Pricing Actuary

Rothesay; Greater London; On-site; GBP 85,000 - 120,000; Full time

Job summary

Rothesay, the UK’s leading pensions insurance specialist, is seeking a Pricing Actuary to join its London-based Pricing Team. The successful candidate will price, underwrite and execute new business opportunities across a range of deals, reporting to the Head of New Business Pricing.

The role requires a strong actuarial background, 2 years PQE with actuarial modelling exposure, and excellent Excel skills. You will model member benefits, form demographic assumptions and work closely with brokers

Qualifications

• 2 years PQE with exposure to actuarial modelling within an EBC or life insurance company
• Strong Excel skills and numerical analysis are required
• Experience in pricing and underwriting of pension-related transactions is desirable

Responsibilities

• Pricing, underwriting and execution of all new business transactions
• Modelling by-member scheme benefits in Rothesay’s proprietary valuation system
• Proposing demographic assumptions based on analysis of pension scheme populations
• Liaising with brokers and Business Development throughout the pricing process
• Producing deal economics and preparing documentation for approvals
• Reviewing transaction contracts with external counsel and monitoring underwriting risk

Skills

Actuarial modelling

Pricing

Demographic analysis

Excel

Education

Degree in a numerical subject

IFoA qualification

Job description

Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over £74 billion of assets under management, we secure the pensions of nearly one million people and pay out, on average, approximately £355 million in pension payments each month.

Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk. We are trusted by the pension schemes of some of the UK’s best known companies to provide pension solutions, including British Airways, Cadbury’s, the Civil Aviation Authority, the Co‑Operative Group, National Grid, NatWest, Morrisons and Telent.

At Rothesay, we are striving to transform our industry. We believe deeply in creating real security for the future and our leadership in finding new and better ways to do that is the key to our success. To do that, we need the very brightest original thinkers to bring creativity as well as rigour. Rothesay is a rewarding place to work, where quality people can thrive and prosper. We pride ourselves on the connections our people build, many of whom have been with us for over ten years.

Job Title : Pricing Actuary

Location:London, UK

Type of Position: Permanent

The Pricing Team is at the core of Rothesay’s business, playing a vital role in the business function. The team consists of a small group of like-minded, motivated individuals who work together to price, underwrite and execute new business opportunities – ranging from small BPA deals to the largest, most complex transactions in the industry.

Over the past ten years, Rothesay has successfully secured over 25% of market volumes, and 45% of all annuity transactions over £1bn since 2007. Thanks to the support of our long-term, institutional shareholders and significant surplus capital position, Rothesay’s new business appetite remains ambitious, building on our history of growth.

In light of our ambitions and the market opportunity, we are looking to make a new hire into the Pricing Team. The successful candidate will report through to the Head of New Business Pricing and will have exposure to Rothesay’s Executive Team and key decision makers. Rothesay’s unique culture emphasizes a joined‑up approach across the business, meaning the Pricing Team works closely with other teams including Business Development, Strats (quantitative analysts), Traders and Operations, among others.

Responsibilities:

The team is responsible for the pricing, underwriting and execution of all new business transactions.

• Modelling by-member scheme benefits in Rothesay‘sproprietary valuation system
• Underwriting and proposing demographic assumptions based on analysis of the socio-demographic profiles of pensions scheme populations
• Liaising with brokers throughout the pricing process, alongside Business Development
• Producing new deal economics
• Drafting materials for approvals, and presenting those materials at internal committees
• Calculation of premiums and preparation of proposal documentation
• Working closely with external legal counsel to analyse the legal benefit risks of pension schemes, and reviewing transaction contractual documentation
• Providing input on the overall underwriting policy and pricing levels, including consideration of new business opportunities
• Monitoring the risks to which Rothesay is exposed

Skills and Experience required:

• 2 years PQE, ideally including recent exposure to actuarial modelling within an EBC or life insurance company
• Application of experience and professional judgment to identify and underwrite risks to Rothesay, relating to new transactions
• Knowledge of the main features of DB pension benefits including GMP, Barber, revaluation and anti-franking
• Possess a degree in a relevant numerical based subject and/or have some relevant industry qualifications such as IFoA
• Strong Excel skills

Desirable competencies:

• Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate analytical skills
• Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works towards challenging goals and persists in the face of obstacles or setbacks
• Client and Business Focus - Effectively handles difficult requests, builds trusting, long-term relationships with clients and service providers, helps the client to identify/define needs and manages client/business expectations
• Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions
• Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others. The successful candidate will need to be able to confidently express their own viewpoint and to communicate clearly and succinctly financial results and complex actuarial issues to actuaries and non-actuaries.
• Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives. Sees the big picture and effectively analyses complex issues
• Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value.
• Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions. Takes a position on issues and influences others' opinions and presents persuasive recommendations

Disclaimer

This position description is intended to describe the duties most frequently performed by an individual in this position. It is not intended to be a complete list of assigned duties, but to describe a position level. The role shall be performed within a professional office environment. Rothesay has health and safety polices that are available for all workers upon request. There are no specific health risks associated with the role.

Inclusion

Rothesay actively promotes diversity and inclusivity. We know that our success depends on our people and that by nurturing a culture that values difference, we create a stronger, more dynamic business. We welcome applications from all qualified candidates, regardless of race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability or age.