Capital Modelling Actuary

Chaucer Group; Greater London; Hybrid; GBP 90,000 - 130,000; Full time

Benefits offered by this job

Flexible hybrid work model

Inclusive culture

Generous benefits package

Job summary

Chaucer Group, a leading Lloyd's insurer, is seeking a capital modelling actuary to provide risk and capital analysis for its managed Lloyd's syndicates. You will deliver the SCR, contribute to internal model development, and produce MI for risk committees and senior management.

The role requires experience in capital, pricing or reserving, strong stakeholder communication, and the ability to manage complex projects within Solvency II and UK Lloyd's frameworks.

Qualifications

• Qualified or near-qualified actuary (IFoA).
• Experience in capital modelling, pricing or reserving.
• Ability to communicate with senior stakeholders (written and verbal).
• Experience managing people and complex projects.
• Knowledge of Solvency II / Lloyd's framework.

Responsibilities

• Provide risk and capital analysis for Chaucer's managed Lloyd's syndicates.
• Deliver the SCR and develop internal model outputs.
• Produce and validate model results for risk committees and senior management.
• Support development and parameterisation of the Internal Model (Igloo coding).
• liaise with Lloyd's and the PRA on technical elements of SCRs and ORSA.

Skills

Stakeholder communication

Regulatory capital analysis

Model validation

Programming basics (VBA/SQL/Python)

Team leadership / project management

Education

IFoA qualification / near-qualified

ERM / CERA exam

Tools

Word

Excel

PowerPoint

VBA

SQL

Python

Job description

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.

Headquartered in London, with international hubs in Copenhagen, Dubai, Miami, Dublin, Singapore, Sydney and Bermuda, to be closer to our clients across the world. To learn more about us please visit our website www.chaucergroup.com

Job summary

Provide risk and capital analysis (regulatory and economic) for Chaucer's managed Lloyd's syndicates. Delivery of the syndicate SCR, taking responsibility for specific areas of the internal model, producing and validating model outputs. Involved in model and MI development as well as use of the capital model throughout the business. Opportunities to liaise and form close working relationships with the wider business. Communication and presentation of analysis and results to key internal (incl. senior management) and external stakeholders (incl. the parent company and regulator).

• Assist in the production and delivery of regulatory and economic capital requirements (SCR / ECA / Standard Formula) for all Chaucer managed syndicates;
• Run capital models to understand capital implications of business decisions as required;
• Produce and develop management information for the interpretation and presentation of modelled results to various groups within Chaucer, including Risk and Model Working Groups and ad-hoc forums with senior management as required
• Assist in the ongoing development (incl. Igloo coding) and parameterisation of the Internal Model whether as a result of issues raised internally, or by regulators / (independent) validators, or as a result of changes in risk profile / industry best practice;
• Support validation of model outputs;
• Assist in the assessment, escalation and actioning of limitations in capital modelling methodologies, processes and results;
• Assist in the maintenance of Internal Model documentation in line with Solvency II / UK tests and standards;
• Adhere to controls over all key capital modelling processes
• Assist in the ongoing compliance of the Internal Model with relevant Solvency II / UK standards, UK and international regulations, and professional guidance, including maintenance of documentation and adherence to controls
• Assist the Head of Capital Modelling on the liaison with Lloyd's and the PRA regarding technical elements of SCRs and the ORSA;
• Assist 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;
• Work closely with the Risk function and the business to advise on the integrated use of the Internal Model in risk management processes across the Group, including the adequacy and efficacy of risk mitigation techniques and advising the business on the optimisation of financial risk profile based on capital efficacy and risk-reward relationships (e.g. investment strategy, business portfolio mix, new classes of business, divestments).

Our requirements

• General Insurance Actuarial
• Working in a Capital, Pricing or Reserving role
• Parameterisation of stochastic underwriting or reserving risk
• Stochastic modelling of insurance and other risks
• Formal experience of managing people and complex projects
• Presenting to and communicating with senior stakeholders (written and verbal)

Skills

• Advanced user of Word, Excel and PowerPoint
• Computer programming (VBA, SQL, Python and / or other languages)
• Proactive approach to continuous improvement, with a focus on enhancing processes, automation, and modelling methodologies
• Understanding of the Solvency II / UK / Lloyd's framework

Education & Experience

Qualified or near-qualified actuary (IFoA)

• Enterprise Risk Management / CERA examination pass or equivalent

Personal skills

• Comfortable working in a dynamic and evolving environment, with ability to adapt quickly to changing priorities.
• Aptitude for managing and delivering complex projects
• Hard working and committed to delivery of high-quality output
• Able to liaise with staff at different levels of seniority and in different teams

Why Join Chaucer?

Chaucer is a leading global insurer operating in both Lloyd's and company markets, helping industries worldwide manage risk-from nuclear, shipping, manufacturing, and property. Headquartered in London, with offices in Copenhagen, Bermuda, Sydney, Ireland, Miami, Dubai, and Singapore, we're close to our clients wherever they are.

We have shown strong financial success with our Gross Written Premiums growing from $1.4bn in 2019 to $3.5bn in 2024. Backed by strong teams, platforms, and client relationships, Chaucer is poised for continued success.

This is an exciting time for Chaucer; we have the people, the platforms, the expertise and the relationships to continue our recent success. We will remain focussed on the areas where we can provide the most expertise and value to our brokers and clients.

We offer:

• A flexible office hybrid work model that supports individual and team needs.
• A diverse, inclusive culture that values people for who they are.
• Extensive, non-contributory benefits, including medical, life, and pension cover, flexible holidays, and wellbeing support.