Pricing Actuary

Employer
Avencia
Location
England, London
Salary
Negotiable
Closing date
15 Dec 2022
Reference
MKL00688

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Sector
General insurance
Contract Type
Permanent
Hours
Full Time
Experience/Function
Qualified, Nearly qual (11+ exams)
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About us

Are you looking for an opportunity to progress your career as a Pricing Actuary?

Help our actuarial department in providing an excellent service to Markel International, assisting the business in achieving consistent underwriting profit.

Markel International underwrites a diverse portfolio of property, casualty and marine insurance and reinsurance business on a world-wide basis. Markel International underwrites through Lloyd's of London, and regionally through commercial insurance routes.

The role

We have an excellent opportunity for a nearly or newly qualified candidate to join our London Pricing team.

This team deals with individual risk pricing, pricing model development, outwards reinsurance analysis, profitability analysis, the production of management information and a broad variety of pricing projects within the Actuarial department.

They will also take part in annual business planning, capital model parameterisation, and our detailed Q1 annual reserve review. This is a great way for the individual to improve their understanding across the different actuarial disciplines and how they interact, which in turn may help with future regulatory roles.

This role can be either part or full-time.

What you'll be doing:

Individual risk & outwards reinsurance pricing:

  • Price specific risks according to Markel underwriting guidelines, as required by underwriters, across all our underwriting divisions (which are split across our Wholesale, National Markets and Global Reinsurance business segments).
  • Actively build relationships with underwriters and seek areas where the Pricing team can add value.
  • Provide actuarial input into the pricing and structure of reinsurance programmes.
  • Recommend ongoing data requirements to improve future pricing.
  • Discuss current pricing methods and rate monitoring with regulators and rating agencies.

Profitability and portfolio analysis:

  • Provide guidance to senior management to assist in the formulation of strategy on selected lines of business, collaboratively alongside underwriting technical support colleagues.
  • Assist in producing the annual Actuarial Function reports on underwriting and reinsurance adequacy.
  • Review rate monitoring systems regularly to ensure output is accurate.
  • Develop the link between pricing MI and the reserving process.

Rating models & new product development:

  • Contribute to the development of key actuarial rating models - for example our experience rating and treaty pricing tools.
  • Support the building of new rating models and the evolution of existing models, jointly with the underwriting divisions and their technical support teams.
  • Work with underwriters on new product development.

What we're looking for:

  • Have completed a numerical degree with a classification of 2:1 or above, or equivalent.
  • Be a nearly or newly qualified member of the Institute and Faculty of Actuaries (exact job title dependent on qualification status).
  • Demonstrate extensive knowledge and experience of working within the Lloyd's and London market.
  • Have experience in leading projects and delivering success.
  • Have excellent IT skills - especially Excel, VBA, @Risk and SQL.
  • Have knowledge or willingness to learn R, Python or other analytical tools.
  • Will display excellent analytical, negotiation and decision making skills.
  • Actively keep knowledge and skills up-to-date through courses and seminars, where appropriate.

About Markel:

Avencia Consulting are an RPO who provide a recruitment service to our client Markel International.

Markel Corporation (NYSE - MKL) a fortune 500 company with over 60 offices in 20+ countries, is a holding company for insurance, reinsurance, specialist advisory and investment operations around the world.

What's in it for you?

  • A very competitive basic salary plus bonus & benefits.
  • 25 days' holiday plus Bank Holidays, with the opportunity to buy / sell extra leave.
  • Company matched pension scheme, private medical and dental cover, life assurance, travel insurance cover, income protection, a cycle2work scheme, season ticket loan, Employee Assistance Programme (EAP), maternity, adoption and shared parental leave pay, paternity pay…..and plenty more.
  • Voluntary benefits designed to suit your lifestyle - from discounts and cash back on retail and socialising, to health & wellbeing, travel and technology.
  • The possibility of working from both the office and from home (hybrid), flexible working or other options are available.
  • You'll get the chance to follow your chosen career path anywhere within Markel.
  • You'll be joining a global network of experienced, innovative and dedicated individuals across multiple teams and countries. There are countless opportunities to learn new skills and develop in your career, and we'll provide the support you need to do just that.

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