Purpose

The Senior Capital Actuary will be responsible for supporting the Head of Capital and Reinsurance Analysis and Chief Actuary to maintain, further develop and use Flood Re’s capital modelling capabilities with the primary focus of fulfilling Flood Re’s goals in the following areas:

• Financial and Capital Requirement Projection and Reporting
• Strategic Model uses including business planning and reinsurance analysis as well as the annual ORSA stress and scenario testing and Parliamentary review of key business parameters.

The role will work closely with the Head of Capital and the Chief Actuary and will be responsible for the day-to-day operation and strategic use of the capital model. You will be working within a team of experienced capital modellers who are at the very heart of Flood Re’s financial assessments and strategic activity. The Flood Re Capital Model is heavily utilised across the business from typical annual / triennial activities such as business planning and reinsurance programme assessments to more ad-hoc uses to support Flood Re’s Quinquennial Parliamentary Review and 2039 Transition Activity.

Principal Responsibilities

• Maintain and develop the Flood Re Internal Model under the SII and IFRS reporting standards and oversee the production of SCR and Standard Formula submissions.
• Support the use of the capital model in all material strategic analysis including business planning and reinsurance analysis as well as the parliamentary review of key business parameters and in other key risk areas.
• Support using the model and its outputs for ad-hoc business queries and strategic questions, including post flood event financial assessments, investment portfolio changes and assessing the implications of new initiatives such as Build Back Better.
• Support the Head of Capital and Chief Actuary to manage the relationship with key internal and external stakeholders, including the PRA.
• Prepare materials, present and explain output of the capital model to the relevant risk owners in the business
• Leading the technical implementation of the model to address the requirements of IFRS17 in collaboration with the Head of Capital and members of the IFRS17 Project Team
• Review, critique, challenge and perform complex analysis of data in order to develop recommendations to Head of Capital and Chief Actuary.
• Ensure that all data integrity and accuracy requirements are met and identify, measure and close data quality gaps as well as identifying data anomalies and effectively communicate them to management.
• Adapt and integrate innovative methodologies and update capital models to align them to the market conditions and views as appropriate
• Act as a point of contact within the actuarial team for Capital modelling/financial projection related queries, to facilitate co-operative working.
• Make suggestions to consolidate/streamline activities, address modelling and data limitations, implementing problem solving techniques and innovative thinking
• Assist the Head of Capital in the production, peer review and challenge of analyses in order to ensure that data and analysis conclusions provided are appropriate.
• Ensure the capital model produces timely output to support both annual and half yearly assessments of the capital requirement, annual ORSA, and stress and scenario testing.
• Work with the Head of Capital to ensure that all reports are provided to the agreed timescales and sufficient quality standards.
• Ensure that all Actuarial activities are conducted in accordance with corporate policies under the appropriate framework of laws, regulations and standards to maintain regulatory compliance and escalate any areas of concern appropriately, seeking guidance as appropriate.
• Ensure that all Actuarial activities are undertaken efficiently with a mind to meeting Flood Re’s public accountability obligations.

Knowledge and Experience

• Qualified FCAS, FIA, FFA or equivalent qualification / experience
• Good knowledge and experience of General Insurance and / or Reinsurance Experience in Financial, Risk and Capital Modelling both from a Solvency II and business planning perspective
• Ability to think around a question from the business and how the capital model and its outputs could be leveraged to support further understanding and strategic direction
• Uses initiative to find solutions and approaches problems with curiosity and open mindedness
• Understands own knowledge limitations and seeks support appropriately
• Solvency II experience
• Advanced IT skills, in particular excellent knowledge of Microsoft Excel
• Knowledge of ReMetrica or another commercially available modelling platforms
• Presentations skills or appetite to gain presentation skills
• Strong analytical skills and ability to focus on relevant detail, without losing track of business needs
• Excellent communication skills; both face to face and written
• Effective time and project management skills; able to juggle several tasks and conflicting priorities
• Excellent people and inter-personal skills with experience of interacting and building relationships with a wide variety of stakeholders