Reserving Actuary | Bermuda
RESERVING ACTUARY - INSURANCE - BERMUDA - EXPAT PACKAGE - ONLY 6% TAX
About this opportunity
An opportunity exists for a part-qualified Actuary, making good progress toward completion of the Actuarial exams of a recognised body, to join the company as a Reserving Actuary.
Reporting to the Head of Actuarial Reserving & Capital, the successful candidate will facilitate a robust and transparent reserving process in line with Group, Regulatory and professional standards and to enable the effective management of reserve related risk.
Key responsibilities will include:
- Ensuring reserves comply with relevant regulatory standards
- Meeting all internal and external reporting requirements (i.e. actuarial, risk and finance)
- Providing expert support to the capital modelling, business planning and technical pricing processes as well as the timely provision of robust reserve estimates
- Appropriate application of standard reserving techniques (i.e. Chain Ladder & Borneutter-Ferguson) as well as stochastic claims reserving (i.e. Bootstrap) methodologies to derive reserve risk distributions
- Remaining consistent with assumptions between reserving, business planning, capital modelling and technical pricing
- Liaising with stakeholders to ensure the reserving process reflects the specific features of underlying contracts and open claims
- Supporting the development of an Economic Balance Sheet as required by regulatory standards
- Participating in the analysis and review of large individual claims /loss events
- Maintaining knowledge of existing and developing domestic and global accounting standards including GAAPs and IFRS
- Application of actuarial judgment based on changes in macro-economic and claims environment
- Preparing best estimate reserves on all required bases including Underwriting Year, GAAP, discounted and undiscounted
- Managing budgeted resources by anticipating expenditures, accurately forecasting resource needs/costs and properly accounting for expenses to achieve fiscal responsibility
What you’ll need
- Passed or be exempt from five examinations with a recognised actuarial body
- Minimum of 5 years’ experience in a directly relevant reserving role within the Non-Life Reinsurance industry
- Degree level in Actuarial Science, Mathematics, Statistics or another maths-based subject
- Working knowledge of relevant product lines including key exclusions, material terms and conditions, policy limits and exclusions
- Good understanding of compliance issues as well as Bermudian or broadly equivalent (e.g. Solvency II) regulatory regime. Knowledge of other regulatory requirements (i.e. Australia) is an asset
- Awareness of macro claims and economic environment to the extent that it may impact reserve estimates along with the ability to identify and evaluate emerging reserving techniques
- Expert level Excel skills are essential. Prior use of Res-Q preferable as is experience with other analytical tools
- Strong communication skills including the ability to communicate complex statistical techniques to non- mathematical audiences
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.