Milliman · 1 week ago
Hedging & ALM Associate
Chicago, IL
Full-time
Hybrid
Entry, Mid Level
$85K/yr - $140K/yr
2+ years expMilliman FRM LLC is seeking a Hedging & ALM Associate to join its Capital Markets Group in Chicago. This role focuses on the design, execution, and monitoring of hedging and ALM programs for insurance and reinsurance clients, providing quantitative and actuarial analysis to assess asset-liability risk and inform investment decisions.
AnalyticsConsultingInsurTech
Responsibilities
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
Qualification
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
Preferred
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
Benefits
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.
Company
Milliman
Milliman is a risk management, benefits, and technology firm that offers insurance and retirement services.
1001-5000 employees
H1B Sponsorship
Milliman has a track record of offering H1B sponsorships. Please note that this does not
guarantee sponsorship for this specific role. Below presents additional info for your
reference. (Data Powered by US Department of Labor)
Distribution of Different Job Fields Receiving Sponsorship
Represents job field similar to this job
Trends of Total Sponsorships
2025 (36)
2024 (18)
2023 (21)
2022 (29)
2021 (23)
2020 (27)
Funding
Current Stage
Late StageLeadership Team
Kathy Kalstrup
Chief Operating Officer
Amy Litton
DC Operations Support Consultant
Recent News
2026-01-11
2026-01-06
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