Actuarial Manager

Discovery Ltd.; Gauteng; On-site; ZAR 650 000 - 850 000; Full time

Job summary

A prominent insurance company is seeking a Reinsurance Manager to drive the development and optimization of reinsurance strategies. The role involves managing reinsurance treaties, collaborating with internal teams, and ensuring compliance with regulations. Candidates should have an honours degree in Actuarial Science and at least 5 years of experience in the insurance or reinsurance industry, with strong skills in MS Office and relevant actuarial practices. This position is based in Gauteng, South Africa and offers opportunities for career growth.

Qualifications

• Matric (Essential)
• 5+ years proven experience in the insurance or reinsurance industry.
• Experience in reinsurance placement, account management, and reporting.

Responsibilities

• Lead structuring and placement of reinsurance treaties.
• Build relationships with brokers and reinsurers.
• Manage reinsurance accounts from end-to-end.
• Research and recommend reinsurance structures.
• Analyze reinsurance portfolios and report findings.
• Ensure compliance with regulatory requirements.
• Collaborate with internal teams for seamless execution.
• Drive improvement of reinsurance processes.
• Prepare presentations on reinsurance matters.

Skills

Advanced proficiency in MS Office (Excel, Powerpoint and Word)

VBA

SQL

Catastrophe Modelling Software

Knowledge of IFRS 17 and SAM

Education

Honours degree in Actuarial Science

Associate of the Actuarial Society of South Africa (AMASSA)

Fellow of the Actuarial Society of South Africa (FASSA)

Job description

Business Unit : Discovery InsureFunction : Actuarial SciencesDate : 2 Oct

• Discovery – InsureActuarial Manager – Reinsurance ManagerAbout DiscoveryDiscovery's core purpose is to make people healthier and to enhance and protect their lives.

We seek out and invest in exceptional individuals who understand and support our core purpose, and whose own values align with those of Discovery.

Our fast-paced and dynamic environment enables smart, self-driven people to be their best.

As global thought leaders, Discovery is passionate about innovating in order to not only achieve financial success, but to ignite positive and meaningful change within our society.

About Discovery InsureDiscovery Insure is committed to creating a nation of great drivers through our innovative Shared-value Insurance model.

Discovery Insure is South Africa's fastest growing short-term insurance company with comprehensive products that provide protection against current and emerging risks facing clients in the motor and home sectors.

Vitality Drive, an internationally-recognised award-winning programme, is a key differentiator in the market that incentivises and rewards clients for driving well.

The Vitality Drive programme has been scaled to local and international markets which now include Europe and the Middle East.

people who are committed to putting our customers and financial advisers first by providing unique and innovative solutions and cover.Key PurposeDrive the development, implementation, and optimisation of reinsurance strategies and arrangements to support the Discovery Insure's risk management, capital efficiency, and business objectives.

The role exists to ensure effective structuring, placement, and management of reinsurance treaties and facultative arrangements, providing expert actuarial input and strategic recommendations to executive management.

The Reinsurance Actuary will collaborate closely with reinsurance brokers, actuarial, underwriting, claims, finance, and external reinsurers to deliver robust risk transfer solutions, maintain regulatory compliance, and enable sustainable growth in a dynamic short-term insurance environment.

Responsibilities

• Reinsurance Programme Design & Placement : Lead the structuring, negotiation, and placement of reinsurance treaties and facultative arrangements (including quota share, surplus, and excess of loss), ensuring alignment with Discovery Insure's risk appetite and business objectives.
• Broker & Reinsurer Engagement : Build and maintain strong working relationships with reinsurance brokers and reinsurers to secure optimal terms, foster innovation, and ensure effective execution of reinsurance strategies.
• Reinsurance Account Management : Oversee the end-to-end management of reinsurance accounts, including preparing and submitting all required documentation to reinsurance brokers, coordinating with finance teams and reinsurers to ensure accurate and timely settlements, and proactively resolving any queries or discrepancies.
• Strategic Advisory & Research : Research, evaluate, and recommend reinsurance structures and market opportunities that support Discovery Insure's business and capital objectives.
• Portfolio Analysis & Reporting : Analyse reinsurance and risk-sharing portfolios, conduct experience investigations, and create dashboards to monitor payments, recoveries, and outstanding balances.
• Deliver clear, actionable reports and insights to management and stakeholders.
• Governance & Compliance : Ensure all reinsurance activities comply with regulatory requirements, internal policies, and governance standards (including IFRS 17, SAM, and relevant actuarial practice notes).
• Stakeholder Collaboration : Collaborate with internal teams (actuarial, underwriting, claims, finance, legal, compliance, risk) to ensure seamless execution and administration of reinsurance arrangements.
• Process Optimisation : Drive continuous improvement of reinsurance processes, methodologies, and controls to enhance operational efficiency and support business growth.
• Presentations & Communication : Prepare and deliver clear, insightful presentations on reinsurance matters to reinsurers, the Actuarial Committee, and Exco, ensuring effective communication of strategy, results, and recommendations.
• In-House Catastrophe Modelling : Perform in-house catastrophe modelling to support reinsurance renewal negotiations, reinsurance optimisation and ORSA processes.

Knowledge and Skills

• Advanced proficiency in MS Office (Excel, Powerpoint and Word) - Essential
• VBA – intermediate level - Advantageous
• SQL – intermediate level - Advantageous
• Catastrophe Modelling Software - Advantageous
• Knowledge of IFRS 17 and SAM - Advantageous

Education and Experience

Education : Matric (Essential) Honours degree in Actuarial Science Associate of the Actuarial Society of South Africa (AMASSA) Fellow of the Actuarial Society of South Africa (FASSA) or equivalent international fellowship - Advantageous

Minimum Experience : At least 5 years' proven experience in the insurance or reinsurance industry 7-10 years' proven experience in the insurance or reinsurance industry - Advantageous Hands-on involvement in reinsurance placement, account management, and reporting - Advantageous Track record of collaborating with reinsurance brokers, reinsurers, and internal teams (actuarial, underwriting, claims, finance) - Advantageous

EMPLOYMENT EQUITY The Company's approved Employment Equity Plan and Targets will be considered as part of the recruitment process.

As an Equal Opportunities employer, we actively encourage and welcome people with various disabilities to apply.