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Senior Actuarial Analyst

Location London, United Kingdom Job type Full-Time Work mode Hybrid Job level Professional Job ID 14042 Company Munich Re Specialty - Global Markets Employment type Regular Area of expertise Actuarial & Risk Management
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At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.     

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

Senior Actuarial Analyst

We are looking for a Senior Actuarial Analyst to join our team in London on a full-time hybrid basis, you will support the Syndicate, while developing modelling and actuarial skills. 

You will support the provision of accurate and timely SCR and capital related figures, whilst taking a proactive approach to identifying, investigating and resolving Capital Model issues, maintaining the Internal Model (IM) and checking and reviewing the IM changes.

You will assist with parameterisation and validation of the IM and associated documentation. This will include but not be limited to, undertaking data analysis and cleansing, updating and supporting the communication and producing of documentation on model changes and developing understanding of the internal model and why changes are being made and planned. 

Specific Responsibilities

  • Develop a deep understanding of capital modelling, its regulations and importance to the Syndicate;
  • Further develop Tyche skills, and code increasingly complex model changes in the IM. Review and sign off the model changes made by other teams members;
  • Provide suggestions on possible future changes to the IM including identifying the requirements, advantages and disadvantages of the change;
  • Data analysis to support the inputs of the IM, including data checking, review and distributional fitting;
  • Populating Lloyd’s required data returns,
  • Contributing to the enhancement of model outputs and the optimisation of model input processes,
  • Supporting, mentoring and developing junior team members to strengthen the team's technical capabilities.
  • Support the work of the capital modelling team, including running the model, updating inputs, providing outputs and documentation;
  • Use and suggest updates to the supporting documentation including processes, expert judgments, model limitations, PLAs and MLAs;
  • Carry out validation analyses and tests as needed, assist with resolution of validation issues identified. Communication of the results and explanation for the rationale of the results changing to the Risk Team;
  • Become involved in the development of the uses of the IM, improving outputs and explaining the implications of the information provided to the business;
  • Asist with the redevelopment of the IM data feeds project, and the project to remove of as much bespoke code as possible;
  • Develop intermediate (level 2) knowledge and understanding of Lloyd’s rules and regulations, in particular around capital setting and the associated PBO requirements;
  • Undertake actuarial examinations and to qualify as an actuary;
  • Assist where required to support the wider Actuarial Function;
  • Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.

Knowledge and Skills

  • Actuarial experience, ideally within a Lloyd’s Syndicate, with a good level of knowledge of the Capital Modelling processes and requirements;
  • Good numerate degree;
  • Good IT skills (minimum of Excel, preferably SQL and some programming experience in Tyche desirable);
  • Intermediate knowledge and understanding of:
      • Underlying principles of Reinsurance and operation of reinsurance programmes;
      • Capital Modelling;
      • Underlying principles of Insurance;
      • Solvency II reporting requirements and basis of calculations;
      • Actuarial techniques;
      • Capital Modelling process, coding and the IM.
  • Developing detailed knowledge of actuarial methods and techniques, and the ability to apply them in practice, making reasoned judgements within a business environment;
  • Good working knowledge of statistical methods;
  • Desire to develop and maintain current market knowledge on practices and regulation;
  • Willingness to continue to develop knowledge of any related issues;
  • Ability to work independently, while understanding limitations of your knowledge and when to ask for advice;
  • Capital Actuarial Experience is desirable, ideally in a GI setting, but not essential;
  • Some actuarial exam progress (though not essential).

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion 
At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. 

Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow 

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Benefits

  • 25 days Annual Leave + bank holidays
  • 10% Non-contributory Pension
  • Eligibility for an Annual Bonus
  • Private Medical + Dental Insurance
  • Critical illness insurance + Life Assurance + Permanent Health Insurance
  • Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
  • Electric Vehicle Salary Sacrifice Scheme
  • Study & continuing Professional Development Support
  • Hybrid Working + IT Home Set-up Support

#BePresent #BeBold #BeCurious 

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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