Hedging & ALM Associate

The Department

Milliman FRM LLC is seeking a Hedging & ALM Associate to join its Capital Markets Group in Chicago. This position focuses on the design, execution, and monitoring of hedging and ALM programs for insurance and reinsurance clients.

The Hedging & ALM Associate will be a member of the Capital Markets Group and work on developing and implementing strategies that align asset portfolios with liability profiles. The role spans multiple markets, including interest rate, equity, FX, and credit, and combines market execution support with quantitative analysis to measure program effectiveness and manage asset-liability risk.

Your Role / What You'll Do

The Hedging & ALM Associate will support the design, execution, and monitoring of hedging and ALM programs for insurance and reinsurance clients. The role provides quantitative and actuarial analysis to assess asset-liability risk, evaluate hedge effectiveness, and inform investment and risk management decisions.

• Support the development, implementation and execution of trading strategies to hedge interest rate, equity, FX, and credit risks.
• Perform asset-liability modeling to assess exposures, hedge performance, and residual risk.
• Collaborate with and assist traders in the execution and management of derivative positions in global markets.
• Analyze market data, economic trends, and portfolio risk metrics to support hedging and ALM decisions.
• Build and maintain valuation, risk measurement, and scenario-testing models.
• Conduct P&L attribution and prepare reports summarizing program performance and recommendations.
• Conduct regulatory and capital analysis related to ALM and hedging strategies (e.g., NAIC RBC, Bermuda EBS).
• Maintain up-to-date documentation of processes and procedures.

Your Qualifications

The ideal candidate should meet the following requirements:

Required

• Bachelor's degree in a quantitative field such as Mathematics, Actuarial Science, Computer Science, Engineering, or Physics.
• 2-5 years of experience in an actuarial role, trading/capital markets, or risk management.
• Knowledge of derivatives instruments such as swaps, futures, and options, and their application in ALM and hedging.
• Strong analytical and problem-solving skills.
• Programming skills in languages such as C#, Python or other

Desired

• ASA designation or near-ASA status or a CFA / FRM designation
• Master's degree in a quantitative field (e.g., Financial Engineering, Actuarial Science, Mathematics, Statistics, or Computer Science)
• Experience in a hedging/trading, ALM, or capital markets-focused actuarial or investment role.
• Strong quantitative modeling skills for valuation, risk measurement, and scenario analysis.
• Familiarity with actuarial or risk modeling systems and/or Bloomberg.
• Strong written and verbal communication skills, along with the ability and willingness to clearly articulate ideas.
• Knowledge of global insurance capital frameworks (e.g., NAIC RBC, Bermuda EBS, APRA).
• Ability to work effectively in a fast-paced, collaborative environment with cross-functional teams.

Location

Candidates hired into this role will be required to work in-person in the Milliman office in Chicago, IL on a weekly basis, but flexible work arrangements will be considered.

Compensation

The salary range for this role is $85,100 - $140,500 depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

Benefits

We offer a comprehensive benefits package designed to support employees' health, financial security, and well-being. Benefits include:

• Medical, Dental and Vision - Coverage for employees, dependents, and domestic partners.
• Employee Assistance Program (EAP) - Confidential support for personal and work-related challenges.
• 401(k) Plan - Includes a company matching program and profit-sharing contributions.
• Discretionary Bonus Program - Recognizing employee contributions.
• Flexible Spending Accounts (FSA) - Pre-tax savings for dependent care, transportation, and eligible medical expenses.
• Paid Time Off (PTO) - Begins accruing on the first day of work. Full-time employees accrue 15 days per year, and employees working less than full-time accrue PTO on a prorated basis.
• Holidays - A minimum of 10 paid holidays per year.
• Family Building Benefits - Includes adoption and fertility assistance.
• Paid Parental Leave - Up to 12 weeks of paid leave for employees who meet eligibility criteria.
• Life Insurance & AD&D - 100% of premiums covered by Milliman.
• Short-Term and Long-Term Disability - Fully paid by Milliman.

Equal Opportunity

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, national origin, disability, or status as a protected veteran.