Pricing Actuary

About us

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.  

Please see our website for more information.

Pricing Actuary

We are currently looking for a Pricing Actuary to be based in Madrid on a full-time basis, reporting into the European HUB Pricing Manager.

Provision of actuarial pricing and performance management support to European business under MRS-GM, a stand-alone division of Munich Re.

In addition to the day-to-day tasks, you will contribute to activities linked to the development and implementation of the strategy of different lines of business in the primary insurance.

This role will work closely with the underwriting team supporting the Chief of Underwriting, the Country Heads and the London and Munich Actuarial teams.

Responsibilities

1. Pricing Strategy Development

• Support the development and enhancement of technical and commercial pricing capabilities for different Lines of Business in Europe.
• Assist underwriting teams with product design ensuring any changes are correctly priced.

2. Data Analysis & Modelling:

• Support underwriters with any ad-hoc analysis or reporting requests.
• Utilise advanced actuarial techniques and predictive analytics to assess risk and model pricing scenarios.
• Case pricing of large or unusual accounts, including frequency severity simulations and/or experience based analysis.
• Conduct technical analyses, investigations (e.g. inflation) and independent deep dive reviews.
• Conduct actuarial analysis to support the onboarding of additional territories or new MGAs for different classes of business.

3. Stakeholder Management

• Present results to a variety of stakeholders to provide insight and recommendations on pricing and performance related results.
• Engage proactively and collaborate with relevant stakeholders, with a focus on pricing and performance. Be able to explain and justify your point of view.
• Creation, maintenance and underwriter training of any new pricing tools required, working with the MRS-GM Actuarial Pricing team and local underwriters to ensure suitability and consistency.

4. Project Involvement

• Contribute to expanding the breadth of actuarial, modelling and statistical techniques used across the team, engaging and collaborating across the wider Munich Re Specialty pricing and underwriting teams to bring innovation to pricing and underwriting.

5. Regulatory Compliance

• Ensure all pricing practices comply with relevant regulatory and industry standards.
• Stay informed on changes to regulatory frameworks and assess their impact on pricing strategies.

6. Performance Monitoring

• Track price adequacy and performance and lead profitability exercises using modelling and reserving techniques, as required.
• Create Pricing Management Information for use by Underwriters and senior management, reporting on all pricing KPIs as defined by MRS-GM Actuarial Pricing team.

Knowledge and Skills

• At least 2 years of experience in a pricing-focused actuarial role ideally within commercial insurance.
• Ability to build and sustain strong working relationships with a variety of internal and external stakeholders.
• Proven experience with modelling and data.
• Good understanding of standard reserving methods.
• Strong analytical skills and attention to detail, with a proven ability to work collaboratively with underwriters.
• Good knowledge of commercial insurance products and the European market, insurance processes and regulatory requirements.
• Excellent written and verbal communication skills, including report writing, presentations and ability to present complex analyses to senior management.
• Ability to work in a small, dynamic team.
• Analytical and problem-solving skills, with a strategic and commercial outlook.
• Familiarity with emerging technologies and their application in pricing (e.g., AI, machine learning).
• Fluency in English is a must, other European languages are also an advantage.

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.

Learn more about sustainability at Munich Re – choose your impact! 

#BePresent #BeBold #BeCurious