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For more than 170 years, The Hanover has been committed to delivering on our promises and being there when it matters the most. We live our values every day, demonstrating we CARE through our values, Sustainability initiatives and inclusive corporate culture.
Our Corporate Actuarial department is seeking an Associate Actuary to join the Economic Capital Modeling team our Worcester, MA Corporate Headquarters or remote.
POSITION SUMMARY:
This role supports the development, maintenance, and application of Hanover's Economic Capital Model (ECM) and related capital management tools. The ECM serves as a key decision-support framework for evaluating enterprise risk, capital requirements, risk-adjusted performance, reinsurance strategies, and strategic business opportunities. Responsibilities include capital modeling, model validation, capital allocation analysis, profitability assessments, and evaluation of the impact of business and reinsurance strategies on enterprise risk and return. This role partners with a variety of departments, including corporate finance, Reinsurance and Enterprise Risk Management. Strong analytical and communication skills are essential, as findings and recommendations will be presented to both technical and non-technical stakeholders. The position also contributes to ongoing model enhancements, process improvements, and the continued evolution of Hanover's capital management capabilities. This is a Full-time, Exempt role.
IN THIS ROLE, YOU WILL:
Support the maintenance, governance, and ongoing enhancement of Hanover's Economic Capital Model (ECM).
Analyze model assumptions, methodologies, and outputs, contributing recommendations that improve the ECM's effectiveness, accuracy, and business value.
Perform enterprise risk quantification, stochastic modeling, and capital adequacy analyses across underwriting, reserving, catastrophe, market, credit, and operational risks.
Conduct stress testing and scenario analyses to assess the impact of emerging risks and changing business conditions on capital requirements.
Analyze key drivers of economic capital consumption, profitability, and risk-adjusted performance across business segments.
Support the development and maintenance of capital allocation and performance measurement frameworks used in strategic decision-making.
Determine the impact of reinsurance structures, capital management initiatives, and business opportunities on risk, return, and capital efficiency.
Analyze the capital implications of strategic initiatives and management actions, providing data-driven insights and recommendations.
Partner with Finance, Enterprise Risk Management, Investments, Treasury, Pricing, Reserving, and business leaders to communicate results and support enterprise decision-making.
WHAT YOU NEED TO APPLY:
Bachelor's degree in a relevant technical or quantitative field.
Five+ years of actuarial, capital modeling, enterprise risk management, predictive analytics, pricing, reserving, or related analytical experience.
ACAS or equivalent experience preferred.
Strong understanding of actuarial modeling techniques, enterprise risk management concepts, and capital management principles.
Experience interpreting complex analytical results and translating them into business recommendations.
Advanced skills using Microsoft Office, including Excel and PowerPoint.
Programming and analytical experience using Python, R, SQL, and other actuarial or data analytics tools, with demonstrated ability to automate processes, develop analytical solutions, and improve operational efficiency
Proven ability to manage multiple priorities and deliver high-quality work within established timelines.
Ability to influence decisions and collaborate effectively across functions and organizational levels
CAREER DEVELOPMENT:
It’s not just a job, it’s a career, and we are here to support you every step of the way. We want you to be successful and fulfilled. Through on-the-job experiences, personalized coaching and our robust learning and development programs, we encourage you – at every level – to grow and develop.
BENEFITS:
We offer comprehensive benefits to help you be healthy, build financial security, and balance work and home life. At The Hanover, you’ll enjoy what you do and have the support you need to succeed.
Benefits include:
Medical, dental, vision, life, and disability insurance
401K with a company match
Tuition reimbursement
PTO
Company paid holidays
Flexible work arrangements
Cultural Awareness Day in support of IDE
On-site medical/wellness center (Worcester only)
Click here for the full list of Benefits
EEO statement:
The Hanover values diversity in the workplace and among our customers. The company provides equal opportunity for employment and promotion to all qualified employees and applicants on the basis of experience, training, education, and ability to do the available work without regard to race, religion, color, age, sex/gender, sexual orientation, national origin, gender identity, disability, marital status, veteran status, genetic information, ancestry or any other status protected by law.
Furthermore, The Hanover Insurance Group is committed to providing an equal opportunity workplace that is free of discrimination and harassment based on national origin, race, color, religion, gender, ancestry, age, sexual orientation, gender identity, disability, marital status, veteran status, genetic information or any other status protected by law.”
As an equal opportunity employer, Hanover does not discriminate against qualified individuals with disabilities. Individuals with disabilities who wish to request a reasonable accommodation to participate in the job application or interview process, or to perform essential job functions, should contact us at: and include the link of the job posting in which you are interested.
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Compensation:
The target hiring range for this role may vary based on geographic location and other factors, including merit or performance, demonstrated proficiency, skills for the role, education, travel requirements, and experience. Additional compensation may include an annual bonus (which could take the form of a general bonus, sales incentive, or short-term incentive), long-term incentive or spot recognition awards. The posted range reflects our ability to hire at different position titles and levels depending on background and experience.