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About the Role

Co-ordination and provision of risk and capital analysis (regulatory and economic) for Chaucer’s managed syndicates and support for capital related work on other Chaucer entities. Manage the development of the capital model and support the Head of Capital Modelling in integrating the capital model with effective risk management. Communication and presentation of analysis and results to key internal and external stakeholders.

Responsibilities

Manage the operation of processes to produce and deliver the regulatory and economic capital requirements (SCR / EC / Standard Formula) for all Chaucer managed syndicates
Support the Head of Capital Modelling in presenting and communicating modelled results and analysis to various stakeholders, including Boards, Committees, third party syndicates and capital providers
Manage parameterisation processes in line with issues raised by regulators, the validation process, business changes and industry best practice
Manage the assessment, escalation and actioning of limitations in capital modelling methodologies, processes and results
Manage the maintenance of Internal Model documentation in line with required tests and standards
Support in the validation of model outputs
Support the Head of Capital Modelling to ensure all capital modelling work is consistent with UK and international regulations and professional guidance; in particular - ensure the ongoing compliance of the Calculation Kernel with relevant Solvency UK Standards
Manage the capital model use framework for Chaucer and further embed use in decision making and risk assessment processes across the Group
Liaise with senior management and key stakeholders to align model use to their needs through collaboration, education and providing insight
Ensure consistency in application of risk assessment across all uses and decision making
Support the optimisation of financial risk profile based on capital efficacy and risk-reward relationships (e.g. investment strategy, underwriting portfolio mix, outwards reinsurance strategy, new classes of business, M&A)
Work closely with Outwards Reinsurance Team to model, assess and communicate impact of alternative structures, and provide portfolio insights to aid purchase strategy and optimisation
Manage delivery of earnings volatility and risk appetite assessments
Manage capital allocation process, including communication of output to end users
Manage capital model analyses for ad-hoc and strategic Group initiatives
Manage the development and maintenance of controls over all key capital modelling processes
Support the Risk function in the production of the ORSA, including analysis of risk aggregations and changes in risk profile, as well as stress and scenario testing
Support the Head of Capital Modelling on the liaison with Lloyd’s and the PRA regarding technical elements of SCRs, or the ORSA
Develop, manage and coach capital modelling team members so that they have appropriate opportunities and skills to perform their respective duties
Participation in agency working groups and committees as required

Requirements

General Insurance Actuarial experience
Lloyd’s of London experience
Capital modelling experience
Stochastic modelling of insurance and other risks experience
Experience of managing projects / others and being personally accountable for delivery
Experience presenting to and communicating with senior stakeholders (written and verbal)
Overseen production of Lloyd’s SCRs (Desirable)
Interaction with regulators (Desirable)
Portfolio optimisation (Desirable)
Strategic model use (Desirable)
Good knowledge of Word, Excel and Powerpoint
Good knowledge of Igloo or equivalent model software
Understanding of the Solvency UK framework
Igloo expert (Desirable)
Technical competence with one or more programming languages (e.g. SQL, Python) (Desirable)
Management aptitude
Analytical skills
Enjoys complex problems
Ability to work in a team
Ability to take and provide constructive challenge
Able to work flexibly and adapt to changing conditions and priorities
Hard working and committed to producing high quality output
Able to liaise with staff at all levels
Self-motivated and self-starter
Excellent verbal and written communication skills

Skills

Capital modelling
Stochastic modelling
Risk management
Communication
Presentation
Microsoft Word
Microsoft Excel
Microsoft Powerpoint
Igloo
Solvency UK framework
SQL (Desirable)
Python (Desirable)

Location

London

Work Type

Flexible working arrangements considered

Experience Level

Qualified actuary
Statistical qualifications (Desirable)
Enterprise Risk Management / CERA examination pass or equivalent (Desirable)

About the Company

Chaucer is a leading insurance group at Lloyd’s, the world’s specialist insurance market.
We help protect industries around the world from the risks they face.
Our customers include major airlines, energy companies, shipping groups, global manufacturers and property groups.
Our headquarters are in London, and we have international offices in Bermuda, Copenhagen, Dubai and Singapore to be closer to our clients across the world.

Equal Opportunity

Chaucer is committed to diversity, actively values difference and respects people regardless of the protected characteristics which are outlined in the Equality Act 2010 (UK legislation) as a result of the Equal Treatment Directive 2006 (EU legislation).
A diverse workforce and an inclusive workplace are core to our success as a business and integral to our winning strategy and culture.
We recruit from the widest available pool of talent, and our hiring, assessment and selection process is fair, free from bias and one which ensures we select the right person for the job, based on merit.
We are committed to promoting a culture that actively values difference, and recognises that everyone has the right to be treated with dignity and respect throughout their employment.