Solvency 2/Technical Provisions Actuary- London Market Insurer- will pay competitively

Solvency 2/Technical Provisions Actuary

Carry out Solvency II calculation including but not limited to the following:

o Standard formula calculation

o Technical provisions calculation

o Technical provisions validation process

o Reconciliation of GAAP reserves to Solvency II reserves

o Assessment of the Appropriateness of the Standard Formula

o Projected SCR calculation (FLOAR)

· Calculate the business’ economic capital benchmark by running the internal models.

· Carry out regular (annual/half-yearly) validation routines of the internal models.

· Maintain and regularly review documentation and data governance framework that is in place.

· Support the production of the ORSA paper which is presented to the Board by the CFO.

· Carry out the quarterly reserving exercises by line of business for each of the Association’s and make recommendations to the reserving committee.

· This is done by running the reserving model in ResQ..

· Support the production of an annual reserving paper to document the year end reserving position which is then presented to the Board by the CFO.

· Review changes to or new reinsurance arrangements. Modelling the impact of any changes or new reinsurances, report and comment on the results.

Data

· To support marine and non-marine claims and underwriting teams with data and statistics for regular reporting and ad-hoc requests.

· To produce and supply all data requested by reinsurers either for renewal discussions or for the calculation of the reinsurance premiums.

Person Specification

Background / Job History Essential Desirable

Solvency II or reserving expertise including knowledge of systems of

governance and controls, risk framework, ORSA and internal models.

Insurance industry experience 

Education / Qualifications / Training & Development

Graduate (major in Mathematics, Actuarial Studies or Statistics). 

Actuarial professional qualification (AIA or FIA) or working towards. 

Knowledge / Skills / Experience

Computer literate and familiar with all MS Office packages (Outlook, Word, Excel, PowerPoint etc)

Knowledge of Visual Basic Application macros 

Knowledge of reserving software, ResQ 

Competencies Essential Desirable

Communication – Ability to quickly assimilate information, establish key issues and to express them effectively and succinctly in writing and verbally. Also understands the need to communicate to a diverse technical and non-technical audience in formal and informal settings.

Technical / Analytical - Apply actuarial knowledge, skills and judgement that are required to provide value-added services.

Strategic Insight and Integration – Ability to anticipate trends and strategically align actuarial practice with the broader organisational business goals.

A team player – Able to work in a small team and collaborate with other team members to get achieve team objectives.

Customer focused – Recognises the needs of external / internal stakeholders and consistently delivers and meets promises made.

External Forces and Industry Knowledge – Identifying and incorporating changes in the design and delivery of actuarial solutions due to economic, social, regulatory, geo-political and business issues.

Results orientated – ability to work accurately with detailed information and work to key dates and/or milestones.

Work well under pressure and to tight deadlines