Job Description

Capital Modelling Actuary

Role Purpose:

Support the Capital Modelling Team to maintain and update the internal model for Starr International entities (including both Lloyd’s and non-Lloyd’s) to meet regulatory and business needs.

Roles and Responsibilities:

The role holder will take ownership of specific areas within the Starr capital model but will be expected to assist across all areas of the model as necessary (including model calibration, business support, model development and regulatory reporting).

This role will have line management responsibilities.

General:

• Build and develop process improvements to streamline inputs, model processes and output reporting.
• Clear communication of results and analysis, both within the team and with wider stakeholders.
• Providing reporting and present results to the Internal Model Committee as required.
• Fulfil documentation requirements of the internal model.
• Timely and accurate completion of tasks.
• Commitment to furthering technical knowledge and understanding.
• Support the validation process as necessary.
• Report any suspicion of financial crime to the Money Laundering Reporting Officer immediately.
• Operate within the Company’s standards for Treating Customers Fairly.
• Manage any potential conflicts of interest to avoid disrepute to the company’s integrity.
• Advise Compliance of any complaints immediately.

Model calibration:

• Work with the business to understand the risk profile of the business and update model calibrations to ensure that the model accurately reflects the business profile. This includes investigating new methods and seeking new data sources to continually improve the calibration process.
• Communicate model results to underwriting teams to broaden awareness and promote model use within the business.

Business Support:

• Preparing output from the model, including capital metrics and portfolio analytics, to aid business planning and management decision making.
• Communicating model results to underwriting teams and to management.
• Gather feedback on modelled results from underwriting teams and management where appropriate and ensure that this is fed back into the capital modelling process as an efficient feedback loop.

Model Development:

• Develop and enhance capital model capabilities to meet evolving regulatory and business needs. This may involve model code changes, building tools to improve processes, as well building/consolidating reports from the model.
• Develop the capital model to improve efficiency of and reporting from models.
• Take key responsibility for model testing to ensure that the model continues to be robust and a reliable business tool.

Regulatory Reporting:

• Maintaining the waterfall steps of the capital model to ensure that Analysis of Change is well understood and documented.
• Preparing Solvency Capital Requirement (SCR) submissions for Lloyd’s and supporting other entity reporting as necessary.
• Ensuring that regulatory submission requirements and deadlines are met.

Regulatory & Compliance:

All employees must adhere to all Company policies and procedures that are applicable to their role.

In addition to the above, all employees must also adhere to the FCA & PRA Conduct rules:

• You must act with integrity.
• You must act with due care, skill and diligence.
• You must be open and cooperative with the FCA, the PRA and other regulators.
• You must pay due regard to the interests of customers and treat them fairly.
• You must act to deliver good outcomes for retail customers (Principle 12):
  • Customers are sold products and services that have been designed to meet their needs, characteristics and objectives.
  • Customers are equipped with the right information to make effective, timely and properly informed decisions.
  • Customers are sold products and services that represent fair value to them.
  • Customers receive the support that they need.
• You must observe proper standards of market conduct.

Role Holder Specification

Qualifications & Skills

• FIA qualified actuary, or equivalent;
• Strong Capital Modelling and General Insurance knowledge;
• Analytical and problem solving skills;
• Judgment and decision making ability;
• Advanced numeracy;
• Strong communication skills; and
• Professional business writing and presentation skills.

Systems and IT

• Experience in using capital modelling software (eg Igloo/Tyche);
• MS Office - Excel, Access, Word, PowerPoint and Outlook; and
• Other coding experience (eg Visual Basic (VBA) / Python) beneficial but not essential.