Magnet.me  -  The smart network where hbo and wo students find their internship and first job.

The smart network where hbo and wo students find their internship and first job.

This opportunity has expired. It is therefore no longer possible to like or apply.

See similar opportunities instead

Reserving Actuary

Posted 25 Mar 2024
Work experience
0 to 1 years
Full-time / part-time
Full-time
Job function
Degree level
Required language
English (Fluent)

Your career starts on Magnet.me

Create a profile and receive smart job recommendations based on your liked jobs.

Description

Job Title: Reserving Actuary

Reports To: As per Beazley’s organisation chart

Key Relationships: Senior management, Beazley actuaries, Finance, Data Management and Ceded Reinsurance teams, Claims managers, Underwriters and business managers, Lloyd’s, external actuaries/auditors.

Job Summary: Actuarial reserving, forecasting and technical provisioning for Beazley

Key Responsibilities:

Technical

  • Perform (as required) the quarterly reserving and trust fund valuations for Specialty Lines, Property, Marine, Treaty, PCG and Life, Accident & Health classes of business
  • Maintain evidence of valuation assumptions
  • Peer review colleagues' work to provide quality assurance
  • Contribute to reporting the results of actuarial valuations and analyses to the relevant stakeholders and committees
  • Calculate, review and communicate reserve uncertainty/ranges and ensure the methodology and measures used remain robust
  • Perform (as required) the quarterly technical provisions valuations and validations, adhering to the required standards and ensuring technical provisions deliverables are met
  • Ensure the appropriate review of technical provisions occurs prior to external submission and that submissions are made to high standard in a timely manner
  • Liaise with actuarial colleagues, Finance, underwriting teams and claims managers to forecast ULRs for financial planning and reporting
  • Work with the Finance, Data Management and Ceded Reinsurance teams to produce and reconcile the data for the valuation processes
  • Contribute to the maintenance of reserving and technical provisions documentation with the required frequency, adhering to the review requirements and obtaining the appropriate sign-offs
  • Support the work of external actuaries as required
  • Assist in other projects undertaken by the actuarial team e.g. M&A and business planning analyses
  • Build and maintain constructive working arrangements with those groups identified as being key to your role
  • Operate as an effective team member by supporting colleagues and contributing in the delivery and achievement of overall team and business objectives
  • Provide support and mentoring to the assistant reserving actuaries
  • Become a technical expert and trusted advisor for management on reserving and related matters
  • Keep abreast of industry best practice, new initiatives and changes in regulatory requirements
  • Identify opportunities and deliver improvements in the valuation processes and methodologies
  • Undertake applicable professional, technical and career development training (delivered internally and externally)

General

At Beazley we are committed to doing the right thing because it is the right thing to do. It is important that within all your interactions both internally and externally you adhere to this principle through adoption of Beazley’s core values and behaviours – PIED and Being Beazley.

  • Adopt the Beazley culture of Professionalism, Integrity, Effectiveness and Dynamic that contributes to an internal environment of teamwork and promote a positive brand image and experience to our external customers.
  • Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct Rules. Undertake relevant training on Beazley policies and procedures as delivered by your line manager, the Talent Management development or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
  • Display business ethics that uphold the interests of all our customers.
  • Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
  • Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Talent Management or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
  • Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.

Personal Specification:

Education and Qualifications

  • University degree in Mathematics or related field
  • Actuarial qualification

Skills and Abilities

  • General commercial and financial knowledge
  • Experience with ResQ reserving software preferable
  • Competent user of MS Excel; VBA, Access, SQL, SAS and R skills desirable
  • Strong analytical skills with attention to detail; accurate and numerate
  • Able to communicate effectively both verbally and in writing
  • Team worker as well as able to work on own initiative
  • Ability to manage time, meet deadlines and prioritise

Knowledge and Experience

  • Proven reserving experience; Lloyd’s market knowledge desirable
  • Good knowledge of technical provisions for Solvency II preferred
  • Firm grasp of actuarial valuation techniques, including those used within pricing and capital modelling
  • Understanding of reinsurance and its impact on reserving

Aptitude and Disposition

  • Outcome focused, self-motivated, flexible and enthusiastic
  • Professional approach to successfully interact with team members, internal and external stakeholders

Competencies

  • Achievement and solution focused
  • Information seeking
  • Stakeholder focus
  • Using initiative
  • Having integrity
  • Taking responsibility
  • Being reliable

Attention to detail

Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia and Australia. Beazley manages six Lloyd’s syndicates and, in 2017, underwrote gross premiums worldwide of $2,343.8 million. All Lloyd’s syndicates are rated A by A.M. Best.

Insurance
London
750 employees