Full-Time
Vice President Head of Actuarial Reserving
PURE Insurance
501-1,000 employees
High-net-worth property and casualty insurer
Compensation Overview
$245k - $275k/yr
Boston, MA, USA + 2 more
More locations: Chicago, IL, USA | White Plains, NY, USA
In Person
 Finance & Banking (1) |
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- Fellow of the Casualty Actuarial Society who meets qualifications to provide actuarial opinions as the Appointed Actuary
- 12+ years of progressively more responsible experience, including leadership experience
- IFRS 17 reporting knowledge required
- Proven ability to manage, develop, and coach a team
- Demonstrated ability to influence senior management on matters of significant importance
- Excellent analytical, quantitative and problem-solving skills with strong attention to detail
- Strong organizational and communication skills
- Experience in personal lines reserving, high net worth experience is a plus
- Proficiency with ResQ, Python, and SQL preferred
- Lead the quarterly and annual reserve review process across all lines of business
- Develop and maintain actuarial methodologies appropriate to the company’s risk profile
- Quantify reserve variability and establish ranges; communicate uncertainty and key drivers to senior leadership
- Partner with Finance on monthly financial close
- Serve as the Appointed Actuary, issuing Statements of Actuarial Opinion and Actuarial Reports in accordance with NAIC requirements
- Ensure compliance with all applicable actuarial standards of practice and regulatory expectations
- Provide independent assessment of reserve adequacy and documentation supporting actuarial judgments
- Interface with regulators on reserving matters, including exams and inquiries
- Establish and maintain a robust reserving governance framework, including model validation, documentation, and internal controls
- Lead reserve committee; present reserve recommendations to executive leadership and the Board/Audit Committee
- Oversee audit support (internal/external), ensuring transparency and defensibility of methodologies and assumptions
- Deliver insights on loss trends, claims emergence, rate adequacy, and underwriting performance
- Monitor emerging risks and incorporate into reserve views
- Advance use of data, analytics, and automation to improve timeliness, accuracy, and explainability
- Build, lead, and develop a high-performing actuarial reserving team
- Foster a culture of rigor, accountability, and continuous improvement
- Collaborate cross-functionally to align actuarial perspectives with enterprise objectives
- Experience in personal lines reserving, high net worth experience is a plus
- Proficiency with ResQ, Python, and SQL preferred
PURE Insurance is a high-net-worth property and casualty insurer in the United States, organized as a member-owned reciprocal exchange. It serves financially successful families with customizable coverage for luxury homes and valuable items like jewelry, art, and watercraft, plus extras such as cyber and fraud protection. The policyholders are the owners, and PURE Risk Management, LLC runs daily operations for a fee, with the company earning most of its revenue from those management fees. Its goal is to price premiums based on actual risk, reduce conflicts of interest, and help protect and preserve wealth through proactive risk management, while remaining independent within the Tokio Marine group.
Company Size
501-1,000
Company Stage
Debt Financing
Total Funding
$105M
Headquarters
White Plains, New York
Founded
2006
Simplify's Take
What believers are saying
- PURE secured $105m Ashera Re cat bond below guidance, boosting capital flexibility.
- PURE appointed Drew Saad as Chief Underwriting Officer in March 2024 for growth.
- PURE launches cyber protections for auto attacks and cyberbullying in 2026.
What critics are saying
- OFAC fined PURE $466,200 for $315,891 transactions aiding Viktor Vekselberg 2018-2020.
- BBB poor rating repels clients to Chubb and AIG within 12-24 months.
- Climate catastrophes exceed $105m cat bond, forcing Tokio Marine backing in 24-36 months.
What makes PURE Insurance unique
- PURE uses member-owned reciprocal exchange model aligning interests with high-net-worth policyholders.
- PURE bases premiums solely on risk factors, avoiding market-driven pricing fluctuations.
- PURE provides guaranteed replacement cost for homes over $1 million rebuild value.
