Actuarial

What does the Actuarial Department do?

Dive into the core functions of Admiral’s actuaries, who play a crucial role in evaluating risks associated with non-standard insurance policies through meticulous analysis of factors like market trends and historical data.

Risk Assessment and Pricing

Our pricing actuaries are responsible for evaluating and quantifying risks associated with non-standard or high-risk insurance policies. This involves analyzing various factors such as the nature of the risk, market trends, and historical data to determine appropriate premium rates.

Reserving

Our reserving actuaries use their statistical and actuarial knowledge to calculate how much money needs to be set aside to pay future claims.

Modeling and Data Analysis

Actuaries extensively use mathematical models and statistical techniques to analyze data and project future trends. They develop models to simulate different scenarios, helping the company understand potential financial impacts and make informed decisions about risk management.

Continuous Learning

Given the dynamic nature of the insurance industry and the specialized risks involved in excess and surplus lines, Admiral’s actuaries are committed to continuous learning. Staying updated on industry trends, advancements in modeling techniques, and changes in regulatory frameworks is crucial.

Actuaries typically pursue professional certifications, such as those offered by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS), to enhance their qualifications and stay current in the field.

As part of Admiral’s commitment to professional development, we reward employees with a financial incentive for the successful completion of certain programs and certifications.

Collaboration with Underwriting and Claims Departments

Actuaries collaborate closely with underwriters and claims professionals to assess and price risks accurately. This involves ongoing communication to understand emerging risks, claim trends, and market conditions.

Product Development

Actuaries contribute to the development of new insurance products tailored to the unique needs of excess and surplus lines clients. They assess the viability of new products by conducting thorough risk assessments and pricing analyses.

Regulatory Compliance

Actuaries ensure that the company’s insurance practices comply with regulatory requirements. They stay abreast of changes in regulations related to excess and surplus lines, and they work to adapt the company’s practices accordingly.

What’s it like to work in Admiral’s Actuarial Department?

Curious about life in our Actuarial department? Learn more about some of our teammates in their Q&As below, exploring the experiences and expertise that make our team thrive!

Daria Kachev

Lead Pricing Actuary

Moorestown, NJ

Learn more about Daria

What is your area of expertise within the Actuarial Department?

Pricing and Product Development

What is something you really geek out about?

I geek out about Data and Excel Spreadsheets … at work and at home … I am surrounded by math nerds, so we love finding a signal in the noise.

What surprised you most when you started at Admiral?

When I started at Admiral, I was surprised to learn that it’s not just a small company, it’s part of the WRBC umbrella … which connects me to 150+ Actuaries and enormous wealth of expertise.

What would someone be surprised to learn about life as an Actuary?

Life on an Actuary is very hard the first 7+ years in the workforce, where you are working and studying at the same time. Most people do not understand the dedication and time it takes to get a designation and trust me it cannot be compared to any other designation out there. You have no life in those years … you work, you study, you question your life choices … that’s it.

What’s something you’ve worked on at Admiral that you’re proud of?

I am proud to be a part of developing and supporting the Buddy Program, which is a program that helps new Actuaries connect to the WRBC Actuarial network … I think development of new talent should be a high priority for any organization and I am happy to work in a company that thinks the same.

If a friend was considering joining Admiral’s Actuarial team, what would you want them to know?

I would want them to know that our team genuinely cares, we help each other, there are no egos, we have great Actuarial leaders, and you matter.

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Sophia Law

Actuarial Analyst – Reserving

Moorestown, NJ

Learn more about Sophia

How did you get started in Actuarial?

After a couple of years’ experience in other fields, I gradually realized that I really want to do specialized mathematics-related work, so Actuarial is my top choice after some research. Then I went to Temple to get my Master’s in Actuarial Science.

What are you most passionate about in your daily life?

I love traveling and various sports.

What is something most people don’t know about you?

I am a rock music lover.

What’s something you’ve worked on at Admiral that you’re proud of?

We are one of the top Berkley Companies.

Has working in Actuarial changed your perspective on anything in your personal life?

I want to have Excel readily available to record everything in my life.

If a friend was considering joining Admiral’s Actuarial team, what would you want them to know?

Great people to work with and great work/life balance.

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Looking for a hands-on experience?

If you’re just getting started down your career path, now is a great time to join Admiral’s actuarial team. Check out our featured internship opportunities!

-> Summer Intern, Actuarial – Moorestown, NJ