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About the Role

We are looking for a Senior Actuarial Analyst to join our team in London on a full-time hybrid basis, supporting the Syndicate while developing modelling and actuarial skills.

Responsibilities

• Support the provision of accurate and timely SCR and capital related figures.
• Take a proactive approach to identifying, investigating and resolving Capital Model issues.
• Maintain the Internal Model (IM) and check and review IM changes.
• Assist with parameterisation and validation of the IM and associated documentation.
• Undertake data analysis and cleansing.
• Update and support the communication and production of documentation on model changes.
• Develop understanding of the internal model and planned changes.
• Develop a deep understanding of capital modelling, its regulations and importance to the Syndicate.
• Further develop Tyche skills, and code increasingly complex model changes in the IM.
• Review and sign off model changes made by other team members.
• Provide suggestions on possible future changes to the IM, including identifying requirements, advantages, and disadvantages.
• Perform data analysis to support IM inputs, including data checking, review, and distributional fitting.
• Populate Lloyd’s required data returns.
• Contribute to the enhancement of model outputs and optimisation of model input processes.
• Support, mentor, and develop junior team members to strengthen the team's technical capabilities.
• Support the work of the capital modelling team, including running the model, updating inputs, providing outputs, and documentation.
• Use and suggest updates to supporting documentation, including processes, expert judgments, model limitations, PLAs, and MLAs.
• Carry out validation analyses and tests as needed.
• Assist with the resolution of validation issues identified.
• Communicate results and explain the rationale for changing results to the Risk Team.
• Become involved in the development of the uses of the IM, improving outputs and explaining the implications of the information provided to the business.
• Assist with the redevelopment of the IM data feeds project.
• Assist with the project to remove as much bespoke code as possible.
• Develop intermediate (level 2) knowledge and understanding of Lloyd’s rules and regulations, particularly around capital setting and associated PBO requirements.
• Undertake actuarial examinations and qualify as an actuary.
• Assist where required to support the wider Actuarial Function.
• Help drive forward good Conduct for the business to deliver the best outcomes for customers/policyholders.

Requirements

• Actuarial experience, ideally within a Lloyd’s Syndicate, with a good level of knowledge of Capital Modelling processes and requirements.
• Good numerate degree.
• Good IT skills (minimum of Excel, preferably SQL and some programming experience in Tyche desirable).
• Intermediate knowledge and understanding of underlying principles of Reinsurance and operation of reinsurance programmes.
• Intermediate knowledge and understanding of Capital Modelling.
• Intermediate knowledge and understanding of underlying principles of Insurance.
• Intermediate knowledge and understanding of Solvency II reporting requirements and basis of calculations.
• Intermediate knowledge and understanding of Actuarial techniques.
• Intermediate knowledge and understanding of Capital Modelling process, coding, and the IM.
• Developing detailed knowledge of actuarial methods and techniques, and the ability to apply them in practice, making reasoned judgements within a business environment.
• Good working knowledge of statistical methods.
• Desire to develop and maintain current market knowledge on practices and regulation.
• Willingness to continue to develop knowledge of any related issues.
• Ability to work independently, while understanding limitations of your knowledge and when to ask for advice.
• Capital Actuarial Experience is desirable, ideally in a GI setting, but not essential.
• Some actuarial exam progress (though not essential).

Skills

• Excel
• SQL
• Tyche programming
• Statistical methods

Location

• London

Work Type

• Full-time
• Hybrid

Experience Level

• Senior

Education Level

• Good numerate degree

Benefits

• 25 days Annual Leave + bank holidays
• 10% Non-contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set-up Support

About the Company

• At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.
• At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.
• Learning and innovating today, striving for sustainable societies and business tomorrow.
• At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment.
• Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Equal Opportunity

• At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs.
• Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.
• All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.