Prismic Life, a Bermuda-incorporated life and annuity reinsurer, is a growth-oriented reinsurance platform that leverages Prudential Financials' sponsorship and PGIM’s and Warburg Pincus’ market-leading asset management franchises to deliver value for its clients. Prismic Life’s and operational scalability allows us to provide risk and balance sheet management solutions to clients and the opportunity for investors to participate in reinsurance as an investment. The company was launched on September 1, 2023, and currently manages $17B of liabilities from various Prudential-affiliated entities. As we expand our global footprint from Bermuda to the US and Japan, we seek a Vice President, Transaction Pricing, to architect our next phase of expansion and position us among the industry’s leading global reinsurers.
Reporting to the Head of Business Development and Strategy, the Vice President, Transaction Pricing will be responsible for leading the actuarial pricing and analytical execution of reinsurance and strategic transactions, including block reinsurance and other structured life reinsurance solutions. This role will serve as the primary actuarial pricing lead for transactions, supporting deal execution through rigorous analysis, pricing recommendations, and collaboration with underwriting, finance, and transaction teams. The role will focus on evaluating insurance liabilities, developing and reviewing pricing models, assessing risk-return tradeoffs, and supporting negotiations through data-driven insights. The VP will play a critical role in ensuring transactions are priced appropriately, aligned with the company’s risk appetite, and executable within regulatory and governance frameworks.
Primary Responsibilities:
Deal Pricing and Execution
- Lead actuarial pricing analysis for reinsurance and strategic transactions, including block reinsurance and other liability-focused structures.
- Build and own actuarial pricing models for proposed transactions, incorporating mortality, lapse, expense, investment, and other key assumptions.
- Evaluate insurance portfolios and underlying data to assess risk characteristics, profitability, and capital impacts.
- Partner closely with underwriting, finance, and transaction execution teams to support deal structuring and execution.
Actuarial and Financial Integration
- Translate actuarial assumptions (morality, morbidity, lapse and expenses) into transaction pricing models.
- Work closely with the actuarial team to challenge and refine assumptions.
- Prepare actuarial and pricing materials for internal governance, including management, investment committee, and board-level reviews.
- Assist in managing the actuarial components of due diligence, including data validation, assumption review, and experience analysis.
- Support preparation of term sheets and transaction structures by translating actuarial results into clear, commercially relevant insights.
- Support regulatory and approval processes by preparing actuarial documentation and responding to regulator or auditor inquiries as required.
Capital and Strategic Decision Support
- Partner with Finance to assess capital impacts, funding strategies and balance sheet implications.
- Provide clear recommendations to senior leadership
- Provide pricing recommendations, sensitivities, and scenario analyses to support transaction negotiations and decision-making.
Governance and Infrastructure
- Build and standardize pricing frameworks, tools and methodologies across transactions
- Ensure compliance with professional actuarial standards, internal controls, and applicable regulatory requirements.
- Identify opportunities to improve pricing methodologies, modeling tools, and transaction execution processes.
Qualifications:
- Qualified or near-qualified actuary (e.g., FSA/ASA or equivalent).
- 10+ years of actuarial experience in life reinsurance, insurance, or related financial services, with a strong focus on pricing.
- Direct experience with pricing reinsurance or block transactions involving life insurance liabilities is strongly preferred.
- Strong understanding of Bermuda regulatory and capital frameworks (i.e. EBS, BSCR).
- Proven technical expertise in actuarial modeling, experience analysis, and assumption setting.
- Solid understanding of reinsurance structures, insurance liabilities, and capital considerations.
- Proven experience supporting transaction execution, including pricing support for negotiations and deal approvals.
- Ability to communicate complex actuarial concepts clearly to non-actuarial stakeholders.
- Strong attention to detail and ability to manage multiple transaction timelines simultaneously.
- Proficiency with actuarial and analytical tools commonly used in pricing and modeling.
- Willingness and ability to obtain any required licenses or professional certifications in Bermuda.
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