Head of Capital Modelling

2 months ago

London, United Kingdom Starr Companies Full time

Starr Insurance Companies is a leading insurance and investment organization, providing commercial property and casualty insurance, including travel and accident coverage, to almost every imaginable business and industry in virtually every part of the world._
- Cornelius Vander Starr established his first insurance company in Shanghai, China in 1919. Today, we are one of the world’s fastest growing insurance organizations, capable of writing in 128 countries on 6 continents._

Role Purpose:
Support the Chief Actuary, wider team and senior management, primarily in capital modeling, for both Lloyd’s and the Companies. Lead the process of developing and embedding the modeling capabilities of the Actuarial team, within the ORSA, risk management, business planning and other key strategic processes. Lead the return on equity calculation and reporting.

Roles and Responsibilities:

- Developing capital modelling capabilities for the Lloyd’s syndicate and other Starr European Carriers.
- Lead and develop the capital modelling team.
- Lead the preparation of Solvency Capital Requirement (SCR) submissions for Lloyd’s (the Lloyd’s Capital Return) for the syndicate, and the Standard Formula (SF) SCRs for the companies. Liaising with Lloyd’s and the PRA as necessary to aid their review process.
- Lead the parameterization process of capital models. This will involve investigating new methods and seeking new data sources to continually improve the process, and also discussion with underwriters to aid parameterization requiring expert judgement. Setting the three year parameterization plan.
- Preparing capital metrics and output to aid business planning and management decision making, including ownership of ROE calculation and reporting. Communicating these to senior management, the board, and CUOs to ensure their understanding of key results.
- Liaising with internal validation/risk team, external validation consultants, and internal audit as necessary to support the Validation workstream. Incorporate validation report recommendations as development points in following year’s Internal Model workstream.
- Reflect latest market approaches and new regulatory requirements within capital models, including liaising with regulators including Lloyd’s.
- Providing analyses for the Internal Model Committee to fulfil the Terms of Reference of the Committee.
- Present work and take challenge at board level.
- Oversee the Solvency II Standard Formula appropriateness workstreams.
- Ensure effective and consistent model usage within business planning, parameterisation, RI purchase, reserve margin setting, risk management among other areas.
- Produce the relevant sections of the Solvency II Actuarial Function Report, including opining on the reinsurance arrangements.
- Maintain adequate levels of documentation in relation to the Internal Model, in-line with Solvency II requirements.
- Provide input to the Group ERM/modelling team.

**Experience**:

- Relevant experience at Senior level.
- Team Management experience.
- Regulatory frameworks (including the PRA, Lloyd’s).
- Reserving principles.
- Capital and risk modelling.
- Reinsurance practices.
- Solvency II principles, EU directives in relation to Solvency II and capital adequacy.

**Skills**:

- Analytical and problem solving skills.
- Negotiation, judgment and decision making ability.
- Ability to plan and execute major projects.
- Advanced numeracy.
- Professional business writing and presentation skills.

Systems and IT:

- MS Office - Excel, Access, Word, PowerPoint and Outlook.
- RPC Tyche software experience (will consider experience with other capital modelling tools).
- Statutory Reporting Tools.
- WTW - ResQ.
- SQL Server.

Qualifications:

- Fellow of the Institute of Actuaries

Starr is an equal opportunity employer, which means we'll consider all suitably qualified applicants regardless of gender identity or expression, ethnic origin, nationality, religion or beliefs, age, sexual orientation, disability status or any other protected characteristic. We recruit and develop our people based on merit and we're committed to creating an inclusive environment for all employees. We offer first class training and development opportunities to all employees. Our aim is to grow our own talent and bring out the best in people.

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