Pricing Actuary
The Actuarial Team of 30 provides actuarial support to MINT in the following areas: pricing, business planning, reserving, commutations, capital modelling, regulatory reporting, bad debt calculations and catastrophe management. Markel rely heavily on actuarial input in all aspects of the financial management
of the business.
The mission of the Actuarial department is to assist MINT in achieving consistent underwriting profit and financial results by providing a high quality actuarial service.
The successful candidate will assist with individual risk pricing, pricing model development, outwards reinsurance analysis, profitability analysis, the production of management information and a broad variety of pricing projects within the Actuarial department. They will have sufficient experience to work independently, but also review, support and manage others across all areas of responsibility.
They will also take part in annual business planning, capital model parameterisation, and our detailed Q1 annual reserve review. This is a great way for the individual to improve their understanding across the different actuarial disciplines and how they interact, which in turn may help with future regulatory roles.
This role can be either part or full-time.
Duties and accountabilities
Provide actuarial pricing support to all underwriting divisions of Markel International:
Individual risk & outwards reinsurance pricing:
Price specific risks according to Markel underwriting guidelines, as required by underwriters, across all our underwriting divisions (which are split across our Wholesale, National Markets and Global Reinsurance business segments).
Actively build relationships with underwriters and seek areas where the Pricing team can add value.
Provide actuarial input into the pricing and structure of reinsurance programmes.
Recommend ongoing data requirements to improve future pricing.
Discuss current pricing methods and rate monitoring with regulators and rating agencies.
Profitability and portfolio analysis:
Provide guidance to senior management to assist in the formulation of strategy on selected lines of business, collaboratively alongside underwriting technical support colleagues.
Assist in producing the annual Actuarial Function reports on underwriting and reinsurance adequacy.
Review rate monitoring systems regularly to ensure output is accurate.
Develop the link between pricing MI and the reserving process.
Rating models & new product development:
Contribute to the development of key actuarial rating models – for example our experience rating and treaty pricing tools.
Support the building of new rating models and the evolution of existing models, jointly with the underwriting divisions and their technical support teams.
Work with underwriters on new product development.
Other:
Assist with annual business planning, capital model parameterisation, as well as our detailed Q1 annual reserve review.
Contribute to various regulatory tasks completed by the Actuarial team, for example the Lloyd’s Performance Management Data Return (PMDR).
Technical Skills/Knowledge/Experience
The successful candidate will:
Have completed a numerical degree with a classification of 2:1 or above, or equivalent.
Be a nearly or newly qualified member of the Institute and Faculty of Actuaries (exact job title dependent on qualification status).
Demonstrate extensive knowledge and experience of working within the Lloyd’s and London market.
Have experience of supervising and/or managing actuarial students and reviewing their work.
Have experience in leading projects and delivering success.
Have excellent IT skills – especially Excel, VBA, @Risk and SQL.
Have knowledge or willingness to learn R, Python or other analytical tools.
Will display excellent analytical, negotiation and decision making skills.
Actively keep knowledge and skills up-to-date through courses and seminars, where appropriate.
Markel celebrates the value of a diverse workforce that brings experience and expertise from a wide variety of backgrounds and life circumstances. Whatever your background, if you feel you meet the requirements of this role then we want to hear from you.