Pricing & Structuring Actuary | Bermuda
PRICING & STRUCTURING ACTUARY – INSURANCE – BERMUDA – US$150-200,000 PACKAGE – LOW TAX
About this opportunity
Our client, the life reinsurance arm of a global company, is seeking a qualified Pricing & Structuring Actuary to join its busy office in Hamilton. The purpose of the role is to support the pricing, structuring and implementation of all new business written by the firm in Bermuda, as well as to ensure risk and capital implications of new business written are clearly understood and managed in the context of the business plan.
Responsibilities of this position are as follow:
- Support of the pricing of all new annuity, longevity and protection /mortality reinsurance business opportunities in Bermuda
- Support the structuring of all reinsurance contracts; ensure they are consistent with all legal, tax, operational and regulatory requirements
- Ownership of pricing systems and processes including the review of existing systems and the development and implementation of new ones
- Ensure business written is consistent with the financial objectives of the company
- Report to the Chief Strategy Officer on the risk and capital (SII, local Bermuda) implications of new business as well as on profitability
- Provide actuarial leadership to other areas of the business
- Plan and manage actuarial resources including the use of outsourced actuarial expertise where appropriate
- Carry out duties with integrity and diligence, ensure that appropriate professional standards are maintained, that the pricing requirements and reporting deadlines are met, that records are maintained and that the actuarial processes are fit for purpose and meet internal and regulatory requirements
What you’ll need
- Expert experience of pricing annuity business /pensions risk transfer
- Experience of structuring transactions
- Experience of the management and development of actuarial staff
- Able to understand and apply technical aspects of external regulatory reporting, capital and solvency requirements, company embedded value and IFRS reporting
- Able to demonstrate strong technical actuarial skills as well as the ability to apply judgement and pragmatism in order to achieve business aims
- Able to design and implement efficient, robust and effective actuarial processes, incorporating appropriate controls
Desirable further competencies include:
- Experience of pricing protection /mortality business
- Experience of management of performance and processes to ensure delivery of business objectives
- Awareness and understanding of the wider business, economic and market environment in which the business operates
- Awareness and understanding of the company’s business strategy and model
- The ability to interpret financial information, identify key issues based on this information and propose controls and measures to address them
- Technically able and commercially aware. Able to take responsibility for professional actuarial matters within the business
- Able to take a balanced view, taking on board the views of others and potential risks, combined with the personal confidence to take decisions and to see them through
- Able to demonstrate strength of character, professional ability and integrity as well as having sufficient confidence to back own judgement
Twenty one miles in length, Bermuda is a beautiful group of Islands located 600 miles east off the coast of North Carolina, USA. It has a year-round population of 65,000 (over a quarter of whom are expatriates) and this increases significantly during the long, hot summer tourist season when up to half a million visitors arrive. The Island time zone is four hours behind the UK, one hour ahead of East Coast Time. The climate in Bermuda is generally sub-tropical and frost-free, thanks to the Gulf Stream. The local currency is the Bermuda dollar, which is fixed at parity with the US dollar. Both are freely useable on the Island. There is a 6% payroll deduction and no income tax.
Visit the Hamilton Recruitment website to find out more about Bermuda, living and working offshore, and actuarial work on the Islands: http://www.hamilton-recruitment.com/faqs
About Hamilton Recruitment
Hamilton Recruitment specialises in offshore Legal recruitment for destinations such as Bermuda and the Channel Islands, as well as Caribbean jurisdictions like the British Virgin Islands and the Cayman Islands.
Please contact Clare Bishop on clare.bishop @hamilton-recruitment.com or +44 (0)207 873 2243 concerning this opportunity or for more information about living and working offshore.
In the event that you are not shortlisted for this particular vacancy, your details will be held on file and considered for other relevant opportunities.