Snr Actuary, Capital Modelling Job Code:
1146742 Skill Band:
United Kingdom - London Type:
Permanent Date Posted:
10 Sep 2019
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.
Within MRC, the Lloyd's Internal Model (LIM) team carries out all capital modelling tasks, including the calculation of
- benchmark capital requirements for established syndicates
- capital requirements for new syndicates
- member capital requirements
- market wide and Central Fund capital requirements
As well as providing interesting and unique technical challenges, the role provides a perspective of the Lloyd's market as a whole and insight into its challenges and opportunities from a commercial perspective.
The role is a management position within the team and has responsibility for management of a work areas within the Capital Modelling team, including managing members of the team.
The work in the team covers a number of key areas. As a manager within the team, you would be expected to manage or support various aspects of the work undertaken by the team:Modelling Society capital
Syndicate benchmarking and investigations relating to modelling of member capital, including
- Manage/support the annual update of the LIM to produce the Lloyd's capital requirement on a number of bases (over a one year and ultimate time horizon, sensitivities, with incremental changes for bridging analyses, etc)
- Review and challenge LIM results, providing analysis of change between updates for specific areas
- Support the LIM validation process
- Manage/support and promote LIM uses in the wider Lloyd's business, e.g. for the purpose of monitoring risk appetites
- Investigate differences between Lloyd's view of syndicates and syndicates' own view
- Ad hoc analyses, e.g. in the wake of major loss events
- Specification and testing of proposed model changes
- Manage/support the annual update of the LIM to produce syndicate benchmark capital requirements on a number of bases (over a one year and ultimate time horizon, with incremental changes for bridging analyses, etc.)
- Analysis of benchmark results and provision of metrics to the Syndicate Oversight Team
- Modelling new syndicates
- Adapting the LIM to syndicate specific issues, if necessary
- Answering benchmark related queries
- Support the annual re-parameterisation exercise by working with the parameterisation team, as required, to review updates to parameters and understand their impact.
- Validate updates to the parameterisation in the light of model results
- Ensure ongoing compliance with Solvency II
- Support timely completion of regulatory returns
- Manage/support governance around model change is being followed
- Produce additional analysis to support Lloyd's responses, as required
- Discuss Lloyd's responses to PRA questions and issues
Working with internal stakeholders as appropriate, potentially including:
- Manage/support the regular update of the documentation of the LIM to ensure that it remains fit for purpose, useful and complies with regulatory requirements
- Lloyd's Investment Risk Model (LIRM) and Lloyd's Catastrophe Model (LCM) teams
- Other parts of the Corporation on benchmark related questions, as required
- Reserving team, to ensure that member capital reflects latest position with regards to Technical Provisions
- Risk Management and other parts of the Corporation
- Data team and IT, to ensure that requirements arising from developments to the benchmark model are notified and specified in good time.
- 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
- Working with People
- Delivering results and meeting customer expectations
- Applying expertise and technology
- Leading and supervising
- Adapting and responding to change
- Creating and innovating
- Entrepreneurial and creative thinking
- Results Orientation
Experience in non-life insurance work, preferably with some exposure across a range of work areas and significant capital modelling experience.
Experience in leading project work to completion.
Advanced knowledge of the actuarial techniques involved in non-life insurance capital work, including the requirements of Solvency II.
Knowledge of various IT tools including Excel, Access, Word.
Knowledge of capital modelling tools including Tyche, Remetrica, Igloo or similar.
As the successful candidate, you can expect to be rewarded with a competitive annual salary and benefits.
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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