Working within a small actuarial team the Reserving Actuary will assist in the delivery of analyses used to set syndicate reserves and the preparation of materials for the reserving committee. The role holder may also be involved in work to assist with the parameterisation and validation of the capital model. Support in the role is provided through technical and professional training, with development support from the Head of Reserving and Capital and the Chief Actuary.

This role could be a stepping stone for a successful candidate to progress towards the role of Reserving Manager.

 

Key Responsibilities

Quarterly reserving process:

  • Carry out analyses to support the estimation of the level of reserves the syndicate is required to hold both gross and net of reinsurance.
  • Extract premiums, claims and reinsurance data for use in reserve modelling.
  • Support the production of papers to communicate the results of the reserving analysis to the reserving committee.
  • Allocate reserves to Solvency II class, Situs Fund, sub-class as necessitated by reporting requirements.
  • Support the production of monthly MI e.g. actual versus expected analyses.
  • Prepare data as needed for third parties e.g. auditors, independent actuaries, and Lloyd’s MRC Department.
  • Familiar with reserving risk techniques such as bootstrapping, Mack etc.

Support for the acquisition of new business:

  • Assist with the onboarding of new business when required.
  • Design and production of exhibits for reporting on reserve analyses for the newly onboarded business.

Internal model:

  • Assist with the maintenance and parameterisation of the capital model reserving risk.
  • Assist with capital model validation of reserving risk.

 

Skills and Experience Profile
  • Associate/Fellow of the Institute and Faculty of Actuaries or Equivalent
  • Sound technical knowledge of the general insurance market, including London market experience
  • Detailed technical knowledge of reserving and related processes
  • Experience of developing and improving actuarial models including data specification and reconciliation, testing and documentation
  • Ability to communicate technical &/or complex matters to non-technical audience
  • Manage and develop successful relationships with senior members of the Executive, Claims, Reinsurance and Finance functions
  • Carries out analyses in a thorough manner
  • Able to work independently and collaboratively to meet deadlines and prioritise workloads

 

Company’s Values
  • Disciplined “We are balanced and objective in taking business decisions”.
  • Expert “We use our specialisms, expertise and creativity to get things done.”
  • Innovative “We are entrepreneurial, we challenge, we embrace change, and we continually seek to improve the way we do business.”
  • Accountable “We are outcome focused and deliver on promises.”
  • Integrity “We are responsible and perform to our best with strong moral and ethical principles to do the right thing.”
  • Inclusive “We encourage participation and value all contributions.”
  • Collaborative “The act of working together, as one team for the greater business purpose/good.”

 

Individual Conduct Rules

Tier 1 – Individual Conduct Rules All employees are subject to the following Conduct Rules.

Rule 1 – You must act with integrity

Rule 2 – You must act with due skill, care and diligence

Rule 3 – You must be open and cooperative with the FCA, PRA and other regulators

Rule 4 – You must pay due regard to the interests of customers and treat them fairly

Rule 5 – You must observe proper standards of market conduct

Rule 6 – You must act to deliver good outcomes for retail customers

 

Galejay and all its clients are inclusive employers and prides itself on the main values of honesty and integrity. If you have these qualities and wish to apply, please send your CV to Gary Forster Managing Director, at gforster@galejay-recruitment.com