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  #21  
Old 12-06-2017, 07:18 PM
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Carol Marler
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Could you guys please also tell me WHY you are saying P&C over reinsurance??
You must be new around here. It's an ongoing joke, codenamed "Le P&C"
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  #22  
Old 12-06-2017, 07:19 PM
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Carol Marler
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Life is basically just that: life insurance.
and annuities.
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  #23  
Old 12-06-2017, 09:13 PM
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Munich Re is the biggest reinsurer in the world.

WTW is a small-ish consulting shop by comparison.
I thought Swiss Re passed them this year?

I would venture to guess WTW has 3 times the actuaries as Munich Re. I also believe WTW has 3 times the employees world wide.

If in the US, Munich Re actuaries are mainly Jersey and Atlanta...correct me if I am wrong.
WTW has actuarial groups in Chicago, Memphis, Seattle, San Francisco, Dallas, and up and down eastern seaboard. Both companies offer many global opportunities. If that matters to you.

While you may start in P&C or Life, both companies offer all areas of practice, so you'd be able to switch in time. If that matters to you.

In my experience the majority of actuaries rarely if ever interact with carriers/clients in reinsurance. Especially if entry level. On the flip side I would imagine quite a bit of interaction with both while at WTW. If that matters to you.
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  #24  
Old 12-06-2017, 09:30 PM
jas66Kent jas66Kent is offline
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I thought Swiss Re passed them this year?

I would venture to guess WTW has 3 times the actuaries as Munich Re. I also believe WTW has 3 times the employees world wide.

If in the US, Munich Re actuaries are mainly Jersey and Atlanta...correct me if I am wrong.
WTW has actuarial groups in Chicago, Memphis, Seattle, San Francisco, Dallas, and up and down eastern seaboard. Both companies offer many global opportunities. If that matters to you.

While you may start in P&C or Life, both companies offer all areas of practice, so you'd be able to switch in time. If that matters to you.

In my experience the majority of actuaries rarely if ever interact with carriers/clients in reinsurance. Especially if entry level. On the flip side I would imagine quite a bit of interaction with both while at WTW. If that matters to you.
More of a technicality. They basically said that Munich Re had over 25% premium in non-reinsurance activities so they hacked off a portion of their revenues. Swiss Re had about 15% so their revenues from non-reinsurance activities so they were not touched. They set the dividing line at 75/25 in order to rate them.
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  #25  
Old 12-06-2017, 09:54 PM
Westley Westley is offline
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Originally Posted by extrovertedactuary View Post
One benefit of the WTW offer is that it is in consulting early in your career. I think it will be easier for you to switch from consulting to insurance later on than insurance to consulting if you decide you want to move between the two. It will be hard for you to get a job in consulting down the road if you have no experience in consulting. However, insurers won't care that much if you have no insurance experience.
Mostly disagree here. If you spend 10+ years in insurance with no consulting experience, it starts to be true, but I don't think that's a reasonable consideration for EL.


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Originally Posted by Colonel Smoothie View Post
I think both career paths would be pretty good. I think you should pick the one that you would find more interesting, which is only something you can answer.

Remember to consider the location as well.
Mostly agree. OP is asking about growth and future prospects; answer to that is that you never know for sure, but these two opportunities both look very favorable (congrats on two great offers), and I would not know how to choose between the two on the criteria stated, because while there could be a disruptor five or ten years out, it's very favorable for as far I you can see.

Do you know who you'd be working fo at each? Do you think they are people you could learn from?


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Originally Posted by nonlnear View Post
No. Life is mostly finding ways to repackage tax avoidance/investment vehicles so that they appear new and shiny. The actual life insurance portion of the Life Insurance business is basically incidental.


i.e. P&C is mostly about actually insuring risk for customers whose primary concern is offloading an insurable risk. This is not the case for Life.
Mostly agree, but I think many people will look at that and see it as a negative for Life, which I would not agree with.
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  #26  
Old 12-06-2017, 10:06 PM
nonlnear nonlnear is offline
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Mostly agree, but I think many people will look at that and see it as a negative for Life, which I would not agree with.
I agree that many here might read that as a negative for Life, but I didn't mean it necessarily as such. There's nothing wrong with repackaging and marketing tax/wealth management products for the moderately wealthy. I'd rather be doing that than doing P&C rate filings in California.
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  #27  
Old 12-06-2017, 10:58 PM
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ShivamS ShivamS is offline
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One benefit of the WTW offer is that it is in consulting early in your career. I think it will be easier for you to switch from consulting to insurance later on than insurance to consulting if you decide you want to move between the two. It will be hard for you to get a job in consulting down the road if you have no experience in consulting. However, insurers won't care that much if you have no insurance experience.
disagree with bolded but agree with everything else. JMO
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kinda agree here. If you spend 5+ years in insurance with no consulting experience, it starts to be true, but I don't think that's a reasonable consideration for EL.
ifyp based on my opinion
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  #28  
Old 12-07-2017, 12:03 AM
royevans royevans is offline
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Originally Posted by MooBeay View Post
I thought Swiss Re passed them this year?

I would venture to guess WTW has 3 times the actuaries as Munich Re. I also believe WTW has 3 times the employees world wide.
Munich Re is still greater than swiss re for combined life and nonlife, but swiss re beat munich this year for non-life. I assume munich still leads for life by quite a margin.

also is the life version of munich re called Munich Re US Life or Munich American Reassurance Company? I've heard both in the past few months.

Last edited by royevans; 12-07-2017 at 12:14 AM..
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  #29  
Old 12-07-2017, 12:17 AM
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Munich Re
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  #30  
Old 12-07-2017, 12:19 AM
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Yes, WTW would be consulting while Munich would be insurance. I know consulting would mean more hours, but better pay.
If you disregard hours and salary, but just look at the potential growth/opportunity between consulting and insurance, what would you recommend?
so maybe you are really entry level
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