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Senior Reserving Actuary (Interim) in London at Tokio Marine HCC

Date Posted: 7/9/2018

Job Snapshot

  • Employee Type:
    Contractor
  • Location:
    London
  • Job Type:
    Insurance
  • Experience:
    Not Specified
  • Date Posted:
    7/9/2018

Job Description

Maternity Cover - 9 months (possibly extending to 12 months)

Job Purpose:

Work under general supervision to support the UK actuarial function in all aspects of the reserving process including the evaluation of Solvency II technical provisions. With the support of a dedicated team of analysts, the individual will assume responsibility for the delivery and ongoing development of the actuarial reserving process and all related analyses fulfilling both internal and external reporting requirements.

Key Responsibilities:

Quarterly reviews of reserves in respect of P&C business written across TM HCC’s International Group platforms, including Energy, Marine, Property, Treaty, Accident & Health, Credit, Surety, Professional Indemnity, D&O and miscellaneous financial and liability lines. Work covers:

  • Appropriate application of actuarial loss reserving techniques and expert judgement;
  • Timely delivery and communication of results to management, relevant committees and heads of underwriting business units;
  • Ensuring formal TAS compliant reports are produced by the UK actuarial function in a timely manner;
  • Coordinate and review analysts’ work, providing timely performance feedback and training to ensure high professional standards are met at all times;
  • Liaise with finance, claims management and business intelligence to resolve processing issues as necessary;
  • Co-ordinate with actuarial teams based in the United States to ensure International actuarial input is relevant and timely;
  • Identification and implementation of technical and other process enhancements to increase the efficiency of the reserve review process and controls around data quality;
  • Ongoing development and enhancement of actuarial methods and diagnostic tools applied in reserving analyses and monitoring of loss trends;
  • Maintenance and further development of detailed documentation of reserving assumptions and methodology as well as actuarial procedure documents;
  • Support with ad hoc requests from management, regulators and auditors as required, including liaising with the external actuaries to ensure timely provision of the annual Statement of Actuarial Opinion for TM HCC Syndicate 4141.

Periodic analysis of reserve risk to quantify and communicate the range of uncertainty around the actuarial best estimate and support the parameterization of key inputs to the internal capital model, including:

  • Specifying and calibrating a set of statistical distributions used to model reserve risk as part of the capital setting process;
  • Contribute to internal model validation by implementing improvements to address prior validation findings and assisting with validation queries.

Quarterly evaluation of Solvency II technical provisions, including:

  • Update of key model variables and assumptions used to assess Solvency II technical provisions;
  • Timely delivery and communication of Solvency II technical provision output to management;
  • Development and enhancement of the Solvency II technical provision calculation process to optimize efficiency and ensure adequate controls around data quality; implement changes required in line with revised Solvency II guidance.
  • Assist other business units regarding regulatory matters related to Solvency II technical provisions as required, including help with completing regulatory submissions, resolving queries from the regulator and calculating the Standard Formula SCR.

Involvement in preparation for IFRS 17 implementation, including giving actuarial technical input to, and coordinating with other stakeholders, in particular Finance and IT, both in the US and the UK.

Involvement in any recruitment process for the reserving team, should the need arise.

Contribute to the growth of intellectual capital within the actuarial department through sharing of specialized expertise with other members of the team.

Job Requirements

Skills and Experience Specification:

Essential:

  • Bachelor’s degree in Actuarial Science, Mathematics, Statistics or related field.
  • Qualified as a Fellow of the Institute and Faculty of Actuaries (FIA), Fellow of the Casualty Actuarial Society (FCAS) or similar.
  • Minimum of 6 years core reserving experience involving practical application of actuarial methods and statistical techniques used in reserving of London Market P&C lines.
  • Commercial awareness and knowledge of industry changes, legal updates and technical developments related to applicable areas of TM HCC’s business to proactively respond to changing business environment.
  • Thorough knowledge of the regulatory environment, including specific responsibilities placed on the actuarial function as part of the Solvency II framework and Lloyd’s guidance for the setting of syndicate reserves.
  • Strong analytical skills with aptitude for detail and ability to apply advanced problem solving skills.
  • Excellent written and verbal communications skills.
  • Advanced proficiency and experience using Microsoft Office Package (Excel, Access, PowerPoint, Word), including application of macros.

 Desirable:

  • Advanced proficiency and experience working with ResQ.

Key Values:

  • High personal standards with a desire to achieve excellence and add value.
  • Committed to the role with willingness to take accountability.
  • A team player embracing a collaborative approach.
  • Ability to work efficiently and manage high workloads.

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