Senior Actuary, Capital Modelling

3 weeks ago

London, United Kingdom Lloyd Full time
Senior Actuary, Capital Modelling, Syndicate Capital

Lloyd’s is the world’s leading insurance and reinsurance marketplace. We share the collective intelligence and risk sharing expertise of the market’s brightest minds, working together for a braver world.

Our role is to inspire courage, so tomorrow’s progress isn’t limited by today’s risks.

Our shared values: we are brave; we are stronger together; we do the right thing; guide what we do and how we act. If you share our values and our passion to build a future that’s more sustainable, resilient and inclusive, you’ll find a home at Lloyd’s – build a braver future with us.

Lloyd’s is recruiting for a Senior Actuary, Capital Modelling, Syndicate Capital on a 12 Month FTC (Fixed Term Contract). In this role, you would be expected to manage projects, working with both experienced stakeholders and reviewing the work of junior analysts. As a member of the MRC team, you may also be expected to be involved in the wider team activities, including reserving and syndicate oversight, including managing members of the team.

Principal Accountabilities

Modelling Lloyd’s capital

  1. 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).
  2. Review and challenge LIM results, providing analysis of change between updates for specific areas - Support the LIM validation process.
  3. 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.
  4. Ad hoc analyses, e.g., in the wake of major loss events.
  5. Specification and testing of proposed model changes.

Investigations relating to modelling of member capital, including

  1. Manage/support the annual update of the LIM to produce syndicate & member capital requirements on a number of bases (over a one year and ultimate time horizon, with incremental changes for bridging analyses, etc.).
  2. Adapting the LIM to syndicate specific issues, if necessary.
  3. Answering questions with respect to member’s diversification.

Parameterisation

  1. Support the annual re-parameterisation exercise by working with the parameterisation team, as required, to review updates to parameters and understand their impact.
  2. Validate updates to the parameterisation in the light of model results.
  3. This covers all key risk areas – insurance risk, market risk, credit risk, operational risk as well as Lloyd’s specific central risks.

First line validation

  1. Manage comparisons of central and syndicate capital estimates and identify, quantify, report and if appropriate resolve these.
  2. Manage analysis to support challenge to model output across central model components, including CCK, LCM and LIRM.
  3. Manage analysis to support challenge to the risk-based approach and nature of review of syndicate capital reviews.
  4. Provide significant input to first line validation testing on model appropriateness and completeness.

Ensure ongoing compliance with Solvency II

  1. Discuss Lloyd’s responses to PRA questions and issues.
  2. Produce additional analysis to support Lloyd’s responses, as required - Manage/support governance around model change is being followed.
  3. Support timely completion of regulatory returns.

Documentation

  1. 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.
  2. During a Major Model change application, support in coordination and delivery of the documentation package. This requires direct production of key documents and drawing on technical resource to deliver supporting documentation.

Relationship and Stakeholder management across the component owners of the LIM and wider stakeholders

  1. Point of coordination between stakeholders across capital – the Lloyd’s capital team, Lloyd’s treasury team, Lloyd’s exposure management team.
  2. Assist Heads of Capital, Treasury and Exposure management in areas related to delivery of model developments and PRA interaction.
  3. Point of coordination between Risk Management (particularly the validation team) and other parts of the Corporation.
  4. Data team and IT, to ensure that requirements arising from developments are notified and specified in good time.
Skills Knowledge and Experience
  1. Experience in non-life insurance work, preferably with some exposure across a range of work areas and significant capital modelling experience.
  2. Qualified as a fellow of the Institute and Faculty of Actuaries (or equivalent).
  3. Experience in leading project work to completion.
  4. Advanced knowledge of the actuarial techniques involved in non-life insurance capital work, including the requirements of Solvency II.
  5. Knowledge of various IT tools including Excel, Access, Word.
  6. Knowledge of capital modelling tools including Tyche, Remetrica, Igloo or similar.

Diversity and inclusion are a focus for us – Lloyd’s aim is to build a diverse, inclusive environment that reflects the global markets we work in. One where everyone is treated with dignity and respect to achieve their full potential. In practice, this means we are positive and inclusive about making workplace adjustments, we offer regular health and wellbeing programmes, diversity and inclusion training, employee networks, mentoring and volunteering opportunities as well as investment into your professional development.

We understand that our work/life balance is important to us all and that a hybrid of working from the office and home can offer a great level of flexibility. Flexible working forms part of a total reward approach which offers a host of other benefits over and above the standard offering (generous pension, healthcare, wellbeing etc). These include financial support for training, education & development, a benefit allowance (to spend on our flexible benefits such as gym membership, dental insurance, extra holiday or to partake in our cycle to work scheme), employee recognition scheme and various employee discount schemes.

By choosing Lloyd's, you'll be part of a team that brings together the best minds in the industry, and together with our underwriters and brokers, we create innovative, responsive solutions allowing us to share risk and solve complex problems.

Should you require any additional support with your application, or any adjustments, please click the following link;

Please note, clicking on this link does not register your application for the vacancy. About Us

Lloyd’s aim is to build a diverse, inclusive environment that reflects the global markets we work in and in which everyone is treated with dignity and respect.

We will invest in attracting the best talent to Lloyd’s, making sure recruitment is targeted at bringing in the skills we need to evolve.

We will develop a talent pipeline that provides us with the key capabilities we will need for the future. To also create a culture in which every employee fulfills their full potential, ensuring that leaders role-model the behaviours we expect in ourselves and others.

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