work schedule

Buffalo, NY

Merchants Insurance Group, a leading Property and Casualty Insurer in the Northeast, is looking for a Pricing Actuary for our Corporate Actuarial team based in our Corporate Headquarters in Buffalo, New York.  

The Pricing Actuary will become part of a dedicated actuarial team. This position will be responsible for the pricing functions of the Actuarial department and oversight of the actuarial pricing team. This includes ensuring that pricing recommendations and support are conducted in a timely manner, in accordance with Actuarial Standards of Practice and standard company practice and are consistent with the company objectives. Coordinates assistance to product partners in developing and implementing pricing proposals. Responsible for leading, mentoring and developing actuarial analysts and other members of the department.

 Merchants Insurance Group, rated A- (Excellent) with a stable 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 (2023-2025), 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: 

• Manages engagement with Product Management related to development of pricing proposals, including providing rate indications, impact analysis, and filing support
• Manages pricing analysts’ day-to-day workflow, providing support and training relevant to technical pricing work, and feedback.
• Manages the production and enhancement of rate indications for all products, in accordance with generally accepted actuarial principles and company standards.
• Oversees updates to key assumptions used in development of indications, such as internal and external frequency and severity trends, and expense and profitability inputs.
• Manages the rate review schedule and state/product filings.
• Directs the evaluation and rate implementation of new products and class plans.
• Proactively communicates with product managers, regional managers and senior management to ensure pricing adequacy for various products.
• Oversees documentation and communication relating to pricing procedures.

Merchants Insurance Group Pay information:

Merchants Insurance Group offers a competitive pay scale.  Merchants Insurance Group offers a competitive pay scale.  The estimated salary for this role ranges from $100,000 - $140,000 based on leveling and geography, along with an equity component and a comprehensive benefits package.  This range is merely an estimate; actual compensation may deviate from this range based on skills, experience and qualifications.

 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.
• Colleague Appreciation Events.
• Competitive pay scale.
• Outstanding company bonus program.
• 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.
• Tuition Reimbursement.

And many more exciting company benefits!! EOE

Qualifications & Skills: 

• 4-year degree in math, actuarial science, finance, economics or equivalent work-related experience.
• Associate of the Casualty Actuarial Society (ACAS).
• 5+ years Property and Casualty (P&C) Actuarial experience.
• Prior supervisory experience is preferred.
• SQL or similar programming experience.
• Excellent Excel skills.
• Radar and Emblem or other ratemaking and modeling software experience is preferred.
• Exceptional organization, verbal and written communication skills.

About Merchants Insurance Group

Merchants Insurance Group, comprised of Merchants Mutual Insurance Company, Merchants Preferred Insurance Company and Merchants National Insurance Company, is proud to serve our agents, policyholders and the communities where we do business with outstanding property and casualty insurance products. We’re also proud of the fact that all of our companies are rated “A-” by the A.M. Best Company, the leading rating company for the property and casualty insurance industry.

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