Capital Actuary (m/f/d)

Are you looking for a new challenge?

Location
London , United Kingdom

This is an exciting opportunity to support MRSL’s capital modelling processes, including the operation, parameterisation, documentation and validation of the Internal Model.

As part of this role, you will take a lead role in enhancing the wider capabilities of the new Tyche model, including business model uses such as risk appetites, reinsurance analyses and return on capital.

To be successful in the role, you will have proven experience of developing required IM outputs in order to meet increasing business demands. Specific areas of focus in this role will include risk appetites, capital allocations and return on capital, reinsurance analyses, risk distributions and business scenario analyses. You will be committed to driving forward good Conduct for the business to deliver the best outcomes for our customers / policyholders.

Your job

• Support the operation of the Tyche Internal Model, including both the parameterisation of the model and the production of the LCR and all other regulatory submissions;
• Develop the required IM outputs for the Tyche model in order to meet increasing business demands. Specific areas of focus include risk appetites, capital allocations and return on capital, reinsurance analyses, risk distributions and business scenario analyses;
• Develop new inputs into the Tyche IM, maintaining consistency with the old Igloo IM where appropriate;
• Maintain IM documentation including detailed model documentation and capital reports;
• Assist with production, checking, explanation and use of IM output within the business to ensure widespread understanding and effective use.
• Support the IM validation process by carrying out validation analyses as requested by the Deputy Actuary, assist with resolution of validation issues identified; and preparation of the primary validation report for the Director of Risk & Compliance;
• Other activities as needed to support the Actuarial Function with other tasks;

You are required to comply with the PRA and FCA conduct rules:

• Acting with honesty and integrity at all times
• Acting at all times with due care, skill and diligence
• Being open and honest with the FCA, the Prudential Regulation Authority (PRA) and all UK regulators at all times
• Always paying due regard to the interests of customers and always treat them honestly and fairly
• Observing proper standards of market conduct at all times
• You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively
• You must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards of the regulatory system
• You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively.
• You must disclose appropriately any information of which the FCA or PRA would reasonably expect notice

Your profile

• 3+ years of capital modelling experience, preferably within a Lloyd’s environment.
• Knowledge and understanding of FCA regulations and Lloyd’s requirements.
• Knowledge and understanding of the underlying principles of insurance and reinsurance.
• Highly developed mathematical / statistical knowledge.
• Experience of liaising with external regulators on capital modelling matters, to address queries and resolve any issues arising.
• Knowledge, understanding and practical experience in using of a range of actuarial modelling techniques and applications for financial reporting.
• Current Lloyd’s market knowledge, as well as knowledge of Solvency II and the classes of business written by the Syndicate.
• Experience with automation or modernisation of actuarial processes and outputs.
• Willingness to further increase knowledge of any Capital related matters and key market topics and develop technical and management skills.

About us

MRSG UK Services Limited is the employing entity for staff supporting the business activities of Munich Re Syndicate Limited (MRSL), Munich Re Specialty Group Limited (MRSG), Munich Re Specialty Insurance (UK) Limited (MRSI UK), Roanoke International Brokers Limited (RIBL) and Munich Re Digital Partners Limited (DP).

As part of Munich Re Specialty Group (MRSG), Munich Re Specialty Insurance (UK) Ltd (MRSI UK) brings together the long-standing and market-leading underwriting and claims expertise of NMU in the UK marine & specialty insurance markets with GrovesJohnWestrup, our UK Private Client proposition for insurance brokers and other intermediaries with clients who have unique and complex risks, as well as GJW Direct, UK‘s Specialist Direct Boat insurer.

Additionally, MRSI UK is affiliated with Munich Re Digital Partners Ltd (MRDP) that provides digital distributors a comprehensive go-to-market partnership in the UK and the EU, and Munich Re Risk Solutions Ireland Ltd (MRRSI) offering marine & specialty insurance solutions in Ireland and the EU.

As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Hong Kong, Singapore, Labuan and Dubai. We are also represented in Lloyd’s China.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Energy & Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht.

Known for our dedication to excellence and quality of service provision, we pride ourselves on offering you a great place to work.

Munich Re’s employees are the backbone of the Group’s business success. They are the people that drive the business forward and develop new solutions for our clients.

Ensuring that we recruit versatile staff is therefore crucial to our future success. Our objective is to make Munich Re the employer of choice for potential employees on the global job market.

To help us achieve this goal we offer a competitive salary and a generous and comprehensive benefits package which we regularly review in accordance with external market data, to ensure you are paid fairly and our benefits are tailored to suit your lifestyle. Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.

Re_think, Re_engineer, Re_define, Re_invent, the boundaries of Insurance.

Once you hit apply, there is a short, 10 minute application form to complete. Please ensure you attach your current CV when applying and include details regarding your salary expectations. If you have a disability or special need that requires accommodation, please let us know. Due to volume, we cannot always provide detailed feedback at CV stage.