Your role will be responsible for providing oversight and leadership of MRSL’s actuarial reserving & external reporting teams, including the Best Estimate & Ladders reserving processes, the IFRS17 & Solvency II reporting processes, as well as wider Lloyd’s & Munich (GC/NA5) reporting.
Your job
Supported by a fantastic team, you will lead all aspects of MRSL’s Best Estimate and Syndicate reserving processes, providing expert review and challenge of reserving selections & deep-dive analyses. Play a full and active role at quarterly reserving meetings and explain key results & issues to senior leadership;
- Prepare the Annual Actuarial Reserve Report and Actuarial Function Report in accordance with actuarial standards, with support from other actuarial staff;
- Be responsible for the Solvency II Technical Provisions process and quarterly reporting to Lloyd’s (QMB, QSR, TPD, ASR, US Trust Funds). Present key results to senior management;
- Guide the actuarial aspects of the IFRS17 reporting process, including the delivery of quarterly data deliveries to Munich Re Group and review of P&L and Balance Sheet results. Embed IFRS17 into BAU, increasing automation to enable fast close deadlines to be met;
- Provide actuarial support to the UK GAAP (IFRS4) reporting process. Play an active role at FSC meetings, reporting conclusions and results to executive senior management;
- Provide reserving oversight for GC/NA5 business written by other underwriting entities, and support the review process for GC/NA5 management reports. Build contacts at Central Reserving & other Munich Re entities to facilitate the necessary cross-team collaboration.
- Obtain underwriter’s buy in to, and understanding of Best Estimate, producing and explaining relevant MI. Promote the advantages of reserving being based on a best estimate approach;
- Lead the actuarial reporting to Munich Re group, including the production, review and submission of quarterly results (Actuarial Day and Munich TPs) as well as annual deliveries such as the MYA in respect of GC/NA5 business;
- Organise and direct internal and external reserve reviews as required, including annual reviews from External Audit & Central Reserving as well as independent peer reviews;
- Provide strategic direction to the Reserving Manager and External Reporting Manager, including oversight of resource planning and recruitment, staff training & development and seeing opportunities for collaboration;
- Actively contribute to Actuarial Transformation projects relating to the reserving & reporting processes, providing insights on difficulties & assessing the available options.
- Participate in other actuarial projects as assigned by the Group Actuary;
- Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.
You are required to comply with the PRA and FCA conduct rules:
- Acting with honesty and integrity at all times
- Acting at all times with due care, skill and diligence
- Being open and honest with the FCA, the Prudential Regulation Authority (PRA) and all UK regulators at all times
- Always paying due regard to the interests of customers and always treat them honestly and fairly
- Observing proper standards of market conduct at all times.
Your profile
- Proven experience of actuarial reserving, Solvency II and IFRS17 reporting, as well as the Lloyd’s insurance market.
- Proven ability to deliver within timescales and juggle multiple tasks.
- Prior experience of managing a team of actuarial staff.
Competencies for the Role
- Team orientation
Work cooperatively and flexibly with other members of the team with a full understanding of the role to be played as a team member.
2. Communication
Communicate clearly and persuasively, both orally and in writing.
3. Achievement/results-orientation
We get things done well and have the courage to set and meet ambitious goals, creating our own measures of excellence, and we never stop seeking ways of improving performance.
4. Problem-solving
We analyse situations, diagnose problems, identify the key issues, establish and weigh up alternative courses of action and produce a logical, practical and acceptable solution.
5. Flexibility
We adapt and work effectively in different situations and to carry out a variety of tasks.
6. Customer focussed
We take constant care in looking after the interests of external and internal customers. We ensure that their wants, needs and expectations are given due consideration and that all efforts are made to meet them wherever fair and reasonable, in line with any standards from an industry regulator.
7. Planning and prioritising
The ability to decide on courses of action, ensure that the vital resources are available and schedule the work required to achieve a defined result in a desirable manner.
8. Share knowledge
Share knowledge about the role you perform fully and willingly with others, where this is relevant, in the interests of the organisation.
9. Self-development
Take ownership for your own career and actively support ‘continuing professional development’.
10. Commercial/business awareness
The capacity to understand the business opportunities and priorities of the organisation and constantly seek methods of ensuring that the organisation continues to be business-like and continues to meet the standards and requirements of its regulators.
11. Leadership
Inspire individuals to give of their best in order to achieve a desired result and to maintain effective relationships with individuals and the team as a whole.
Education and Professional Qualifications Required / (preferred)
- University Degree and/or relevant professional qualification
IT skills:
Generic:
- Keyboard skills
- MS Word
- MS Excel
- MS Access
- MS Outlook
- MS PowerPoint
Company Specific:
- ResQ
- Data Warehouse
- SQL
About us
MRSG UK Services Limited is the employing entity for staff supporting the business activities of Munich Re Syndicate Limited (MRSL), Munich Re Specialty Group Limited (MRSG), Munich Re Specialty Insurance (UK) Limited (MRSI UK), Roanoke International Brokers Limited (RIBL) and Munich Re Digital Partners Limited (DP).
As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Hong Kong, Singapore, Labuan and Dubai. We are also represented in Lloyd’s China.
Our group of companies provide solutions covering Casualty, Marine & Cargo, Energy & Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht.
Known for our dedication to excellence and quality of service provision, we pride ourselves on offering you a great place to work.
Munich Re’s employees are the backbone of the Group’s business success. They are the people that drive the business forward and develop new solutions for our clients.
Ensuring that we recruit versatile staff is therefore crucial to our future success. Our objective is to make Munich Re the employer of choice for potential employees on the global job market..
To help us achieve this goal we offer a competitive salary and a generous and comprehensive benefits package which we regularly review in accordance with external market data, to ensure you are paid fairly and our benefits are tailored to suit your lifestyle. Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.
Please Note: All applications must be received via the website. Any CVs received via email will not be considered.
Re_think, Re_engineer, Re_define, Re_invent, the boundaries of Insurance.
Once you hit apply, there is a short, 10 minute application form to complete. Please ensure you attach your current CV when applying and include details regarding your salary expectations. If you have a disability or special need that requires accommodation, please let us know. Due to volume, we cannot always provide detailed feedback at CV stage.
Ellie Williams
Talent Acquisition Partner
More Information
- Salary £75,000 plus
- Hybrid Role No
