Head of Capital

1 week ago

London, United Kingdom Ogden Scott Full time

Head of Capital Modelling

Position Overview: We are seeking an experienced professional to oversee all aspects of capital modelling for the syndicate. The successful candidate will report to the Deputy Chief Actuary and be responsible for leading the capital modelling team, ensuring compliance with regulatory requirements, and supporting business planning and decision-making processes.

Job Details: We welcome applicants who require flexible working arrangements, including hybrid working.

Key Responsibilities:

Capital Modelling:

  • Lead the preparation of the Solvency Capital Requirement (SCR) for the Lloyd’s Capital Submission (LCR).
    • Liaise with Lloyd’s and the PRA to facilitate their review process and address feedback.
    • Incorporate the latest market approaches and new regulatory requirements within the internal model.
    • Oversee updates to the capital model in line with relevant governance and policies.
    • Take responsibility for the ongoing development of the internal model.
    • Drive the development of the capital modelling function with a focus on continuous improvement in process quality and efficiency.
    • Lead the parameterization process of capital models, investigating new methods and data sources, and collaborating with underwriters for expert judgement.
  • Embed the capital model within the business for decision-making in areas such as business planning, parameterisation, RI purchase, and risk management.
  • Oversee the preparation of documentation and reporting of capital results, and present/engage on capital matters at relevant committees.
  • Communicate capital results to senior management and the board to ensure their understanding.
  • Prepare capital metrics and output to aid management decision making, including ownership of ROE calculation and reporting.
  • Collaborate with internal validation/risk teams, external validation consultants, and internal audit to support validation and audit workstreams.

Head of Capital:

  • Take responsibility for the calculation of quarterly technical provisions.

Management:

  • Lead and develop the capital modelling team, managing two direct reports.
  • Drive further improvement and upskilling of the team.
  • Establish clear timelines for the capital modelling process and allocation of roles and responsibilities within the team.

Business Planning:

  • Support the planning manager in the business planning process and resultant plans.
  • Review methodologies and assumptions used, ensuring they remain valid for inputs into business planning.
  • Review associated parameterisation for the capital model.

Upwards Support:

  • Provide support to the Chief Actuary for regular work and ad hoc projects as needed.

Required Competencies:

Management:

  • High level of management ability.

Actuarial:

  • Extensive experience in actuarial and capital modelling.
  • Ability to analyse and interpret complex financial information with high accuracy.
  • Keeps abreast of market issues and provides thought leadership on technical matters.
  • Capability to build an internal model on a new platform if required.

Communication:

  • Confident communicator, capable of delivering oral presentations at Committee level and designing new deliverables.

Regulatory:

  • Awareness of and ability to ensure compliance with PRA/FCA and other professional requirements.

Relationships:

  • Ability to maintain satisfactory relationships with colleagues, other actuarial professionals, financial advisers, and service providers.

Presentation:

  • Proficient in making effective presentations to committees, staff, and others.

Administration and Compliance:

  • Operate at all times to the standards and rules of regulatory bodies and the firm’s standards documents.

Required Knowledge and Skills:

  • Highly numerate with strong financial awareness.
  • Multi-disciplined, professional approach.
  • Excellent interpersonal and communication skills.
  • Good management and supervisory skills, with the ability to direct, motivate, and develop team members.
  • Good judgement skills in task prioritisation, delegation, and resource allocation.
  • Strong project management skills.
  • Self-responsibility for own competence and addressing requirements in a timely manner.
  • Good IT skills, particularly in Microsoft Excel and dedicated actuarial software.
  • In-depth understanding of Lloyd’s and knowledge of issues affecting the insurance market.
  • Thorough understanding of the classes of business transacted by the organisation.
  • FIA or equivalent qualification.
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