Senior Actuary, Central Reserving Job Code:
1111242 Skill Band:
United Kingdom - London Type:
Permanent Date Posted:
3 Jul 2019 Senior Actuary, Central Reserving One Lime Street, London About Us
The Corporation of Lloyd's oversees and provides services to support the Lloyd's market and promotes Lloyd's around the world. Market Reserving & Capital (MRC) is the actuarial department in the Corporation and is responsible for market oversight as regards monitoring the adequacy of reserves and capital at syndicate level, and for the calculation of capital requirements for members and the Central Fund.
This role involves a full range of actuarial work undertaken by MRC, specifically the Syndicate Reserving team.
The Central Reserving team within MRC is responsible for calculation and reporting of territory specific reserving and funding requirements, in addition to market oversight as regards to monitoring the adequacy of reserves held at a global level. The Role
The role is a senior actuarial position, demonstrating technical expertise and management of a number of work areas within the Central Reserving team. What Will You Do?
As a senior actuary you would be expected to be a technical expert and manage or support various aspects of the work undertaken by the Central Reserving team. These could comprise:
What You'll Need
- Where appropriate, Lead the actuarial support for existing international reserving, capital modelling, funding and reporting processes.
- Where appropriate, lead the actuarial support for defence of existing licences and development to establish new licences.
- Where appropriate, Lead the design and implementation of enhancements to existing processes and the creation of new reserving and capital modelling processes.
- Develop a detailed understanding of the structure of Lloyd's and the available data, and use this to form proposals for negotiation with international regulators on how regulations will be met by Lloyd's
- Where appropriate, lead the delivery of the annual central global reserving exercise undertaken at Lloyd's in order to inform the view of surplus within the market.
- Where appropriate, lead the conversion to a SII technical provisions basis
- Report on outcomes for this work internally and to the market as appropriate
- Where appropriate, lead the delivery of the Lloyd's Actuarial Function report outlining the activities of the team as required in the Solvency II directive
- As required, review detailed actuarial analyses such as premium and claims projections, stress tests and forecasting.
- As required, lead ad hoc analyses, e.g. in the wake of major loss events.
- Based on central reserving and LAF reporting work provide input to appropriateness and status of reserving risk appetite
- Develop strong relationships with international regulators and auditors.
- Lead communication with the Market in relation to international funding and global reserving.
- Collaborate with other teams and departments in Lloyd's as appropriate
- Support timely completion of regulatory returns.
- Ensure ongoing compliance with international and UK regulations
- Discuss Lloyd's responses to regulators' questions/issues and produce additional analysis to support Lloyd's responses, as required.
- Manage/support the regular update of the documentation to ensure that it remains fit for purpose, useful and complies with regulatory requirements.
- Support process and reporting changes in response to IFRS17
- Assist with recruitment into the team
- Plan and deliver appropriate resourcing and training for work areas responsible for leading
- Lead junior members of the team on the projects and pieces of work involved in
- Be seen as a role-model in the team: both as a source of technical expertise and as a behaviour model
- Management of actuarial analysts
- Contribution to collaboration and knowledge-sharing across the team
As the successful candidate, you can expect to be rewarded with a competitive salary, an enviable range of benefits.
- Assimilates knowledge in order to tackle complex technical issues. Evaluates a range of options and processes the most effective, getting buy-in to take this action.
- Creates processes to ensure work is completed in a systematic and orderly way to a high standard and meets all relevant professional requirements. Provides clear direction to those undertaking detailed technical analysis.
- Encourages others to pursue development opportunities and creates genuine learning opportunities for them.
Shows exemplary at least one of project/people skills.
- Champions wider knowledge-sharing within the team.
- Provide appropriate communication to senior stakeholders internally and externally to Lloyd's. Looks to use communication style to gain buy-in for actions designed to meet team objectives. Is inclusive in approach to communications to all stakeholders.
- Agile in adapting work to meet changes in priorities for the team's objectives. Pragmatic in approach to delivery of output, while maintaining high standards and user confidence.
- Shows awareness of challenging circumstances faced by others and acts to support/help. Readily adopts different approaches to fit situations and characteristics of groups and individuals.
- Foster a culture of innovation, encouraging suggestions from others and a "big picture" view.
- Gains management buy-in to make radical changes to processes to better meet the wider objectives of the team. Proactively targets work to improve the delivery of the overall objectives of the team
- Evaluates a range of options and proposes cost-effective, practical solutions to gain management buy-in to the implementation of updated and new processes within the team. Proactively consults with a wide range of stakeholders to inform decision making.
- Champions high standards of technical excellence within the work of the team. Looks for opportunities to recognise and empower other members of the team.
- Able to assimilate detailed knowledge from a number of work areas in order to direct challenge
- Advanced knowledge of the actuarial techniques involved in non-life insurance, preferably including the requirements of Solvency II and IFRS17.
- Knowledge of various IT tools including Excel, Access, Word.
- Knowledge of reserving tools including ResQ or similar.
- Experience in non-life insurance work, preferably with some exposure across a range of work areas and significant reserving experience.
- Experience in leading project work to completion.
To apply, please visit www.lloyds.com
We are committed to flexible working, therefore if you would like to consider this as a part-time opportunity, please email email@example.com
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