Reserving Actuary

Job Title: Reserving Actuary

Reporting to: Deputy Head of International Reserving

Direct Reports: None

Position Type: Permanent

Hybrid Working arrangements: Working in the office Monday, Wednesday & Thursday

Job Purpose:

Reporting into the Deputy Head of International Reserving to support the UK actuarial function in all aspects of the reserving process including the evaluation of Solvency II technical provisions across the International Group.

Key role requirements:

1. Supporting quarterly reviews of reserves in respect of P&C business written across TM HCC’s International Group platforms, including Financial Lines, Energy, Marine, Property, Renewables, Treaty, Accident & Health, Credit, Surety, Professional Indemnity and Liability lines.

2. Delivery of Solvency II technical provisions and related regulatory/Lloyd’s returns.

3. Leading ad-hoc deep-dive portfolio analyses and other relevant projects and feeding back insights to the wider business.

4. Identifying and leading technical and wider process enhancements to increase the efficiency and impact of existing processes.

5. Supporting periodic analysis of reserve risk to quantify and communicate the range of uncertainty around the actuarial best estimate and support the parameterization of key inputs to the internal capital model.

6. Liaising with other stakeholders across the company in a collaborative effort to improve processes and enhance the reputation of the actuarial team.

Full details of each requirement are outlined below.

Additional role expectations:

• Coordinate and review analysts’ work, providing timely performance feedback and training to ensure high professional standards are met at all times.
• Contribute to the growth of intellectual capital within the actuarial department through attendance and participation in professional development initiatives and events as well as sharing of specialized expertise with other members of the team.
• Demonstrate accountability and forward-looking approach in execution of work, so that processes are intuitive, dynamic and scalable, with appropriate audit trails.

Skills and Experience Specification:

Education:

• Bachelor’s degree in Actuarial Science, Mathematics, Statistics or related field.
• Fellow of the Institute and Faculty of Actuaries (FIA), Fellow of the Casualty Actuarial Society (FCAS) or similar.

Essential:

• A minimum of 3 years core reserving experience involving practical application of actuarial methods and statistical techniques used in reserving of London Market P&C lines.
• Excellent written and verbal communications skills.
• Commercial awareness and knowledge of industry changes, legal updates and technical developments related to applicable areas of TM HCC’s business to proactively respond to changing business environment.
• Thorough knowledge of the regulatory environment, including specific responsibilities placed on the actuarial function as part of the Solvency II framework and Lloyd’s guidance for the setting of syndicate reserves.
• Strong analytical skills with aptitude for detail and ability to apply advanced problem-solving skills.
• Advanced proficiency and experience using Microsoft Office Package (Excel, Access, PowerPoint, Word).
• Programming aptitude / experience e.g. VBA, SQL, Python, R or similar.

Desirable:

• Proficiency and experience working with ResQ, Psicle and Power BI.

Requirements: additional information.

Supporting quarterly reviews of reserves. Work covers:

• Appropriate application of actuarial loss reserving techniques and expert judgement.
• Timely delivery and communication of results to management, relevant committees and heads of underwriting business units.
• Involvement in drafting formal TAS compliant reports produced by the UK actuarial function.
• Coordinate and review analysts’ work, providing timely performance feedback and training to ensure high professional standards are met at all times.
• Liaise with finance, claims management and business intelligence as necessary.
• Co-ordinate with actuarial teams based in the United States to ensure International actuarial input is relevant and timely.
• Identification and implementation of technical and other process enhancements to increase the efficiency of the reserve review process and controls around data quality.
• Ongoing development and enhancement of actuarial methods and diagnostic tools applied in reserving analyses and monitoring of claims watchlist items and loss trends.
• Maintenance and further development of detailed documentation of reserving assumptions and methodology as well as actuarial procedure documents.
• Support with ad hoc requests from management, regulators and auditors as required, including liaising with the external actuaries to ensure timely provision of the annual Statement of Actuarial Opinion for TM HCC Syndicate 4141.

Delivery of Solvency II technical provisions and related regulatory/Lloyd’s returns, including:

• Update and development of key processes, model variables and assumptions used to assess Solvency II technical provisions.
• Timely delivery and communication of Solvency II technical provision output to management.
• Assist other business units regarding regulatory matters related to Solvency II technical provisions as required, including help with completing regulatory submissions and resolving queries from the regulator.

Leading ad-hoc deep-dive portfolio analyses and other relevant projects including:

• Lead meetings with underwriters and claims teams to inform the scope of deep-dive analyses.
• Undertake and/or support analysts in performing analytics to further understanding of the portfolio and current trends.
• Carry out research on market developments.
• Prepare reports and memos summarising findings from the deep-dive analyses.
• Identify and support in the implementation of enhancements in actuarial datasets, analysis and dashboards to enrich the BAU process.
• Feedback findings to key stakeholders.

Identifying and leading technical and wider process enhancements including:

• Keep abreast of the latest market reserving practices.
• Proactively identify areas for development within the reserving and technical provisions processes.
• Participate in team workshops to develop proposals for development.
• Undertake or manage analysts in designing and implementing process and MI improvements.

Periodic analysis of reserve risk including:

• Specifying and calibrating a set of statistical distributions used to model reserve risk as part of the capital setting process.
• Contribute to internal model validation by implementing improvements to address prior validation findings and assisting with validation queries.

Liaising with other stakeholders across the company. Work covers:

• Forming relationships with key stakeholders across the Tokio Marine Group; including leadership within the relevant underwriting and claims teams.
• Contributing to the sharing of intellectual capital across the organisation on emerging practices and technological developments.
• Identifying opportunities to collaborate with other functions and support in workshops to develop proposals for development.
• Leading and/or supporting analysts in completing collaborative projects.

“Tokio Marine HCC is a leading specialty insurance group with offices in the United States, the United Kingdom, Europe, and other locations. With the strength and stability that comes from being a member of the Tokio Marine group, and more than forty years of growth, profitability, and stability, we offer important insurance products that most people do not even know exist.

The Tokio Marine HCC Group of companies is an equal opportunity employer. Please visit www.tmhcc.com for more information about our companies.