Pricing Actuary Trainee

Raretec; Greater London; On-site; GBP 28,000 - 42,000; Full time

Job summary

Raretec is delighted to be working exclusively on this Pricing Actuary Trainee role in London with OAK Global, a leading Lloyd's risk partner.

Reporting to a Senior Actuary, you'll support pricing and actuarial functions across OAK Global, gaining exposure to underwriting, capital, finance and strategy, and helping develop OCEAN, our underwriting and pricing platform.

Qualifications

• Degree or equivalent experience.
• Some exposure to actuarial or pricing work (internship, placement, or early study) is an advantage but not essential.
• Excellent analytical skills with a risk-focused mindset.
• Curiosity and attention to detail, with a desire to understand the 'why' as well as the 'how'.
• Ability to communicate technical concepts clearly to non-actuarial stakeholders.

Responsibilities

• Pricing & underwriting support: Partner with underwriters across multiple classes to price individual risks accurately and consistently.
• Pricing & underwriting support: Apply approved pricing tools and methodologies, with guidance and peer support.
• Pricing & underwriting support: Clearly document pricing assumptions, rationale and outcomes to an auditable standard.
• Pricing & underwriting support: Help train and support colleagues in the use of pricing tools and models.
• Model development: Build, maintain and improve class pricing models.
• Model development: Document models in line with actuarial and internal standards.
• Model development: Participate in peer reviews and model validation, learning best practice as you go.
• Model development: Help keep models up to date through version control and structured change logs.
• Planning, capital & portfolio insight: Support business planning through historical analysis and projections.
• Planning, capital & portfolio insight: Contribute market and portfolio insights to planning and SBF submissions.
• Planning, capital & portfolio insight: Assist with capital model inputs and scenario analysis alongside the Capital team.
• Planning, capital & portfolio insight: Help develop clearer portfolio views and management information for decision-makers.
• Reserving & finance support: Provide analysis to support reserving and financial reporting cycles, including cat and non-cat loss modelling, class-level and portfolio analysis, and loss ratio commentary and ceded analysis.
• Retrocession & risk transfer: Support analysis of retrocession structures, including scenario testing and ROE impact.
• Retrocession & risk transfer: Help assess cost/benefit trade-offs under guidance from senior colleagues.
• OCEAN platform development: Contribute ideas, testing and feedback to the ongoing development of OCEAN.
• OCEAN platform development: Work with IT and Data colleagues to improve data quality, controls and usability.
• Strategic projects: Assist with analysis of new classes, ventures or strategic opportunities.
• Strategic projects: Support profitability, portfolio and capital impact assessments.
• Strategic projects: Occasionally contribute to presentations or materials for internal and external use.
• Learning & development: Take part in mentoring and development conversations.
• Learning & development: Support (and over time help develop) junior colleagues.
• Learning & development: Progress exams in line with an agreed study plan.

Skills

Pricing

Actuarial

Data analysis

Communication

Teamwork

Problem solving

Programming basics

Job description

Raretec is delighted to be working exclusively on this Pricing Actuary Trainee role in London with OAK Global, a leading Lloyd's risk partner.

About OAK Global

OAK Global is a leading risk partner, delivering innovative and tailored risk solutions to clients around the world. Rooted in the strength of Lloyd's and with a mission to underwrite a resilient future, OAK Global aims to deliver innovative risk solutions in a fast-evolving risk landscape. The company prides itself on fostering trusted partnerships and leveraging advanced analytics and underwriting expertise to deliver growth for investors and partners.

Headquartered in London and launched in late 2024, OAK Global offers specialist capability across property, cyber, credit, marine, energy and terrorism, transition and innovation. OAK Global is at an exciting stage of growth; within its first year, the company launched two Syndicates: OAK Global Insurance (Syndicate 2843) offers primary reinsurance while OAK Enterprise (Syndicate 1440) offers retrocession across multiple classes of business. Backed by diverse investors, from private equity to Lloyd's Names and trade capital, OAK Global is investing heavily in talent and technology to support its growth ambitions.

At the heart of OAK Global is a culture where everyone feels welcome, challenged and connected to our purpose. This culture thrives on collaboration, authenticity and a commitment to help others realise their potential – we value and respect the unique skills of every individual and foster an environment that enables ambition.

The role

Reporting to a Senior Actuary, you'll support the pricing and actuarial function across OAK Global. This is a broad, hands-on trainee role that offers exposure to underwriting, capital, finance and strategy, alongside the chance to help develop OCEAN, our proprietary underwriting and pricing platform.

We recognise that no one joins knowing everything. You'll be supported to grow your technical skills, confidence and commercial judgement over time.

Why join OAK Global?

• Early exposure to real commercial decisions
• Strong support for learning, exams and career development
• The chance to help shape tools, processes and ways of working from the ground up

Key Responsibilities

Pricing & underwriting support

• Partner with underwriters across multiple classes to price individual risks accurately and consistently
• Apply approved pricing tools and methodologies, with guidance and peer support
• Clearly document pricing assumptions, rationale and outcomes to an auditable standard
• Help train and support colleagues in the use of pricing tools and models

Model development

• Build, maintain and improve class pricing models
• Document models in line with actuarial and internal standards
• Participate in peer reviews and model validation, learning best practice as you go
• Help keep models up to date through version control and structured change logs

Planning, capital & portfolio insight

• Support business planning through historical analysis and projections
• Contribute market and portfolio insights to planning and SBF submissions
• Assist with capital model inputs and scenario analysis alongside the Capital team
• Help develop clearer portfolio views and management information for decision-makers

Reserving & finance support

• Provide analysis to support reserving and financial reporting cycles, including:
  • Cat and non-cat loss modelling
  • Class-level and portfolio analysis
  • Loss ratio commentary and ceded analysis

Retrocession & risk transfer

• Support analysis of retrocession structures, including scenario testing and ROE impact
• Help assess cost/benefit trade-offs under guidance from senior colleagues

OCEAN platform development

• Contribute ideas, testing and feedback to the ongoing development of OCEAN
• Work with IT and Data colleagues to improve data quality, controls and usability

Strategic projects

• Assist with analysis of new classes, ventures or strategic opportunities
• Support profitability, portfolio and capital impact assessments
• Occasionally contribute to presentations or materials for internal and external use

Learning & development

• Take part in mentoring and development conversations
• Support (and over time help develop) junior colleagues
• Progress exams in line with an agreed study plan

Skills and Experience

• Degree or equivalent experience
• Some exposure to actuarial or pricing work (internship, placement, or early study) is an advantage but not essential
• Excellent analytical skills with a risk-focused mindset
• Curiosity and attention to detail, with a desire to understand the "why" as well as the "how"
• Ability to communicate technical concepts clearly to non-actuarial stakeholders
• Interest in technology, modelling, and data-driven decision-making
• Proactive and collaborative approach, with confidence to ask questions and challenge thinking
• Forward-thinking mindset, including the ability to horizon scan and think creatively
• Excellent ownership and follow-through, with the ability to see tasks and projects through to completion

Our Commitment to Diversity and Inclusion

OAK Global is committed to building a diverse and inclusive workplace. We encourage applicants from candidates of all backgrounds and experiences.

Interested?

Candidates interested in this role should contact Kate Henebry at [e-mail] on 0851279934.

Alternatively, you can call the main Raretec line on 01311400.