Senior Actuary, Capital Modelling

Lloyd's; London; Hybrid; GBP 60,000 - 100,000; Full time

Job summary

Join a forward-thinking organization as a Senior Actuary, Capital Modelling, where you will lead projects and collaborate with experienced stakeholders. This role offers the opportunity to manage the Lloyd’s Internal Model, ensuring compliance with regulatory standards while driving innovative solutions in capital modelling. You will play a pivotal role in enhancing the organization’s risk management capabilities, contributing to a more sustainable and resilient future. If you are passionate about actuarial science and thrive in a collaborative environment, this is the perfect opportunity for you to make a significant impact in the insurance industry.

Benefits

Generous pension

Healthcare

Wellbeing programs

Flexible working hours

Qualifications

• Significant capital modelling experience in non-life insurance.
• Fellowship in actuarial sciences is required.

Responsibilities

• Manage and support annual updates of the Lloyd’s Internal Model.
• Ensure compliance with Solvency II regulations and produce necessary documentation.

Skills

Non-life insurance experience

Capital modelling expertise

Project management

Actuarial techniques

Stakeholder management

Education

Fellow of the Institute and Faculty of Actuaries

Tools

Excel

Access

Word

Tyche

Remetrica

Igloo

Job description

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 recruiting for a Senior Actuary, Capital Modelling LIM (Lloyd's Internal Model) on an 8 Month FTC (Fixed Term Contract). In this role, you would be expected to manage projects, working with both experienced stakeholders and reviewing the work of junior analysts. As a member of the MRC team, you may also be expected to be involved in the wider team activities, including reserving and syndicate oversight.

Principal Accountabilities

Modelling Lloyd’s capital

1. Manage/support the annual update of the LIM to produce the Lloyd’s capital requirement on a number of bases (over a one year and ultimate time horizon, sensitivities, with incremental changes for bridging analyses, etc).
2. Review and challenge LIM results, providing analysis of change between updates for specific areas. Support the LIM validation process.
3. Manage/support and promote LIM uses in the wider Lloyd’s business, e.g., for the purpose of monitoring risk appetites. Investigate differences between Lloyd’s view of syndicates and syndicates’ own view.
4. Ad hoc analyses, e.g., in the wake of major loss events.
5. Specification and testing of proposed model changes.

Investigations relating to modelling of member capital, including:

1. Manage/support the annual update of the LIM to produce syndicate & member capital requirements on a number of bases (over a one year and ultimate time horizon, with incremental changes for bridging analyses, etc.).
2. Adapting the LIM to syndicate specific issues, if necessary.
3. Answering questions with respect to member’s diversification.

Parameterisation

1. Support the annual re-parameterisation exercise by working with the parameterisation team, as required, to review updates to parameters and understand their impact.
2. Validate updates to the parameterisation in the light of model results. This covers all key risk areas – insurance risk, market risk, credit risk, operational risk as well as Lloyd’s specific central risks.

First line validation

1. Manage comparisons of central and syndicate capital estimates and identify, quantify, report and if appropriate resolve these.
2. Manage analysis to support challenge to model output across central model components, including CCK, LCM and LIRM.
3. Manage analysis to support challenge to the risk-based approach and nature of review of syndicate capital reviews.
4. Provide significant input to first line validation testing on model appropriateness and completeness.

Ensure ongoing compliance with Solvency II

1. Discuss Lloyd’s responses to PRA questions and issues.
2. Produce additional analysis to support Lloyd’s responses, as required. Manage/support governance around model change is being followed.
3. Support timely completion of regulatory returns.

Documentation

1. Manage/support the regular update of the documentation of the LIM to ensure that it remains fit for purpose, useful and complies with regulatory requirements.
2. During a Major Model change application, support in co-ordination and delivery of the documentation package. This requires direct production of key documents and drawing on technical resource to deliver supporting documentation.

Relationship and Stakeholder management across the component owners of the LIM and wider stakeholders

1. Point of co-ordination between stakeholders across capital – the Lloyd’s capital team, Lloyd’s treasury team, Lloyd’s exposure management team.
2. Assist Heads of Capital, Treasury and Exposure management in areas related to delivery of model developments and PRA interaction.
3. Point of co-ordination between Risk Management (particularly the validation team) and other parts of the Corporation.
4. Data team and IT, to ensure that requirements arising from developments are notified and specified in good time.

Skills Knowledge and Experience

1. Experience in non-life insurance work, preferably with some exposure across a range of work areas and significant capital modelling experience.
2. Qualified as a fellow of the Institute and Faculty of Actuaries (or equivalent).
3. Experience in leading project work to completion.
4. Advanced knowledge of the actuarial techniques involved in non-life insurance capital work, including the requirements of Solvency II.
5. Knowledge of various IT tools including Excel, Access, Word.
6. Knowledge of capital modelling tools including Tyche, Remetrica, Igloo or similar.

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.

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).

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.

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