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Lloyd’s are recruiting for a Senior Actuary, Capital Modelling The role is a management position within the team responsible for management of work areas within the Capital Modelling team. The role would be expected to manage projects, working with both experienced stakeholders and reviewing the work of others.
Within Risk & Regulatory, the Capital Modelling team carries out all central capital modelling tasks, including:
Operation and development of the Lloyd’s Internal Model (LIM)
Calculation of market wide and Central Fund capital requirements.
Ownership of the member capital calculation
Supporting uses of the model across the corporation, including investment decisions
As well as providing interesting and unique technical challenges, the role provides a perspective of the Lloyd’s market as a whole and insight into its challenges and opportunities from a commercial perspective
Principal Accountabilities
The work in the team covers several key areas. As a manager within the team, you would be expected to manage or support various aspects of the work undertaken by the team:
Modelling Society Capital
Manage the annual update of the LIM to produce the Lloyd’s capital requirement on several bases (over a one year and ultimate time horizon, sensitivities, with incremental changes for bridging analyses, etc)
Review and challenge LIM results, providing analysis of change between updates for specific areas
Support the LIM validation process
Manage and promote LIM uses in the wider Lloyd’s business, e.g. for the purpose of monitoring risk appetites
Investigate differences between Lloyd’s view of syndicate risk and syndicates’ own view
Modelling Member capital
Manage the annual update of the LIM to produce syndicate & member capital requirements on several bases (over a one year and ultimate time horizon, with incremental changes for bridging analyses, etc.)
Adapting the LIM to syndicate specific issues, if necessary.
Parameterisation
Manage the annual re-parameterisation exercise to review updates to parameters and understand their impact.
Validate updates to the parameterisation in the light of model results
This covers all key risk areas – insurance risk, market risk, credit risk, operational risk as well as Lloyd’s specific central risks
Model Development
Manage technical development of the LIM and associated analysis, including the specification, development and testing of proposed model changes.
Contribute to the design and evaluation of innovative capital modelling techniques to appropriately capture features of the Lloyd’s Chain of Security including diversification across syndicates/members and Central Fund tail risk.
Serve as a subject matter expert on complex capital modelling topics, providing guidance, resolving technical challenges and contribution to cross-functional working groups across the team and wider organisation.
Build technical capability within the team, supporting colleagues through coaching, peer review, training sessions and collaborative development practices such as pair programming
First line validation
Manage comparisons of central and syndicate capital estimates and identify, quantify, report and if appropriate, resolve these.
Manage analysis to support challenge to model output across central model components, including CCK, LCM and LIRM
Manage analysis to support challenge to the risk-based approach and nature of review of syndicate capital reviews
Provide significant input to first line validation testing on model appropriateness and completeness
Ensure ongoing compliance with UK Solvency II
Discuss Lloyd’s responses to PRA questions and issues
Produce additional analysis to support Lloyd’s responses, as required
Support governance around model change is being followed
Support timely completion of regulatory returns
Documentation
Manage the regular update of the documentation of the LIM to ensure that it remains fit for purpose, useful and complies with regulatory requirements.
During a Major Model change application, support in co-ordination and delivery of the documentation package. This requires direct production of key documents and drawing on technical resource to deliver supporting documentation
Relationship and stakeholder management across the component owners of the LIM and wider stakeholders:
Point of co-ordination between stakeholders across LIM components – the Lloyd’s capital team, Lloyd’s treasury team and Lloyd’s exposure management team
Point of co-ordination between stakeholders across LIM Governance – Risk Management, external validation, Regulatory engagement
Point of co-ordination between other stakeholders across the Corporation including capital oversight, reserving, market performance and oversight, data and IT.
Assist Heads of Capital, Treasury and Exposure Management in areas related to delivery of model developments and PRA interaction
Skills Knowledge and Experience
Experience in non-life insurance work, preferably with some exposure across a range of work areas and significant capital modelling experience.
Experience in leading project work to completion.
Knowledge of the actuarial techniques involved in non-life insurance capital work, including the requirements of UK Solvency II.
Knowledge of various IT tools including Excel, Word, PowerPoint.
Knowledge of capital modelling tools including Tyche, Remetrica, Igloo or similar.
Knowledge of programming languages including R, Python or similar
Qualified as a fellow of the Institute and Faculty of Actuaries (or equivalent)
Diversity and inclusion are a focus for us – Lloyd’s aim is to build a diverse, inclusive environment that reflects the global markets we work in. One where everyone is treated with dignity and respect to achieve their full potential. In practice, this means we are positive and inclusive about making workplace adjustments, we offer regular health and wellbeing programmes, diversity and inclusion training, employee networks, mentoring and volunteering opportunities as well as investment into your professional development. You can read more about diversity and inclusion on our website.
We understand that our work/life balance is important to us all and that a hybrid of working from the office and home can offer a great level of flexibility. Flexible working forms part of a total reward approach which offers a host of other benefits over and above the standard offering (generous pension, healthcare, wellbeing etc). These include financial support for training, education & development, a benefit allowance (to spend on our flexible benefits such as gym membership, dental insurance, extra holiday or to partake in our cycle to work scheme), employee recognition scheme and various employee discount schemes.
By choosing Lloyd's, you'll be part of a team that brings together the best minds in the industry, and together with our underwriters and brokers, we create innovative, responsive solutions allowing us to share risk and solve complex problems.
Should you require any additional support with your application, or any adjustments, please click the following link;
https://cleartalents.com/apply/lloyds-msa1645695881
Please note, clicking on this link does not register your application for the vacancyTop Skills
Lloyd's London, England Office
One Lime Street, London, United Kingdom, EC3M 7HA
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