Reinsurance Valuation Manager

Canada Life UK; Greater London; On-site; GBP 70,000 - 100,000; Full time

Job summary

An established industry player is seeking a Reinsurance Valuation Manager to lead their reinsurance reporting team. This role is crucial for delivering high-quality actuarial valuation services and ensuring compliance with regulatory requirements. The ideal candidate will have a strong background in reinsurance management, particularly within the life insurance sector, and will be responsible for engaging with both internal and external stakeholders. This opportunity offers a chance to work in a dynamic environment focused on innovation and customer satisfaction, while also providing ample room for professional growth and development.

Benefits

Generous pension scheme

Private medical insurance

Life assurance

Income protection

Flexible working arrangements

Professional development opportunities

Qualifications

• Experience in reinsurance reporting within life insurance, especially annuities.
• Knowledge of IFRS17 and Solvency II reporting is advantageous.

Responsibilities

• Lead implementation of new reinsurance treaties and manage stakeholder engagement.
• Deliver accurate reinsurance reporting and drive process efficiencies.

Skills

Reinsurance Reporting

Valuation Techniques

IFRS17 Knowledge

Communication Skills

Team Leadership

Education

Undergraduate degree in Finance/Maths

Fellow of Institute of Actuaries

Job description

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Location: London

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

Job Purpose

To provide a comprehensive, accurate and timely Actuarial Valuation and Reporting service with respect to the reinsurance portfolio of the UK Insurance business unit (ie across a portfolio of [£2bn] reinsurance assets). This reporting service will meet all external reinsurer reporting requirements, as well as contributing to meeting all statutory and regulatory reinsurance reporting requirements.

This role will play an important role in delivering the reinsurance capability to support business growth over the coming years, adapting to new reinsurance systems and new reinsurance treaties.

The role holder will:

• Lead the implementation of new reinsurance treaties

• Accountable for direct engagement with internal and external stakeholders related to reinsurance

• Deliver contractual reinsurance obligations accurately, on time and to a high standard.

• Drive process efficiencies within reinsurance activities.

• Feed into the wider consideration of reinsurance strategy at Canada Life.

• Review reinsurance valuation and reporting within the statutory and regulatory reporting of Canada Life.

• Lead the reinsurance reporting and valuation team, setting priorities, lead training, mentoring, coach and support team members. This team is likely to be a mixed team of actuaries, accountants and analysts.

Key Accountabilities

1. Responsible for the delivery of contractual reinsurance reporting to external reinsurance counterparties.

This involves managing, directing and reviewing the work done to produce valuation and reporting in line with contractual obligations as laid out in the reinsurance treaties.

Ensure that the valuation and reporting results are accurate and that high quality analysis and documentation is produced to enable effective independent validation of results. Ensure the results are produced with the appropriate controls.

Produce high quality analysis of movement and internal management information that supports the appropriateness of the external reporting.

2. Review and implement new reinsurance treaties.

This will include providing technical input and assessing for operational readiness ahead of implementation.

Provide technical input to implement the contractual obligations of the treaty in the regulatory and statutory reporting.

Manage, direct and review the work done to implement new reinsurance treaties in an efficient and controlled manner.

3. Operate as the subject matter expert for reinsurance reporting within Canada Life. This will include contributing to the review of reinsurance results within the financial results of Canada Life.

4. Provide guidance, training and mentoring to a team of qualified, part-qualified actuaries or finance professionals in order to optimise the performance of the team in line with the Divisions objectives.

Desired Knowledge and Experience

Technical Expertise

• Demonstrable track record in reinsurance reporting and management in the context of life insurance industry, particularly for annuity business.

• In-depth knowledge of reinsurance valuation and reporting, particularly for longevity swaps and funded reinsurance

• Proven commercial awareness and understanding of the needs of the business. Ability to apply technical finance / quantitative techniques and understand business/commercial implications.

• Knowledge of IFRS17 accounting rules and Solvency II reporting would be an advantage

• Knowledge of LISA would be an advantage

Communication

• Enhanced communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.

• Effective influencing skills and a demonstrable track record of engaging with Senior Management and/or external stakeholders in order to achieve the desired outcome

Relationship Building

• The ability to develop and maintain relationships across wider business at all levels, acting with integrity and role modelling the company values at all times.

• Ability to achieve buy-in from wider business on key reinsurance agenda through demonstration of competency.

• Experience of working collaboratively with oversight function such as risk and audit to achieve positive results.

Taking Initiative

• Actively explore opportunity to improve the process and understanding of reinsurance reporting within the organisation.

• Being delivery-focused, willing and capable of making decisions in order to progress issues, and able to exercise sound judgement and commercial sense to understand the importance of different issues and assess when matters need to be escalated.

• Able to effectively plan, organise the activities for the team to advance business objectives and able to spot conflicting priorities early and readjust resource allocation accordingly.

• Ability to lead and drive the reinsurance reporting agenda and adapt for changing business needs and regulatory landscape.

Developing Self and Others

• Demonstrable track record of managing and motivating a team from a diverse range of professional backgrounds and with varying levels of experience

• Coaching ability in technical, and non-technical skills in order to support the development of others.

An interested and inquisitive individual who is committed to their own ongoing professional and personal development

Qualifications

• Undergraduate degree in Finance / Maths (or equivalent experience) Fellow of Institute of Actuaries (or equivalent)

Benefits of working at Canada Life

We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.

How we work at Canada Life

Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.

We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That’s why we offer a range of training, flexible working and opportunities to grow and develop.

Diversity and inclusion

Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we’re making in DEI, and we continue for it to be a significant focus.

“At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.” Nick Harding, Chief People Officer, Canada Life UK

We appreciate that everyone has different work and life responsibilities. We’re happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance, Accounting/Auditing, and Other

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