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Company News
Demonstrates the high net worth insurer's commitment to its membership and service excellence.Highlights steady growth in membership size, direct written premiums and surplus.WHITE PLAINS, N.Y., May 1, 2025 /PRNewswire/ -- Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned insurer designed for successful, responsible homeowners, announces the release of its 2024 Report to Members. The report highlights how the insurer is helping its members avoid some of the most frequent and disruptive causes of loss—water and electrical fires; shares a sneak peek into several new flood coverage solutions coming later this year; and details PURE's reaffirmed commitments to its membership."Through every interaction, we strive to create a member experience so compelling members never want to leave—we want them to love their insurance," says PURE CEO, Martin Leitch, in his letter to members. "Most people don't think of insurance as something to love, but we believe that when done right, it can be."Some key highlights from the report:Expanded efforts to help members avoid losses. In 2024, PURE launched several loss prevention programs aimed at helping its members avoid certain preventable claims. Preventing electrical fires : PURE partnered with Whisker Labs to provide eligible members with Ting, a smart plug-in sensor that helps detect electrical hazards. Today, more than 30,000 members have Ting installed in their homes and nearly 150 electrical issues that could have resulted in a fire have been detected and mitigated.Preventing water damage : PURE has introduced several programs aimed at preventing water damage, including providing proven loss prevention technology, like LeakBot and Flume ™ sensors, to members and more recently introducing the PURE Watertight Home Check ™ .In 2024, PURE launched several loss prevention programs aimed at helping its members avoid certain preventable claims.Together with the proactive efforts of a highly responsible membership, total claims count was down more than 10% year-over-year with an even greater decline in home fire losses (down 37%) and water damage claims (down 24%).Expanded geographic footprint
Preventing electrical fires: PURE partnered with Whisker Labs to provide eligible members with Ting, a smart plug-in sensor that helps detect electrical hazards.
WHITE PLAINS, N.Y., April 3, 2024 /PRNewswire/ -- PURE Specialty Exchange (PSE), the specialty surplus lines insurance carrier dedicated to providing PURE members and other responsible, high net worth families with solutions for their complex exposures has expanded its High Value Homeowners coverage to 6 additional states, including Arizona, Colorado, Hawaii, Montana, Utah and Wyoming. The product is designed for homes in coastal and wildfire exposed areas, as well as short-term rentals and other challenging risk profiles, requiring up to $50M in coverage that do not qualify for coverage with an admitted insurer.As carriers are reducing capacity or closing for new business in these challenging areas, the need for non-admitted solutions has been amplified."Sometimes PURE members buy and build in areas that are exposed to catastrophes like wildfires and hurricanes. They might choose to rent out their homes on a short-term or seasonal basis when not in use," said Bryan Luker, VP, Program Manager. "Whatever the case, if the risk profile falls outside of PURE's appetite, this expansion allows us to provide a solution and demonstrates our commitment to the membership, even when many other markets would decline to offer coverage."PSE is a reciprocal exchange in which:Members (policyholders) help efficiently grow the carrier's surplus through surplus contributions (a small fee that is paid in addition to their premium). This helps reduce PSE's cost of capital and resulting premiums over time.Members appoint an Attorney-in-Fact to manage day-to-day insurance operations. PSE's Attorney-in-Fact is PURE Specialty Risk Management, LLC.Underwriting profits or other surplus gains may be allocated to Member Savings Accounts held in the name of each active member.Additionally, members have access to the same claims, risk management, Member Advocate and service resources as PURE
High-net worth insurance specialist unit and member of the Tokio Marine Group, PURE, has now secured its debut catastrophe bond at the slightly upsized
WHITE PLAINS, N.Y., March 5, 2024 /PRNewswire/ -- Privilege Underwriters, Inc. (PUI) and the affiliated companies of the PURE Group of Insurance Companies (PURE) today announced two new leadership appointments: Drew Saad has joined as Chief Underwriting Officer and Dea Malollari has been promoted to Chief Risk Officer. Both appointments come on the heels of Martin Leitch and Dave Logan assuming the roles of Chief Executive Officer and President, respectively.As Chief Underwriting Officer, Saad will oversee PURE's Underwriting and Product teams. Having previously served in senior underwriting and product leadership roles at Allstate, Farmers Insurance and Zurich Insurance Group, Saad brings with him more than 15 years of technical expertise and strategic perspective in both personal and commercial lines.Dea Malollari is expanding her role with the appointment to Chief Risk Officer while retaining her current responsibilities as Chief Actuary. In her new role, Dea will chair PURE's Risk Steering Committee and serve as the liaison between PURE's internal audit team and Tokio Marine Holdings' risk management group."PURE was built on the foundation of being different, providing unparalleled service, delivering innovative solutions and rewarding members with broad coverage and competitive prices," said Martin Leitch, Chief Executive Officer. "This continues to be PURE's vision and north star