Senior Actuary, Reserve Modelling

Lloyd’s is the world’s leading insurance and reinsurance marketplace. We share the collective intelligence and risk sharing expertise of the market’s brightest minds, working together for a braver world. 

Our role is to inspire courage, so tomorrow’s progress isn’t limited by today’s risks.  

Our shared values: we are brave; we are stronger together; we do the right thing; guide what we do and how we act. If you share our values and our passion to build a future that’s more sustainable, resilient and inclusive, you’ll find a home at Lloyd’s – build a braver future with us. 

Lloyd’s is the world’s leading insurance and reinsurance marketplace. We share the collective intelligence and risk sharing expertise of the market’s brightest minds, working together for a braver world. 

Our role is to inspire courage, so tomorrow’s progress isn’t limited by today’s risks.  

Our shared values: we are brave; we are stronger together; we do the right thing; guide what we do and how we act. If you share our values and our passion to build a future that’s more sustainable, resilient and inclusive, you’ll find a home at Lloyd’s – build a braver future with us

Lloyd’s are seeking to recruit a Senior Actuary Reserve Modelling. The Reserve Modelling team at Lloyd’s is responsible for the calculation and reporting of territory specific reserving and funding requirements as well as monitoring the adequacy of reserves held at a global level as part of market oversight and Lloyd’s Actuarial Function. In this role you will be leading projects, delivering reserving exercises, collaborating with other teams and departments in Lloyd’s, supporting the timely completion of regulatory returns and ensuring ongoing compliance with international and UK regulations. The role will also involve people management as well as leading junior members of the team on the projects.

Principal Accountabilities

As a senior actuary you would be expected to be a technical expert and manage or support various aspects of the work undertaken by the Reserve Modelling team. These could comprise

International reporting and funding of territory licences

Where appropriate, Lead the actuarial support for existing international reserving, capital modelling, funding and reporting processes.

Where appropriate, lead the actuarial support for defence of existing licences and development to establish new licences.

Where appropriate, Lead the design and implementation of enhancements to existing processes and the creation of new reserving and capital modelling processes.

Develop a detailed understanding of the structure of Lloyd’s and the available data, and use this to form proposals for negotiation with international regulators on how regulations will be met by Lloyd’s

Central reserving

Where appropriate, lead the delivery of the annual central global reserving exercise undertaken at Lloyd’s in order to inform the view of surplus within the market.

Where appropriate, lead the conversion to a SII technical provisions basis

Report on outcomes for this work internally and to the market as appropriate

Lloyd’s Actuarial Function

Where appropriate, lead the delivery of the Lloyd’s Actuarial Function report outlining the activities of the team as required in the Solvency II directive

As required, review detailed actuarial analyses such as premium and claims projections, stress tests and forecasting

As required, lead ad hoc analyses, e.g. in the wake of major loss events

Reserving risk appetite

Based on central reserving and LAF reporting work provide input to appropriateness and status of reserving risk appetite

Stakeholder management

Develop strong relationships with international regulators and auditors.

Lead communication with the Market in relation to international funding and global reserving.

Collaborate with other teams and departments in Lloyd’s as appropriate

Regulatory developments

Support timely completion of regulatory returns.

Ensure ongoing compliance with international and UK regulations

Discuss Lloyd’s responses to regulators’ questions/issues and produce additional analysis to support Lloyd’s responses, as required.

Manage/support the regular update of the documentation to ensure that it remains fit for purpose, useful and complies with regulatory requirements

Support process and reporting changes in response to IFRS17

Team Management

Assist with recruitment into the team

Plan and deliver appropriate resourcing and training for work areas responsible for leading

Skills and Knowledge

• Qualified as a fellow of the Institute and Faculty of Actuaries (or equivalent)
• Advanced knowledge of the actuarial techniques involved in non-life insurance, preferably including the requirements of Solvency II and IFRS17
• Knowledge of various IT tools including Excel, Access, Word
• Knowledge of reserving tools including ResQ or similar
• Experience in non-life insurance work, preferably with some exposure across a range of work areas and significant reserving experience
• Experience in leading project work to completion

Diversity and inclusion are a focus for us – Lloyd’s aim is to build a diverse, inclusive environment that reflects the global markets we work in.  One where everyone is treated with dignity and respect to achieve their full potential. In practice, this means we are positive and inclusive about making workplace adjustments,?we offer regular health and wellbeing programmes, diversity and inclusion training, employee networks, mentoring and volunteering opportunities as well as investment into your professional development. You can read more about diversity and inclusion on our website. 

We understand that our work/life balance is important to us all and that a hybrid of working from the office and home can offer a great level of flexibility.? Flexible working forms part of a total reward approach which offers a host of other benefits over and above the standard offering (generous pension, healthcare, wellbeing etc).? These include financial support for training, education & development, a benefit allowance (to spend on our flexible benefits such as gym membership, dental insurance, extra holiday or to partake in our cycle to work scheme), employee recognition scheme and various employee discount schemes.  

By choosing Lloyd's, you'll be part of a team that brings together the best minds in the industry, and together with our underwriters and brokers, we create innovative, responsive solutions allowing us to share risk and solve complex problems. 

Should you require any additional support with your application, or any adjustments, please click the following link;

https://cleartalents.com/apply/lloyds-msa1645695881

Please note, clicking on this link does not register your application for the vacancy