Syndicate Reserving Actuary

Job Type:

Permanent

Build a brilliant future with Hiscox
 

Syndicate Reserving Actuary

Reporting to the Chief Actuary for Hiscox Syndicates

London based - min of 2 days in the office per week

Hiscox writes business globally, operating three Syndicates at Lloyd’s, a Bermudian reinsurance & ILS carrier and has rapidly expanding commercial and retail carriers in the UK, US, Europe and Asia. Group Actuarial is a centralised team responsible for all reserving and actuarial function activities across Hiscox’s seven legal entities and associated underwriting business units.

The role

The role is at the centre of the Hiscox Syndicates from a reserving viewpoint, responsible for high profile deliverables and exposure to senior stakeholders throughout the business.

Hiscox has three Lloyds Syndicates which collectively write London Market (casualty, crisis Management, property, marine and energy), catastrophe and non-catastrophe reinsurance and US small commercial business, together the breadth of business written is huge.

You will be reporting to the Hiscox Syndicates Limited (HSL) Chief Actuary and will manage a team of 4 actuarial colleagues.

The Syndicate Reserving Actuary and team are pivotal to the collation and interpretation of reserving outcomes for the Hiscox Syndicates, the communication of analysis to senior stakeholders and maintaining Lloyds relationships.

Syndicate paper is used by four Hiscox business units, each of these has a Reserving Actuary team located in London. The role holder and team will work closely with these four teams to consolidate syndicate reserving related outcomes and will also take responsibility to produce certain reserving measures. The Syndicate Reserving Actuary team are responsible for delivery of key Syndicate reserve reports including to the HSL Audit Committee. The team also plays a key role in work with external SAO providers and auditors.

The team also lead on Lloyds reserving related deliverables including Lloyds Principles assessment, production of Solvency 2 Technical provisions and Actuarial Function reports, Lloyds requests and queries on reserving matters and working with the HSL Finance team and Capital on Lloyds regular reporting deliverables.

Hiscox has entered several legacy business reinsurance transactions in recent years and this team produce regular reporting to the external reinsurers and collaborate with other areas of the business in managing these transactions.

As such the role requires very strong relationship building combined with technical knowledge and attention to detail.

The role is responsible for delivery of key reporting and as such requires a role holder able to deliver with accuracy and control to tight timescales, being well organised and a strong communicator is key along with a strong level of knowledge and experience to achieve this successfully. A strong control and risk management mindset is required to ensure smooth operational process and deliverables are of high accuracy and quality.

Team management, mentoring and development of team members is also a key aspect of the role to ensure knowledge and skills are balanced and appropriate for the deliverables noted above.

Process improvement is an expectation of the role holder as part of a continuous improvement cycle aiming for delivery of insight with accuracy and efficiency.

The role holder is expected to keep abreast of new reserving methodologies, technologies, trends, emerging risks and other external issues and sharing knowledge with the wider actuarial team as appropriate.

The role also includes potential involvement in special projects which contribute to the overall success of the actuarial team and relating to the strategic objectives Hiscox.

Why work for us?

What makes Hiscox unique is that we are a large company with a small company feel. We have a track record of promoting actuaries around the business: not only in the traditional actuarial functions (reserving, pricing, capital and risk) but we have also had actuaries move into CFO roles, Divisional directors, underwriting insights, ILS valuations and we have an actuary as CEO of our RE & ILS business and our US business.

This role will provide the opportunity to develop deep analytical, communication and stakeholder management skills that will give you exposure to some of the most senior stakeholders across the business.

About you

• Results driven - This role requires a highly results driven individual with energy and determination to succeed in a very fast paced environment with accuracy and attention to detail.
• Relationship builder – this role requires the development of strong relationships with key stakeholders in the business; you need to be agile and flexible in your communication and able to build such relationships quickly and develop your profile in the business as a business partner.
• Regulatory knowledge – a thorough knowledge of the regulatory environment, including specific responsibilities placed on the actuarial function as part of the regulatory framework concerning reserving (Solvency II, Lloyds, GAAP, IFRS 17). Strong technical experience in Solvency II technical provisions, ideally in a Lloyd’s Syndicate
• Technical experience – strong technical experience of reserve methods and business performance analysis. Experience of model building, assumption setting and process management and governance of a reserving cycle.
• Communication - Confident communicator with an ability to communicate technical terms to a wider audience, combined with good interpersonal and relationship-building skills.
• People manager – able to inspire, motivate and guide development of team members.
• Commercial mindset – this role requires awareness and knowledge of industry changes, legal updates and technical developments related to applicable areas of Hiscox business to proactively respond to a changing business environment. Be able to take a commercial perspective and communicate effectively with colleagues on this aspect.
• Resilience - You will need to be resilient in your approach with stakeholders and thrive in challenging situations that others would shy away from.
• Problem solving - Very strong analytical ability combined with a pragmatic and logical approach to problem-solving.
• Undertake your role with due regard to the prescribed responsibilities and regulatory requirements associated with the Actuarial Function – which may require undertaking appropriate learning & development.

A person in this position should meet the following requirements

• Qualified Actuary with at least 5 years post qualification experience
• At least 8 years of general insurance experience with in particular very strong reserving experience in a Lloyds context.
• Management experience of at least 2 direct reports
• Demonstrable process improvement experience
• Minimum 2:1 degree
• Must be able to demonstrate significant achievements in your career to date.

Other desired skills & characteristics

• Intermediate to advanced Excel; additional experience with SQL Server, PowerBI, and/or similar applications is a plus.

About Hiscox

As an international specialist insurer, we are far removed from the world of mass market insurance products. Instead, we are selective and focus on our key areas of expertise and strength - all of which is underpinned by a culture that encourages us to challenge convention and always look for a better way of doing things.

We insure the unique and the interesting. And we search for the same when it comes to talented people. Hiscox is full of smart, reliable human beings that look out for customers and each other. We believe in doing the right thing, making good and rebuilding when things go wrong. Everyone is encouraged to think creatively, challenge the status quo and look for solutions.

Scratch beneath the surface and you will find a business that is solid, but slightly contrary. We like to do things differently and constantly seek to evolve. We might have been around for a long time (our roots go back to 1901), but we are young in many ways, ambitious and going places.

Some people might say insurance is dull, but life at Hiscox is anything but. If that sounds good to you, get in touch.

Diversity and Hybrid working

At Hiscox we care about our people. We hire the best people for the job, and we’re committed to diversity and creating a truly inclusive culture, which we believe drives success.

We have also learned over the past few years that working life doesn’t always have to be in the office, and now it is safe to do so we have introduced hybrid working to encourage a healthy work life balance.

This hybrid working model is set by the team rather than the business to enable you to manage your own personal work-life balance. We see it as the best of both worlds; structure and sociability on one hand, and independence and flexibility on the other.

 
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